What Is The State of Wellbeing At Work in 2024? Well, It's Complicated.

I spoke about workplace wellbeing and Work Tech last week for Navigate – thanks to CEO/founder Troy W. Vincent and his team for the opportunity. The headline here is that while the North American workforce is faring generally better than the rest of the world according to hot-off-the-presses data from Gallup, there is a well-being crisis among workers under the age 35. Globally, there’s a 5% delta between workers over 35 who say they are thriving. In the U.S. and Canada, there’s a 10% delta.

U.S. and Canadian employees are also expressing negative emotions experienced a lot during the previous day, including Stress (49% vs. 41% globally), Anger (17%), Sadness (21%), and Loneliness (18%). 

Where are employers turning to address these issues? 

• Flexible Work: Conventional wisdom says that flexible work is all about remote work and employees not wanting to go back to the office after the WFH freedom of the past few years. The truth about flex work and hybrid work is more nuanced. From a wellbeing standpoint, flexible work offers better support for caregivers and gives older workers flexible retirement options.  
• Digital Support Tools: According to non-public data from our friends at Employee Benefit News, younger workers want more digital wellbeing tools, including nutrition, fitness, mental health, and chronic conditions. Employers stand to benefit from digital tools from an efficiency and cost control standpoint. And, as anyone who has tried to find a therapist in the past few years knows too well, humans to talk with are in short supply, and AI tools and digital therapeutics can possibly fill the gap.
• Financial Wellbeing: Great employer options for financial education, counseling, planning, and other resources are flourishing right now (e.g. Brightside , Spring Financial , etc.), but there’s still a need for financial instruments like Earned Wage Access ( Payactiv ), help with student loan repayment ( Highway Benefits ), and even help with medical expense payments ( Paytient ). There’s a high degree of employee interest but still relatively low market adoption.
• Women’s Health: The good news is that there has been a shift from simply covering care to empowering employees with better healthcare options (e.g. Maven Clinic ). This includes providing more holistic support for issues like fertility treatments and menopause. However, there is still a lot of ground to make up, . Also, only 36% of women report a sense of financial wellbeing, versus 53% of men.

What else is going on this week?

LGBTQ Inclusivity and Work Tech Functionality

One of my favorite people in Work Tech is PILOT Inc. founder and CEO Ben Brooks . I asked him about what Work Tech companies and product teams should think about in terms of LQBTQ-inclusivity. In a lot of ways, the Work Tech that companies use drives culture within their customers. Are there blind spots or areas of self-awareness for Work Tech vendors that could be offered? 

Here’s what Ben returned with for tech companies to keep in mind to foster more LGBTQ-supportive and DEI-forward cultures. “Tech providers can transform organizations' default settings, interfaces, and data, Founders and Product Managers can drive meaningful change by:

• Promoting Pronoun Visibility: Implement default pronoun prompts in user profiles and display settings (e.g., Zoom, Teams).
• Enabling Self-ID: Allow users to self-identify (e.g., LGBTQ, a person with a disability) in system databases to support demographic-specific reporting and analytics.
• Inclusive Language Tools: Provide inline recommendations, feedback, or analysis for inclusive language.
• Equal Access to Resources: Centralize company resources, opportunities, and services to ensure equal access for all employees, regardless of their manager.
• Standardizing Work Practices: Define and sustain transparent standards for shared ways of working, turning unwritten rules into clear guidelines to foster equity.
• Real-Time Feedback: Build features that enable executives to solicit and capture real-time feedback on meetings, initiatives, and culture from all staff, not just those nearby.
• Objective Decision-Making: Implement rigorous, structured, and objective criteria for hiring, compensation, staffing, and recognition decisions.
• Supporting LGBT-Owned Businesses: Partner with certified LGBT-owned vendors to support their growth and ensure offerings resonate with the LGBTQ community.

“Our impact goes beyond corporate statements, social media gestures, or token philanthropy. It lies in leveraging our reach, products, and expertise to drive tangible change. That's how we make a difference!”

Thanks, Ben!

H.I.G. Growth Partners Acquires Mobile Health

The Boston-based growth capital investment affiliate of H.I.G. Capital announced the acquisition of the end-to-end digital health, wellness, and virtual care SaaS platform that serves 4.5M+ lives and has over 90,000 customers, ranging from small businesses to some of the world’s largest employers. Deal terms were not disclosed. Congratulations to CEO/Founder John Halloran and his team! 

O.C. Tanner Announces New CEO, COO, and CFO

The global employee engagement and recognition brand announced the elevation of Scott Sperry to chief executive officer and president. Sperry succeeds David A Petersen , who is retiring after serving as CEO for 15 years and a 41-year career at O.C. Tanner. Petersen will support a seamless leadership transition while serving as vice chair of the board. This announcement follows the promotions of Scott Archibald to chief operations officer and Michelle Colovich as chief financial officer.

Bullhorn Acquires Textkernel

The Boston-based recruiting and staffing software brand accelerates its AI strategy with the acquisition of the Amsterdam-based sourcing AI solution that has 2,000+ customers globally, including eight of the top 10 staffing agencies worldwide and Fortune 500 companies. Deal terms were not disclosed.

The Most Valuable Work Tech Brands

Kantar BrandZ Top 100 Most Valuable Global Brands report shows that the total value of the list has risen by 20% in 2024, and includes Work Tech brands Google (2), Microsoft (3), Oracle (9), IBM (16), Adobe (19), LinkedIn (32), SAP (39), Salesforce (42), ADP (44), and ServiceNow (53). 

Funding And Acquisitions

• Emergence emerges from stealth with a $97.2 million Series A. The NYC startup, whose co-founders include Satya Nitta , the former head of global AI solutions at IBM’s research division, also announced credit lines totaling more than $100 million. Emergence claims to be building an “agent-based” system that can perform many of the tasks typically handled by knowledge workers, in part by routing these tasks to first- and third-party generative AI models like OpenAI’s GPT-4o. (TechCrunch)
• TechWolf raises $42.75 million Series B. The Ghent, Belgium, startup is building the AI infrastructure layer for skills, creating foundational data assets and frameworks that enable a skills-first approach to talent management. Congratulations to Jason Corsello and Acadian Ventures for its participation in the round! (TechCrunch)
• Gravie announces $40 million debt round. The Minneapolis company provides employer-sponsored health benefit solutions, including decision support tools, customer support, and analysis of healthcare spending. (CB Insights)
• Deskpro raises $35 million Series A. The Austin-based startup develops flexible help desk software that manages support interactions across multiple channels such as email, live chat, phone, and social media. (FinSMEs)
• Norm Ai raises $27 million Series A. The NYC-based AI-powered regulatory compliance platform is developing a proprietary language to represent government regulations and corporate policies as decision trees that become executable computer programs by leveraging powerful large language models. Congratulations to founder and CEO John Nay and his team! (FinSMEs)
• Nomad Health raises $22 million Series E. The NYC startup offers a digital platform for travel nurses and allied health professionals to find and manage job placements in various healthcare settings. Congratulations to CEO Justin Lambert , CMO Maquel Shaw , and their entire team! (FinSMEs)
• TravelPerk acquires AmTrav , announces $135 million credit facility. The Barcelona, Spain-based global business travel management platform expands its U.S. footprint with the Chicago business travel technology and service platform for an undisclosed amount. Additionally, TravelPerk has raised a new credit facility of up to $135 million led by Blackstone Credit & Insurance and Blue Owl Credit. (FinSMEs)
• Mercer agrees to buy Cardano . The company is a long-term savings specialist in the UK and the Netherlands and has approximately $66 billion in assets under management. Terms of the transaction, which is expected to close near the end of 2024, subject to regulatory approvals, were not disclosed. (Press Release)
• JobGet acquires Wirkn . The Boston-based app-first hiring platform connects 70 million+ workers with brands has acquired the Montreal, Canada-based frontline recruitment platform provider. Deal terms were not disclosed. (FinSMEs)
• Aim Security raises $18 million Series A. The Tel Aviv, Israel-based company enables the secure adoption and use of AI across enterprise organizations. (FinSMEs)
• Paywatch raises $14.4 million Series A and a $16 million line of credit. The Kuala Lumpur, Malaysia, startup offers an Earned-Wage Access solution. (CB Insights)
• CampusAM raises $10 million pre-seed round. The Warsaw, Poland-based startup focuses on AI learning skills. (FinSMEs)
• AnchorZero raises $8 million seed round. The NYC startup allows founders and employees to leverage Roth IRAs for tax savings and financial growth. Congratulations to co-founders Sunil Abraham and Diana Siu and their entire team! (FinSMEs)
• epresspack_fr raises $7.48 million funding round. The Paris startup develops SaaS corporate communication software solutions. (FinSMEs)
• Cadana raises $7.4 million. The NYC global payroll technology startup specializes in emerging markets with payroll APIs and a white-label product suite that global talent marketplaces and HR platforms can use. (FinSMEs)
• Materia raises $6.3 million. The NYC-based comprehensive generative AI platform is built specifically for public accounting firms. (FinSMEs)
• Alyve Health raises $5.5 million debt round. The Mumbai, India, startup offers a range of health plans that serve individuals, employers, insurance companies, and other corporate entities with personalized healthcare experiences. (CB Insights)
• Wordsmith AI raises $5 million seed round. The Edinburgh, Scotland, startup is developing an AI-powered legal assistant platform. (FinSMEs)
• Micruity raises $5 million Series A. The Toronto startup offers a platform that facilitates data sharing and communication between various stakeholders in the retirement savings ecosystem, such as insurers, record keepers, and plan sponsors. (CB Insights)
• Day.ai raises $4 million seed round. The Delaware startup is developing a digital assistant designed to function as a 'second brain' at work, helping users automate tasks and manage their workflow more efficiently. (CB Insights)
• Wilya raises $4 million seed round. Formerly known as Gig and Take, the NYC-based startup offers a skills operating system for HR practices in the manufacturing and supply chain sectors. (FinSMEs)
• Showd.me raises $3 million in financing. The NYC startup develops innovative employee training and engagement software solutions. (FinSMEs)
• Care Hires raises $2.16 venture round. The Leicester, U.K., startup focuses on workforce management in the care industry, including rotation management, temporary staffing, and agency management, all designed to streamline and digitize the process of managing permanent, bank, and temporary staff in care settings. Insights)
• Niya’s Opportunity Network gets $1.9 million grant. The London startup connects employers to a global community of digital talent and inclusion partners. (CB Insights)
• Topicflow raises $1.82 million seed round. The Vancouver, British Columbia, startup specializes uses AI to offer a suite of tools that facilitate real-time performance assessments, goal setting, and continuous improvement processes for managers and teams. (CB Insights)
• Prosperr.io raises $1.55 million angel round. The Bengaluru, India, startup specializes in tax management services and offers a Flexi Benefits Plans that enables employers to provide non-taxable allowances. (CB Insights)
• Invi MindHealth raises $1.5 million. The Denver-based mental health platform leverages analytics and expert insights to empower individuals and teams to achieve optimal mental health and resilience and improve visibility for leaders into hte mental health of their employees. (FinSMEs)
• Pear Suite raises $1 million seed round. The Honolulu, Hawaii, startup focuses on empowering community health workers with a care navigation platform, primarily serving health plans, community-based organizations, community centers, outreach nonprofits, and health systems and providers.  (CB Insights)
• Datamesh closed new funding round. The Singapore startup focuses on industrial metaverse platforms committed to providing integrated solutions for enterprises through digital twin, XR (Extended Reality), AI, IoT, and other technologies. Deal terms were not disclosed. (FinSMEs)
• VLogic Systems gets growth investment. The Concord, Massachusetts, startup develops integrated workplace solutions, including modules that provide IoT sensor-based occupancy tracking, hybrid workplace reservation functionality, space management capabilities, asset management, preventative maintenance, and on-demand work order and service request modules. (FinSMEs)
• RemoteBridge raises seed round. The Santa Barbara, California, startup offers a platform for virtual recruiting events, immersive three-dimensional (3D) onboarding experiences, and engaging virtual team-building activities. Terms were not disclosed. (CB Insights)
• Adni raises seed round. The San Francisco startup (formerly known as Lumify Care) offers a marketplace for healthcare professionals to access continuing education as well as to find and purchase medical supplies, gear, and resources necessary for their work. Terms were not disclosed. (CB Insights)
• Insight Enterprises Inc. acquires Infocenter . The acquisition of the 2024 ServiceNow Partner of the Year will add a full complement of ServiceNow consulting, implementation, and managed services to its automation solutions portfolio. Deal terms were not disclosed. (IT Wire)
• The latest public market, M&A, and private placement activity in the Human Capital sector from Chip Kelso at Raymond James . (LinkedIn)
• Partial exits on GP’s radar in quest for liquidity. (Pitchbook)

Industry Notes 

• Hybrid/remote work’s ‘coordination tax’ is wearing us down. Mismatched schedules, wasted commutes, and too many ways to communicate. And getting in sync with co-workers isn’t getting easier. (Wall Street Journal)
• Jason Sudeikis missing SHRM keynote prompted a social media s#!tstorm. (Laurie Ruettimann)
• WIRED wrote a story called “Perplexity Is A Bulls#!t Machine”, which it says that Perplexity then plagiarized. 
• Plan for new accounting rules on software costs moves forward. (Wall Street Journal)
• LinkedIn to limit targeted ads in EU after complaint over sensitive data use. (TechCrunch)
• Open AI’s secretive office in San Francisco’s Mission sounds like some Zero Dark Thirty s#!t. (SF Standard)
• The Top 25 HR Software Executives. (The Software Report)
• OpenAI was just the first step in building Microsoft’s AI empire. Now Satya Nadella is spreading his bets. Will it be enough? (Wall Street Journal)
• OpenAI’s Japanese rival gets $1 billion valuation from Silicon Valley investors. (The Information)
• Greenhouse Software announces Samir Joglekar as its new Chief Revenue Officer. (Press Release)
• Borderless AI and Cohere team up on custom-trained AI models for HR. (Press Release)
• DailyPay announces a small-business offering to serve companies with 400 or fewer employees partnered with integrated payroll providers. (SME Business Review)
• Clair announces partnership with TriNet to imbed earned wage access. (LinkedIn)
• Lattice moves further into HCM with the launch of its payroll solution. (LinkedIn)
• Finch announces partnership with Rippling . (LinkedIn)
• What’s new and next in Core HR and Payroll as AI evolves? Great insights from Pete A. Tiliakos . (HR Executive)
• Talroo introduces a Smart Drive Time feature, revolutionizing how job ads are matched with candidates. (LinkedIn)
• New free mobile HR course from Josh Bersin Academy and Arist . (LinkedIn)
• Coursera CEO Jeff Maggioncalda : AI emerging as a top skill for employers. (Yahoo!Finance)
• Payscale announces John Whisner as new CRO. (LinkedIn)
• Awardco appoints Amy Poll Butler as VP of People Operations. (HR Tech Cube)
• Layoffs: 15Five (ND %/ND EE)

• DOL wants excessive details from firms for its 401k lost-and-found. (Benefits PRO)
• SEEK exits LATAM. (JobBoardDoctor)

Around The Shop

Stuff we’re finding interesting right now at The Starr Conspiracy.

• HSBC picked up around 50 U.S. bankers and an $8 billion U.K. loan book from Silicon Valley Bank last year. They’ve added 300 startups as customers as a result. (The Information)
• Engaged employees create better customer experiences. (Harvard Business Review)
• A day in the life of a California fast food restaurant manager who makes $174,000 a year. (Wall Street Journal)
• This guy called them the Brat Pack, and he’s not sorry. (Vulture.com)

That’s it for this week!

Everybody love everybody,

Steve

P.S. — Are you a #WorkTech or #EnterpriseSoftware company with more than $10 million in revenue or funding that wants to improve the experiences you deliver in brand, marketing, sales, product, and customer success? Book a meeting with us let’s figure out how we can improve your go-to-market strategy and execution and increase your growth.

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About The Starr Conspiracy

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