Legal: Worklytics, LLC
Location: New York, New York
INDUSTRY – Insurance
Size: $50B (2018) (Source: “SaaS Industry Market Report: Key Global Trends & Growth Forecasts”)
Projections: $76B by 2020
Worklytics is an office streamlining platform, one made in order to integrate different collaboration apps while quantifying and analyzing the efficiencies of each. The idea is that by measuring time spent on each platform the company can identify redundancies and eliminate time waste, recognizing what is working and what isn’t. This gives the company the necessary information to change and optimize its management system. Worklytics claims that by using their platform you can identify management mistakes easily, engage further with employees, increase employee happiness, and more successfully integrate onboard hires.
Worklytics, to put it simply, tracks employees and their use of different work platforms such as Slack, Jira, and Github, as well as the effectiveness of company meetings. By doing so, the software collects massive amounts of data that it analyzes to give managers a sense of what working for different levels of the organization truly is like. Each team and department is given a real-time employee experience health score, one meant to describe quantifiably the dynamics and leadership behavior of each company member and track long-term employee satisfaction. The program then gives leaders advice on how to effectively alter team behavior for maximum efficiency.
A number of factors are taken into account, such as employee work/life balance, manager engagement, team changes, and reward compensation. This is ascertained not only through close monitoring of social integration systems, but from a number of surveys made to track employee performance and satisfaction. These are anonymous, digital surveys that further inform company managers whether or not changes in workstyle are effective to employees and their overall performance.
One important aspect of Worklytics is its ability to identify successful teams/managers who are hitting targets or even surpassing those targets. Using AI technology the software helps identify the reason for that success, whether or not it is employee satisfaction or simply time management. The platform is able to integrate a number of different programs/apps, from Google Drive and Microsoft Outlook to Github and Asana. The data from such programs is extracted and analyzed using AI technology.
Origin and Founding Team
Worklytics was founded by Eric Schultink and Philip Arkoll. Schultink received his B.A. in Computer Sciences from Harvard University, after which he worked at Facebook as a software engineer. Afterwords Schultink worked as CTO for Tuenti, a Spanish telecommunications company, working on their international app, as well as ReviewPro, a reputation management software for the hospitality industry. Arkoll gained most of his experience at Tuenti working as a product strategy manager before going on to co-found Worklytics.
Performance and Trends
Worklytics is a Y-Combinator funded startup and has gone through one funding round, during which it raised around $120,000. So far the company has only two other investors: angel investor Brad Flora and venture capital firm FundersClub, both from the Bay Area.
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