{"id":15529,"date":"2019-07-08T16:58:22","date_gmt":"2019-07-08T16:58:22","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/15five-raises-30-7m-to-expand-its-employee-development-toolkit.html"},"modified":"2019-07-08T16:58:22","modified_gmt":"2019-07-08T16:58:22","slug":"15five-raises-30-7m-to-expand-its-employee-development-toolkit","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/15five-raises-30-7m-to-expand-its-employee-development-toolkit.html","title":{"rendered":"15Five raises $30.7M to expand its employee development toolkit"},"content":{"rendered":"

Technology has been used to improve many of the processes that we use to get work done. But today, a startup has raised funding to build tech to improve us, <\/em>the\u00a0workers.<\/p>\n

15Five<\/a>, which builds software and services to help organisations and their employees evaluate their performance, as well as set and meet goals, has closed a Series B round of $30.7 million, money that it plans to use to continue building out the functionality of its core product \u2014 self-evaluations that take \u201c15 minutes to write, 5 minutes to read\u201d \u2014 as well as expand into new services that will sit alongside that.<\/p>\n

David Hassell, 15Five\u2019s CEO and co-founder, would not elaborate on what those new services might be, but he recently started a podcast<\/a> with the startup\u2019s \u201cchief culture officer\u201d Shane Metcalf around the subject of \u201cbest-self\u201d management that taps into research on organizational development and positive psychology.<\/p>\n

At the same time that 15Five works on productizing these principles into software form, it seems that the secondary idea will be to bring in more services and coaching into the mix alongside 15Five\u2019s existing SaaS model.<\/p>\n

This Series B is being led by Next47\u200b, the strategic investment arm of manufacturing giant Siemens. Others in the round included Matrix Partners, PointNine Capital, \u200bJason Calacanis\u2019s LAUNCH Fund\u200b, Newground Ventures, Bling Capital, Chaifetz \u200bGroup, and \u200bOrigin Ventures (which had led 15Five\u2019s Series A). It brings the total raised to $42.6 million, but Hassell said that while the valuation is up, the exact number is not being disclosed.<\/p>\n

(Previous investors<\/a> in the company have included David Sacks, 500 Startups and Ben Ling.)<\/p>\n

15Five\u2019s growth comes at a time when we are seeing a significant evolution in how companies are run internally. The digital age has made workforces more decentralised \u2014 with people using smartphones, video communications and services like Slack to stay in constant contact while otherwise working potentially hundreds of miles from their closest colleagues, or at least not sitting in one office altogether, all the time.<\/p>\n

All well and good, but this has also had an inevitable impact on how employees are evaluated by their managers, and also how they are able to gauge how well they are doing versus those with whom they work. So while communication of one kind \u2014 getting information across from one person to another across big distances \u2014 has seen a big boost through technology, you could argue that another kind of communication \u2014 of the human kind \u2014 has been lost.<\/p>\n

15Five\u2019s approach is to create a focus on building an easy way for employees to think about and set goals for themselves on a regular basis.<\/p>\n

Indeed, \u201cregular\u201d is the operative word here, with key thing being frequency. A lot of companies \u2014 especially large ones \u2014 already use performance management software (other players in this space include BetterWorks, Lattice, and PeopleGoal among many others), but in many cases, it\u2019s based around self-evaluations that you might make annually, or at six-month intervals.<\/p>\n

15Five\u2019s focus is on providing a service that people will use much more often than that. In fact, it encourages use all the time, by way of sending praise to each other when something positive happens (it calls these \u201cHigh fives\u201d appropriately enough), as well as regular evaluations and goals set by the employees themselves.<\/p>\n

Hassell said in an interview that this is in tune with what modern workplaces, and younger employees, expect today, partly fuelled by the rise of social media.<\/p>\n

\u201cMost millennials will get feedback on what they eat for breakfast more than what they do at work,\u201d he said. \u201cThe rest of our lives exist in a real-time feedback loop, filled with continuous, positive reinforcement, but then you go into work and have an annual or maybe biannual performance review? It\u2019s simply not enough.\u201d<\/p>\n

He said that he knows some millennial employees who have said that they will not work at a company if it\u2019s not already using or planning to adopt 15Five, and since talent is the cornerstone to a company\u2019s success this could have a significant impact.<\/p>\n

The startup was born in San Francisco in more than one sense. It\u2019s based there, but also, its principles seem to be uniquely a product of the kind of self-reflection and self-care\/quality of life emphasis that has been associated with California culture for a while now, even amidst the relentless march that comes with being at the epicenter of the tech world.<\/p>\n

In that regard, its newest investor, Next47, will help put 15Five to the test, both in terms of how the product will be adopted and used at a company whose holdings are as much manufacturing as technology, and in terms of sheer size: Siemens globally has around 400,000 employees, a huge jump up compared to the smaller and medium-sized businesses that form the core of 15Five\u2019s customer base today.<\/p>\n

Matthew Cowan, a partner at the firm, noted that while Siemens is currently not a 15Five user, the thinking behind the investment was strategic and the idea will be to incorporate it into the company\u2019s practices for helping employees\u2019 progress.<\/p>\n

\u201cIt\u2019s very representative of how the workplace is transforming,\u201d he said<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/kyZdaYZdqIs\/<\/p>","protected":false},"excerpt":{"rendered":"

Technology has been used to improve many of the processes that we use to get work done. But today, a startup has raised funding to build tech to improve us, <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-15529","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t