eqtble: Investing in People Insights Today — So We’ll Understand Our Workforce Tomorrow
eqtble Promises to Make Sense of Disparate Employee Data and Unlock Actionable Insights for HR Leaders
It was hard enough for companies to find and keep great talent before the pandemic. As a global workforce, our priorities have certainly shifted. Many of us are demanding increased flexibility from our employers. According to one recent study, 80% of us are seeking more diversity, equity, and inclusion (DEI) in the workplace. We want to work for companies that not only treat us fairly but also embrace our personal values.
However, most companies simply don’t know how they are doing when it comes to workforce wellness. The process for how companies measure themselves on people ops — including important workplace cultural programs and policies like DEI — has long been broken. That’s why we’re excited to lead a $2.7M seed round of funding for eqtble, an HR analytics platform that helps companies discover and act on insights from employee data.
Not just data, insights
The big challenge in our big data world is making good use of that data. On the business side of things, there’s a fairly mature industry of intelligence and analytics solutions that help leaders make sense of a wealth of available customer and operations data — and ultimately, surface actionable insight.
But true intelligence about the workforce, talent acquisition, employee engagement, and compensation is hard to come by. There’s certainly no shortage of data. The problem is that the analysis of sometimes disparate employee data systems is done in a very manual way. To get answers to important questions, a company’s Talent/HR organization typically develops its own spreadsheets to cross-reference information from disparate hiring, recruiting, and training systems. Or, HR leaders may hire a team of data people to develop custom tools that take too long and fail to scale as the company grows.
eqtble bridges this gap by plugging into more than 100 of the most commonly used employee data systems. With these out-of-the-box integrations, the development burden for implementing eqtble is dramatically reduced when compared with a BYO HR analytics solution. eqtble promises to deliver actionable people insights in just a few weeks — instead of several months or even years. And, most importantly, eqtble offers a range of real-time visualizations and dashboards — helping hiring decision-makers find the answers they seek. Answers that can help them find and keep their key talent.
If you follow us closely, you know just how important DEI is to our team here at Initialized. I am excited about having answers about whether a company’s pay is equitable across gender, age, race, and other protected classes. And, how diverse candidates are faring during the hiring process compared with the overall hiring funnel.
Beyond DEI, there are so many other questions that HR leaders ponder daily that eqtble can help answer. Questions like:
- How long is the hiring process taking — and how does the pace affect the likelihood of candidates accepting offers?
- What are the biggest bottlenecks that cause delays or block potential hires?
- How many candidates do I need to source to meet hiring goals?
- How do hiring metrics compare between departments?
- Are my recruiters struggling to meet demand? Do I need contractors or agencies or is it that my recruiting team is underperforming?
- How do I get more top candidates to accept my offers?
- How can I better retain high-performing employees?
- Are my employees paid fairly compared to the market?
- Are we promoting our people fairly and with the proper frequency?
One more reason we love eqtble
Almost without exception, the most successful startups solve the problems that founders have personally experienced. The eqtble founding team is Joseph Ifiegbu, Gabe Horwitz and Ethan Veres. Joseph and Gabe built custom solutions for companies such as WeWork and Snap. The products they designed helped decision-makers answer many of the questions I mentioned above. They have a deep understanding of the technical challenges unique to the people industry, along with the business need for eqtble.
eqtble will use this newly raised capital to expand its engineering team and build out the product’s machine learning and visualization capabilities.
And like us all, the team at eqtble has endured the global pandemic. If there’s one thing we know about the future of work, it’s that we don’t know. That’s why it’s more important than ever for companies to invest in tools that give us more real-time people insight. Answers for today and tomorrow that reflect the always-evolving workforce.
That, of course, includes today’s workers, who are scarred by a generational event that’ll define many careers. We’re a little more discerning about where we choose to work these days. And that can be a good thing for businesses, too.