Nucleus Research Releases 2024 SMB Human Capital Management Technology Value Matrix

March 19, 2024

Leaders in the SMB HCM market include HiBob, isolved, Paycor, Rippling, and UKG Ready.

While typically reserved for larger enterprises, the increasing maturity of HR practices among small and midsized businesses (SMBs) has led to a rising demand for advanced HCM capabilities.

“Like larger enterprises, SMBs are also looking to prove the value of their HR systems, ensuring that they continue to drive incremental value relative to cost,” said Research Manager Evelyn McMullen. “In response, vendors have made marked investments in AI and machine learning capability enhancements across core areas of their respective platforms, such as payroll, talent acquisition, and benefits administration.”

Leading vendors in this year’s Value Matrix are releasing features such as generative AI-driven job description authoring, people analytics, usability enhancements, and functionality gap closures across core areas. Select vendors are acquiring or partnering with standalone providers to meet increasing functionality needs. As the HCM market continues to consolidate, we expect to see mergers, acquisitions and partnerships continue.

To accurately assess vendor’s abilities to meet customer HR requirements, nucleus has split the report into two this year.  This report includes platforms that are specifically designed to support small business use cases.

Leaders in this year’s Value Matrix deliver advanced functionality without sacrificing ease-of-use at scale. These include HiBob, isolved, Paycor, Rippling, and UKG Ready.

The Experts in this year’s Value Matrix are organizations that deliver value to customers with complex use cases through deep functionality and industry-specific capabilities. These include BambooHR, Namely, and Paylocity.

Accelerators in this year’s Value Matrix deliver value through greater ease of use and quick implementation. These include Gusto, Paychex, Paycom, and Unit4.

Core Providers deliver core capabilities with faster and less expensive adoption. This year’s Value Matrix Core Providers are ADP Run, Personio, PrimePay, and Sage.

To download the full 2024 SMB HCM Technology Value Matrix, click here.

About Nucleus Research

Nucleus Research is the recognized global leader in ROI technology research. Using a case-based approach, we provide research streams and advisory services that allow vendors and end users to quantify and maximize the return from their technology investments. For more information, visit or follow our latest updates on LinkedIn.


Morgan Whitehead

Nucleus Research