Performance Management Platform Provider PerformYard Secures $95 Million in Funding for Staff Expansion
Employee performance reviews are an essential aspect of any organization’s human resources strategy. However, they often take up a significant amount of time and effort from both managers and employees alike. A recent survey found that nearly 60% of businesses rely on basic spreadsheets to track and monitor staff performance, which can be inefficient and time-consuming.
The Challenge with Traditional Performance Review Methods
Traditional performance review methods have been criticized for being outdated and ineffective. They often involve lengthy meetings, paper-based documentation, and a lack of real-time feedback. As a result, employees may feel undervalued or overlooked, while managers struggle to keep track of progress and areas for improvement.
Introducing PerformYard: Revolutionizing Performance Management
In response to these challenges, Ben Hastings and Jon Malpass founded PerformYard in 2013. This software-based platform provides a range of tools for retention, staff management, and upskilling. Since its inception, PerformYard has grown steadily, with the company recently securing $95 million in funding from Updata Partners.
PerformYard’s Platform: A Comprehensive Solution for Performance Management
PerformYard’s software platform offers a variety of workflows and pipelines to address different aspects of employee review, including annual reviews, quarterly goals, and continuous feedback. Managers can set employee and team goals, provide private notes, and conduct employee engagement surveys, all while connecting the platform to existing HR systems for seamless data integration.
Key Features of PerformYard’s Platform
- Goal Setting: Set clear and measurable objectives for employees and teams
- Private Notes: Leave feedback and comments on an individual basis
- Employee Engagement Surveys: Conduct regular surveys to gauge employee satisfaction and engagement
- Integration with HR Systems: Seamlessly connect PerformYard to existing HR systems for data integration
Differentiation from Competitors
While there are several performance management upstarts, including Lattice, Pathlight, and HiBob, Hastings asserts that PerformYard’s depth of feature set differentiates it. "Our mission is to simply enable and facilitate any performance process that our customers are looking to automate and improve," he said.
Financial Performance
Despite being bootstrapped for most of its existence, PerformYard has shown impressive growth. The company has over 1,500 business customers and revenue has grown fivefold in the last four years. With a lean and metrics-focused culture, combined with strong product-market fit and superior tech, PerformYard is well-positioned for continued expansion.
Future Plans
The recent funding round will be used to build out PerformYard’s apps and services suite and grow its 70-person team. "The investment brings with it a partner in Updata that we are aligned with and will enable even faster growth as we enter new customer segments and build new products," Hastings said.
Conclusion
Employee performance reviews don’t have to be a daunting task. With PerformYard’s comprehensive platform, organizations can streamline the process, provide more effective feedback, and drive business results. As the company continues to grow and expand its offerings, one thing is clear: PerformYard is revolutionizing the way we approach performance management.
