With $6M Funding, TINYpulse Developing Employee Review Product
Replacing employees is an expensive endeavor. To replace a high-level salaried worker, it can cost a company as much as 60 percent of the outgoing employee’s pay, according to the Society for Human Resource Management.
TINYpulse, a Seattle-based startup that aims to help companies monitor and improve employee engagement, has received $6 million in Series A funding to continue cutting down on turnover. The company offers an anonymous surveying tool to help provide employers with feedback about their work environment and employee happiness.
With the $6 million, TINYpulse plans to develop a new product that targets annual reviews, and to make new hires. Using the new software, managers will be able to do continuous performance tracking, rather than one review per year, the company says.
“It’s the number one request we get from our clients,” TINYpulse CEO David Niu wrote in an e-mail. “Our offering will fold in all the learnings from our current offering and customer needs to deliver a truly delightful experience for both the manager and employee. The easiest conversation should be the one at the end of the year with no surprises.”
TINYpulse says it didn’t need the new funding, which was led by Arthur Ventures. The company still had money from a $3.5 million seed round it received in 2014, but took the new funding so it could work with Arthur Ventures founding partner Doug Burgum, according to a press release.
In addition to its surveys, TINYpulse offers anonymous messaging, data analysis, and other services for employers. The company broke even on its cash flow at the end of 2015, and counts more than 500 companies as clients, according to the press release.