Revolutionizing Performance Reviews
The process of conducting employee performance reviews can often be cumbersome and time-consuming. Surveys reveal that nearly 60% of businesses rely on basic spreadsheets to track staff performance, resulting in managers spending one to two weeks completing a single review. Recognizing the need for a more efficient solution, Ben Hastings and Jon Malpass established PerformYard in 2013. This platform offers a comprehensive suite of software tools tailored for retention, staff management, and skills development, aiming to streamline the performance review process and enhance organizational efficiency.
Strategic Funding Initiative
While PerformYard has primarily been self-funded since its inception, Hastings and Malpass are now embarking on a new phase of expansion with substantial external investments. The company recently announced a $95 million funding round led by Updata Partners, a prominent tech-focused growth equity fund based in Washington, D.C. This infusion of capital will fuel the development of PerformYard’s applications and services suite, as well as support the expansion of its workforce, currently comprising 70 employees.
Empowering Organizational Growth
Ben Hastings, CEO of PerformYard, views the partnership with Updata as a strategic move aligned with the company’s growth objectives. The investment not only provides financial resources but also offers a valuable partnership to accelerate expansion into new customer segments and product development initiatives. Despite being cash-flow positive for the majority of its existence, PerformYard aims to leverage the newfound funding to further enhance its market presence and product offerings.
Founders’ Journey and Vision
Before co-founding PerformYard, Ben Hastings and Jon Malpass accrued extensive experience in the tech industry. Hastings, with a background in go-to-market sales leadership, and Malpass, with expertise in product management and consulting, joined forces to address the inefficiencies prevalent in traditional performance management systems. Their collaborative efforts culminated in the creation of PerformYard, driven by a shared vision to revolutionize employee performance evaluation processes.
Comprehensive Performance Management Solutions
PerformYard distinguishes itself by offering a robust suite of workflows and pipelines designed to address various facets of employee review, including annual assessments, quarterly goals, and continuous feedback mechanisms. The platform enables managers to set individual and team objectives, provide confidential feedback, and conduct engagement surveys seamlessly. By integrating with existing HR systems, PerformYard ensures data accuracy and accessibility, facilitating a cohesive performance management framework.
Positioned for Success
Amidst a competitive landscape, PerformYard sets itself apart through its comprehensive feature set and customer-centric approach. While competing against industry players like Lattice and Pathlight, PerformYard’s commitment to delivering unparalleled value to its customers remains steadfast. With a rapidly growing customer base exceeding 1,500 businesses and a five-fold revenue increase over the past four years, PerformYard demonstrates its ability to drive tangible business outcomes and empower HR leaders in driving organizational success.
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