Bonusly, an engaging recognition and rewards platform that connects teams and enriches company culture announced it has received $18.9 million in Series B funding led by Ankona Capital. Prior investors FirstMark Capital, Access Venture Partners, and Next Frontier Capital also participated.
Bonusly, which is ranked by G2 as No. 1 in Employee Recognition and No. 3 in Employee Engagement, used by top-tier companies including Chobani, ZipRecruiter, Pender Veterinary, and SDMI. The Bonusly platform creates a culture of recognition in which employees receive an average of two meaningful, timely, detailed recognitions from peers and managers every week. After deploying Bonusly, more than nine in ten (93%) customers see improved employee engagement.
HR Technology News: Kepner-Tregoe Announces New Digital Transformation Practice
Recognition is crucial to employee retention. According to a 2022 survey of 2,000 respondents, 63% of workers feel unappreciated by their employer on a daily basis and 46% left a job because they felt unappreciated. Frequent, authentic recognition of their work can make an enormous difference. In fact, nearly two-thirds (65%) said they are likely to stay at a job if their coworkers and peers recognize their work, even if they have an unappreciative manager.
Especially in today’s volatile economic environment, organizations need an engaged and highly motivated workforce, along with accurate, current information about how their organizations truly work so they can be agile in making rapid, data-driven decisions to adapt as conditions change. Bonusly’s platform empowers real-time recognition to highlight accomplishments big and small in a very positive and public way, which fosters stronger cultures and builds resilient companies. The company also provides strong support for an organization’s diversity, equity and inclusion (DEI) programs by recognizing and encouraging inclusiveness.
HR Technology News: MIT xPRO Launches Programs with Simplilearn in Executive Leadership Principles and Machine Learning
Additionally, while other employee engagement companies offer little more than gift card programs, Bonusly’s recognition platform captures and analyzes a treasure trove of real-time data on how organizations really work, communicate and connect, informing HR teams and managers so they can make powerful behavior change throughout an employee population. Bonusly’s proprietary graph database enables management to gain a keen understanding of how their company actually functions. With this information, HR and managers can better help team members continuously improve, foster collaboration and belonging, and assess behavior changes to predict turnover.
HR Technology News: Tech Hiring using AI-powered Talent Platform
[To share your insights with us, please write to sghosh@martechseries.com]