Employee performance management start-up, Mesh, has announced a US$ 11 million series A funding round led by RTP Global. The HR tech company co-founded by Gaurav Chaubey, Saurabh Nangia and Rahul Singh in 2020 is in full-scale mode with revenues increasing 16-fold in just two years.
Mesh is a performance management platform that makes it easy for employees to manage goals, share feedback, and run one-on-ones. Companies globally are forced to administer traditional performance reviews that rely heavily on top-down feedback. Mesh replaces this unhelpful archaic process by enabling transparency around goals, continuous feedback, and coaching conversations.
“Traditional performance management tools were built for an era where companies were slow-moving pyramids. Today, if you continue to drive only top-down performance reviews, your top talent will leave. Mesh helps companies scale a culture of real-time performance and growth conversations across peers, managers and teams,” remarked Chaubey.
Deloitte’s High-Impact Performance Management research study showed that performance management is by far the most despised people process in companies with a net promoter score of -60. A 2021 study revealed transforming and reinventing performance management as one of the 10 most impactful practices. However, a staggering 83% of companies admit they do not use advanced people analytics from processes such as continuous performance management and employee experience effectively. Interestingly, those companies that leverage advanced people analytics are more than four times more likely to engage and retain employees than those who do not, almost eight times more likely to innovate effectively and more than twice as likely to exceed financial targets.
“When done well, a continuous performance management approach motivates employees to not only accomplish their goals, but also to develop better relationships with their managers, grow and develop within the company, and excel at work that is most meaningful to them” commented Nangia. “In short, it can support a more human experience and we are here to enable this.”
Paul Arkwright
Publisher
