Elmo (ASX:ELO) share price spikes on new ‘Experiences’

Elmo is driving employee experience through the launch of its new module.

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Man with big smile, this employee has had a good experience.

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The Elmo Software Ltd (ASX: ELO) share price is spiking in early morning trade after announcing a new module to broaden its offering.

Elmo shares are currently swapping hands for $4.91 apiece, up 3.37%.

Elmo offers comprehensive cloud HR and payroll software solutions for small businesses and mid-market organisations across Australia, New Zealand and the United Kingdom.

What did Elmo announce?

Elmo is a big believer in employee experience as a means to attract and retain skilled employees.

It looks like Elmo is following through with the launch of a new module called ‘Experiences’.

Elmo describes this new feature as one that “enables employers to prioritise the ‘moments that matter’ throughout the employee lifecycle using an easy-to-use journey builder, increasing employee engagement within an organisation.”

The easy-to-use drag-and-drop journey builder manages key employee milestones such as onboarding, promotions, office moves and returning to work.

Elmo believes this new module will reduce the manual overhead on HR teams, managers and employees.

From a managers perspective, they can ensure that employee journeys are “handled smoothly and proactively across different lifecycle stages.”

At the same time, employees are provided with greater visibility of assigned tasks and communications.

Elmo believes this module is coming at a “poignant time for businesses with many leaders now managing their teams remotely and without day-to-day in-person interaction.”

CEO and co-founder Danny Lessem said:

It’s crucial that organisations do all they can to make an employee’s experience with a company a positive one.

Elmo share price snapshot

The Elmo share price has been disappointing in 2021, sliding 27.7% to a 16-month low of $4.75 at market close on Friday.

This compares to the S&P/ASX 200 Info Tech Index (INDEXASX: XIJ), which is up 0.11% year to date.

Elmo has advised that it will release its FY21 full-year results pre-market on 9 August.

On current market value, Elmo Software has a market capitalisation of $438 million.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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