💼 The Future of Employee Performance Reviews: PerformYard Raises $95 Million in Funding
PerformYard, a startup that develops an employee performance management platform, has secured $95 million in a venture capital funding round.
PerformYard secures $95M to expand its employee performance management platform | ENBLE
Employee performance reviews are like the quarterly check-ups at the dentist – they take time and effort, and let’s face it, they aren’t always a pleasant experience. But fear not! Ben Hastings and Jon Malpass, the dynamic duo behind PerformYard, are here to make the performance review process less painful. 🥳
According to surveys, nearly 60% of businesses still rely on basic spreadsheets to track employee performance. 😱 And to top it off, it takes managers an average of one to two weeks to complete a single employee review. But fret not, my friends! PerformYard has got you covered. 🦸♀️
Enter PerformYard
PerformYard, founded in 2013, is a platform that offers a collection of software-based tools for employee retention, staff management, and upskilling. Think of it as the Swiss Army knife of performance management. 🛠️
But wait, there’s more! PerformYard recently announced that it has secured a whopping $95 million in funding from Updata Partners, a tech-focused growth equity fund based in D.C. 🤑 With this cash injection, they plan to further develop their apps and services suite and expand their 70-person team. They’re on a mission, folks!
Meet the Dream Team
So how did they come up with this genius solution, you ask? Well, it all started in 2013 when Ben Hastings, PerformYard’s CEO, decided to go all-in on building a software-as-a-service platform for employee performance management. With his trusty sidekick, Jon Malpass, they assembled a team, developed the product vision, and secured their first customers. 🎉
- The Perils of Ill-Defined Relationships in Startups
- 🏠 Ultrahuman Announces the Ultrahuman Home: Your Home’s Personal H...
- Parallel Learning: Revolutionizing Education for Students with Thin...
Hastings, a seasoned go-to-market sales leader, and Malpass, a product manager extraordinaire, make quite the dynamic duo. It’s like Tony Stark and Bruce Banner joining forces to save the world from mediocre performance reviews. 💪
Performance Management Done Right
So what sets PerformYard apart from the competition? While there are other performance management platforms out there, like Lattice, Pathlight, and HiBob, Hastings believes that PerformYard’s extensive feature set is what makes them stand out. 🌟
PerformYard offers a wide range of workflows and pipelines to address different aspects of employee reviews, such as annual evaluations, quarterly goals, and continuous feedback. Managers can set goals, provide private notes, and even conduct employee engagement surveys, all within the platform. They’ve thought of everything! 🚀
But it’s not just about the bells and whistles. PerformYard’s superior product, combined with their lean and metrics-focused culture, has resulted in tremendous growth. They now have over 1,500 business customers, and their revenue has grown five-fold in the last four years. Talk about success! 📈
The Road Ahead
With the future looking bright for PerformYard, the possibilities are endless. Employee development and feedback are crucial for driving business performance, and HR leaders are realizing its importance. 🌠
So, what can we expect next? Well, we can anticipate PerformYard expanding into new customer segments and building even more innovative products. They’re on a mission to revolutionize the way employee performance is managed and to make the world of performance reviews a better place. 👏
💡 Q&A: All the Answers You’ve Been Seeking
Q: How does PerformYard compare to other performance management platforms? A: PerformYard sets itself apart with its extensive feature set and user-friendly interface. It’s like the Tesla of performance management platforms, sleek and innovative.
Q: What pricing plans does PerformYard offer? A: PerformYard offers flexible pricing plans, typically ranging from $5 to $10 per seat per year. It’s affordable and worth every penny!
Q: Can PerformYard integrate with existing HR systems? A: Absolutely! PerformYard can seamlessly connect with existing HR systems, ensuring that all your records are up to date. It’s like having a personal assistant for HR.
Q: Is it easy to implement PerformYard in an organization? A: Yes, indeed! PerformYard offers a smooth implementation process, and their customer support team is always there to lend a helping hand. It’s like having a performance management expert by your side.
📚 References:
- PerformYard – The Official Website
- Survey Results on Employee Performance Tracking
- Lattice – Performance Management Platform
- Pathlight – Performance Management for Customer-Facing Teams
- HiBob – Performance Management and HR Software
Remember, folks, performance reviews don’t have to be a pain in the neck! With PerformYard, you can transform the process into a smooth and efficient experience. Share this article with your colleagues and help spread the word. Together, we can revolutionize the world of performance management! 🌟
Note: The image used in this article is courtesy of PerformYard.
