Singapore:EngageRocket, a Singapore-based startup launched in 2016 that helps companies build better workplaces using people analytics, has raised an additional $640,000 in a seed round as Asian companies turn to real-time data to improve their employee engagement and performance.
This takes the total amount of funds raised by the company to $1 million. The round was led by SeedPlus, with Found. Ventures also participating. Other investors from the previous round include former JobsCentral Co-Founder Huang Shao-Ning.
People analytics is the science of using quantitative and qualitative data from employees to improve business performance, an area familiar to co-founders Dorothy Yiu and Leong CheeTung as former regional heads at American research and consulting company Gallup.
In the last 12 months, the company has expanded to analysing data from 13 countries in Asia Pacific. This region is seeing the fastest growth in the people analytics market at almost 20% annually, driving a market that is tipped to reach $1.87 billion by 2025 which was almost non-existent just 10 years ago.
EngageRocket aims to help every leader use data to make better people decisions. Improving trust in their team, for example, or enhancing skills in innovation.
With an ‘Employee Engagement Pulse’ module, users can now monitor the employee experience in real-time, analysing trends and response to policy and management changes. Also, with a ‘360 Performance Feedback module’ users can analyse performance across important leadership skills, and correlate them with employee loyalty and engagement.
This allows users to build a live business case for keeping workers happy while developing their skills. EngageRocket plans to deepen its data intelligence capabilities, and also provide a platform for continuous performance management to anchor its analytics in performance improvement.
A recent study showed that for every $1 spent on such analytics, companies received a return of $13.01. Little wonder that 69% of large companies now report having people analytics functions, up from 10-15% just a few years ago.
“We spend more than half our waking lives at work,” Leong, Co-founder and CEO, said. “Asian companies employ 60% of the global labour force today, and will contribute 40% of global GDP by 2030. We’re very excited by our mission to use analytics to improve the lives of so many, and create real economic value.”
The 600M “millennial” workers in Asia Pacific today, all below 35 years old, demand a very different way of working. Google Trends shows a 573% increase in worldwide searches for the term “employee experience” in the past 5 years. Of the top 11 regions driving this trend, 3 are from Asia Pacific.
“I’m most excited about the application of data and technology to solve problems at scale. In Asia, there exist huge gaps in understanding human capital and relevant data to enable people managers and leaders to build better companies,” said Tiang Lim Foo, Operating Partner – SeedPlus. “As workplace productivity technology shifts from ‘systems of record’ to ‘systems of engagement’, we’re excited to partner with CheeTung and Dorothy at EngageRocket’ to define the future of work in Asia.”
“EngageRocket’s vision regarding the use of people analytics to make organisational decisions is an important one,” commented Grace Sai, Managing Partner – Found. Ventures. “We are happy to be supporting them to bring back people to the core of any company.”