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Corporation
INTERNET | Internet Software & Services / HR & Workforce Management
betterworks.com

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Founded Year

2013

Stage

Series B - III | Alive

Total Raised

$123.15M

Last Raised

$61M | 6 mos ago

About Betterworks

Betterworks is an enterprise goals platform, based on goal science thinking, that engages, empowers and cross-functionally aligns workers.

Betterworks Headquarter Location

101 Jefferson Drive 1st Floor

Menlo Park, California, 94025,

United States

844-438-2388

Latest Betterworks News

The EU is proposing mandatory USB-C charging for all devices

Sep 23, 2021

The EU is proposing mandatory USB-C charging for all devices No more Lightning cables? If the EU has its way, pretty soon the only charger anywhere will be USB-C. The European Commission is proposing a revised "Radio Equipment Directive" that would make USB-C "the standard port for all smartphones, tablets, cameras, headphones, portable speakers and handheld videogame consoles." In other words, pretty much everything. The Commission also wants to prevent chargers from being included in the box with those devices. The Commission has two reasons for the change: consumer inconvenience and e-waste. On the former, the idea is that by setting a universal standard users won't have to carry around multiple chargers for their devices, or beg their friends for a Lightning cable. Over the last decade, the Commission said, the number of possible mobile phone chargers has gone from 30 down to three — presumably meaning USB-C, Micro USB and the iPhone's Lightning port — but only legislation will do the rest of the job. When it comes to e-waste, the Commission's hope is to reduce the number of chargers people need. Margrethe Vestager, in a statement, even noted the familiar issue: "European consumers were frustrated long enough about incompatible chargers piling up in their drawers." The Commission said that 11,000 tons of e-waste are created every year from disposed and unused chargers, and a full third of owned chargers are never used. Are your chargers piling up in a drawer? We propose a common charger for mobile phones and other similar electronic devices. A single charger will be more convenient for people and will reduce electronic waste. These proposals have been in the works since a vote last year that expressed support for new charging rules. If any charging standard was to become the standard, USB-C is the clear choice. A single port that could transfer power and data, and work on most device types, was in fact the stated goal of the group that developed USB-C. Even Apple, the most notable holdout on the market, uses USB-C chargers for most of its non-iPhone devices. But this change will feel to many critics like the EU regulating product design, which is a tricky and fast-moving space. The USB-C standard already encompasses multiple versions and device types, and many variations of power and data throughput; not all USB-C chargers work for all USB-C devices. Meanwhile, the industry is quickly moving to wireless charging and other ways of keeping batteries topped up. (Apple has long been rumored to be working on a port-free phone that only charges wirelessly, for instance.) The Commission's proposed rules don't cover wireless charging , calling it "a developing technology with a low level of market fragmentation," but do allow for the body to become involved in that side of the charging debate down the road. At the other end of the power cable, the Commission also said it plans to introduce rules for interoperable power supply devices later this year. Slack integrations and keywords and AI, oh my! Time will tell how smart HR technology has the potential to be, or how smart users want it to be. Image: Christopher T. Fong/Protocol Michelle Ma (@himichellema) is a reporter at Protocol, where she writes about management, leadership and workplace issues in tech. Previously, she was a news editor of live journalism and special coverage for The Wall Street Journal. Prior to that, she worked as a staff writer at Wirecutter. She can be reached at mma@protocol.com. September 23, 2021 Arguably nothing elicits more of a collective groan at work than performance review season. Managers hate giving them. Employees theoretically want them, but dread receiving them. It's as clear how much time and effort they take as it is unclear how useful formal performance reviews actually are in measuring and evaluating performance. It's an arena ripe for disruption. A flurry of startups are attempting just that and raising a lot of money in the process. Global year-to-date VC investment into HR tech is approaching $12 billion, according to an August report from WorkTech . One leading HR software company, Lattice, just announced its expansion to Europe and an investment of $110 million in the UK. Other more nascent startups like ChartHop and OnLoop are attracting millions from top-tier investors. So what's wrong with performance reviews? Performance reviews are performed by people, and "people are biased," said Dr. Evelyn Carter, a managing director at Paradigm, a San-Francisco-based strategy firm that works with tech companies on their DEI goals. One example is what Dr. Carter refers to as the " prove it again " trap: Research shows that marginalized groups like women and people of color tend to be evaluated on the results they deliver — can they "prove it again?" — while dominant groups are evaluated based on pure potential. So how are these new HR tools attempting to make performance reviews suck less, and how can managers circumvent their own biases? Establish a consistent set of metrics by which to evaluate people. And make sure they're tailored to the job and level. You don't necessarily want to judge an engineer by the same standards as an operations person, said Carter. Having clear metrics for evaluating success also helps people see what they need to do to get promoted, according to Lattice CEO and Co-Founder Jack Altman. Lattice, for example, has a section called "Competencies," which allows companies to articulate the expectations of each role, as well as the skills required for promotion. Those competencies are then pulled into the performance review form, and managers can rate how well the employee has fulfilled each one. Up the cadence of reviews. Take notes all the time. The biggest problem with traditional performance reviews is how infrequently they happen, which can introduce recency bias, according to Ian White, founder and CEO/CTO of ChartHop, an org chart startup that has a performance review component. Most HR experts today recommend shifting from the annual review cycle to at least twice a year, or even quarterly. And they suggest supplementing those reviews with weekly one-on-one meetings to go over goals and feedback. That way, managers can keep regular tabs on how their reports are doing, rather than relying on memory to write a review once a year. Taking the stress out of writing performance reviews is a major premise of OnLoop, a new mobile-first performance review app that aims to make the "data collection process more bite-sized and approachable," according to CEO and Co-Founder Projjal Ghatak. OnLoop users are encouraged to evaluate team members once a week using "captures" in three potential categories: "celebrate," "improve" or "goal." One of the biggest issues with giving feedback, said Ghatak, is finding the language to describe a person or encounter, which OnLoop bypasses by prompting users to select relevant "tags" to input in each capture, like "growth mindset," "authentic self" or "subject matter expertise." Collect feedback and data points from all directions, and automate it. Remember the pain of writing extemporaneously about someone once a year with no other context? Another way to counter that, according to Altman, is through clever Slack integrations. Lattice can take compliments from a company's existing #praise channel, for example, and automatically feed them to its platform, adding another point of reference for managers while they're writing their reviews. Lattice isn't the only company dabbling in off-platform integrations to streamline performance reviews. Betterworks, a performance-management system focused on OKRs and goals, has an even more literal feature that integrates project-management tools like Asana or Jira into an employee's "performance snapshot." For example, a marketing manager might have an objective of revamping a website, which might be measured in a series of assigned Asana tickets or tasks. When that employee completes one ticket out of 10, that objective would display a 10% completion on Betterworks, explained Dennis Villahermosa, the company's senior director of product marketing. Consider performance ratings. Or don't. They're controversial. Having objective criteria by which to evaluate people as well as a rubric for what success looks like in each role is important from a company inclusion perspective, according to most DEI experts. Having that numeric score also allows companies to compare performance ratings across the board and analyze them for potential areas of bias. For example, if more female employees received lower ratings across a department than male employees, perhaps there's an issue there, explained White. Some companies, like Zenefits, are moving away from issuing ratings. "Where ratings get tricky is they end up being opinionated and subjective even in all of that effort to try to avoid being subjective," said Zenefits' VP of People Operations Danny Speros. Most agree that the worst thing to do is to give stack rankings , pitting employees against each other as Microsoft notoriously used to do. Actually use performance reviews to help make promotion and raise decisions fair. Doing that is easier said than done, especially when your performance review platform isn't integrated into the rest of your HR management systems. Integrating these systems is ChartHop's whole selling point. The platform allows executives to "slice and dice" their employee data and compare performance ratings against compensation and promotion data, which allows for more agility and continuous planning, according to White. If a person has three outstanding performance ratings in a row but hasn't received a raise in that same period, maybe they deserve a bigger equity refresh, he explained. Do you want AI to get involved? Maybe. At the end of the day, managers are still responsible for writing summaries of how their direct reports are doing and aligning with their goals. Or are they? OnLoop's loftiest goal is trying to simplify that process by integrating all the captures — the kudos, the constructive feedback, the self-reflections — into an AI-generated natural language summary that managers can then use to write their employee reviews. They're not alone. Part of Betterworks' future plan also includes developing "intelligence engines" that would make suggestions to managers informed by performance data, said Villahermosa. Time will tell how smart HR technology has the potential to be, or how smart users want it to be. What's clear is that, as with all AI systems, if the humans that create the tool are biased, the tool may very well end up biased too . In other words: Managers, it's still on you. From Your Site Articles September 8, 2021 Every company today wants to make their purpose stand out, showcasing why they exist and how they benefit society. But it's the 'how' that's the hard part. And that's where technology comes in. At Nasdaq, we work every day to advance inclusive growth and shared prosperity, and our position at the center of capital markets gives us a unique opportunity to deliver it. But what drives our journey is technology. The technology we use in our business. The role we play in supporting the tech sector. How innovative new services and technologies can expand access to the markets to those people who need it most. At Nasdaq, we want to apply technology solutions to some of the biggest obstacles to inclusive growth. These barriers fall along a few fundamental lines: Lack of understanding of the systemic barriers preventing greater and more equal participation in the economy/markets. A lack of consistency and transparency in the data that is driving corporate and investor behavior. A more resilient system that upholds integrity and confidence in the fairness of the system Here's how we are approaching those issues: 1) Understanding allows us to continuously adapt: Through our research partnership with the Aspen Institute and Commonwealth, we sought to understand and identify the systemic barriers that under-represented communities face in their efforts to generate and sustain wealth. We found that too few of the most innovative tech solutions cater to the needs of those who need it most. We believe that firms should design products to meet the needs and preferences of women of color and financially vulnerable populations as intentionally and carefully as any other market segment. 2) Better data improves risk-based decisions for investors and corporates: As companies respond to investor imperatives to measure and report sustainability, they need access to data and tools to power their programs. We're building the capabilities to help them successfully navigate the complex and fast-maturing ESG landscape. For instance, our OneReport tool helps clients simplify the process of ESG data capture, engagement, oversight and disclosure. With our software, corporations streamline their sustainability reporting and entire data management and disclosure process. Our recent board diversity rule provides a consistent framework for companies to publish and benchmark diversity data and will give us a better overall picture of how the general population is represented across corporate America. Many studies have shown that diversity of experience, gender, race, knowledge and perspective means that a company is more capable of seeing the full picture, assessing risk and overcoming challenges with forward-looking, innovative solutions. Our goal is to provide a transparent framework for Nasdaq-listed companies to present their board composition and diversity philosophy effectively to all stakeholders. 3) Safer systems can improve confidence and participation: A safer financial system helps underpin confidence in the markets and, over time, should lead to greater participation. Each year, an estimated $800 billion to $2 trillion is laundered, according to the United Nations. To address this enormous challenge, a next-generation suite of solutions is needed for the fight against financial crime. Nasdaq recently acquired a cloud-based anti-financial crime platform called Verafin to accelerate its role in meeting the challenge. Verafin's technology helps to detect, investigate and report money laundering and financial fraud for over 2000 financial institutions in North America, which strengthens Nasdaq's existing regulatory technology focused on crime in the capital markets. When markets are operating with utmost integrity, they are best positioned to power confidence, participation and, ultimately, economic progress – all of which can lead to better long-term outcomes for our business and for society. In our position at the center of the capital markets, technology and data, we know that the call to build a more inclusive economy has never been stronger, nor more urgent, than it is today. Our work to increase understanding, enhance data and protect the system is a direct response to this imperative. We're proud to already count many of the country's leading companies, NGOs and thinkers as partners and friends and are looking forward to making an impact now and in the years to come. Keep ReadingShow less September 22, 2021 As employers wait for the Department of Labor to issue a new rule requiring employee vaccine mandates, a big question looms: Will companies fire workers who don't comply? Many of the tech giants won't say. A couple of companies have confirmed that they won't: Both Hewlett Packard Enterprise and Pure Storage said vaccination is not a condition of employment, though it's required to come to the office. Only one software maker — Boston-based Validity — has told Protocol that employees could face termination if they refuse the jab. That even applies to remote workers. "We're a private employer," said Mike Piispanen, Validity's chief operating officer. "If we wanted employees to wear a clown nose to work every day as a condition of employment, that would be an option." One employee has left Validity over the company's vaccine mandate, Piispanen said, but the nearly 400-person company hasn't had to fire anyone for this reason. More than 90% of Validity's employees are currently vaccinated and around a dozen are seeking exemptions for protected medical or religious reasons. But for those without legally protected exemptions, termination is not out of the question, Piispanen said. "We don't want that to happen, but we also want our employees to want to be here," Piispanen said. "The downside of accommodating (employees who refuse the vaccine) is they're now putting other people at risk if they're in the office." Refusing vaccination may make it tougher to get a job in tech. As many as 78% of hiring managers in the computer and IT industry said they wanted to see vaccination status on applicants' resumes in a recent survey . Will Big Tech fire workers over the vaccine? Several big tech companies stopped short of saying whether they would fire workers for not getting vaccinated. Spokespeople for Google, Facebook, Twitter, Uber and Lyft all declined to say whether their employees could face termination for this reason. Google and Lyft only said that employees who don't show proof of vaccination would have to discuss their options with HR. Neither Uber nor Lyft is currently requiring drivers to get vaccinated. For office workers, remote work seems like an obvious solution. September Rea, a litigator at the law firm Polsinelli, expects that many companies will continue relegating any unvaccinated employees to remote work. "I don't see that happening," Rea said. "What I've seen historically — just in the short time we've had vaccination requirements voluntarily — has been they allow people to work from home if they don't want it." But companies like Validity may want to enforce vaccination regardless. Erin McLaughlin, a shareholder in the labor and employment group at the law firm Buchanan Ingersoll & Rooney, expects policies to vary by employer. "I think if it's an employer who wants employees to be back in the office, they're not going to be inclined to grant remote work as an accommodation for not being vaccinated," McLaughlin told Protocol. "They're going to take the position that mandatory attendance in the office is an essential function of the job." For its part, Uber said it was still figuring out how to handle exemptions and would have a better sense by the time it reopens its offices in January. For now, anyone who goes to an Uber office has to show proof of vaccination , the company said. That seems to be a common theme for large tech employers, many of which plan to continue allowing remote work full time until at least January. In the coming weeks, Uber and other tech companies are expecting to learn more from the DOL's Occupational Safety and Health Administration. The agency is set to release an Emergency Temporary Standard to require vaccine or weekly testing mandates at companies with 100 or more employees. Will remote workers have to get vaccinated or tested? When companies started mandating vaccination earlier this year, it was understood as an effort to prevent the virus from spreading at the office. Why should a company require remote workers — those who never see their colleagues — to get vaccinated? Federal officials have already indicated that the emergency rule won't apply to remote workers who never go to the office. If the rule were to apply to remote workers, McLaughlin said that might undermine OSHA's use of the emergency temporary standard and get outside of the agency's purview — which is the workplace. "It would be unusual for the OSHA rules to require the vaccination for employees who aren't coming to a work location," said Rea. "If someone's working remotely there's arguably no reason it's protecting the worker." But that doesn't mean companies themselves won't apply them to remote workers — and Validity is proving that there's at least some appetite to do so in the tech sector. The company isn't alone: Its owners, Silversmith Capital Partners and Providence Strategic Growth, supported a similar set of policies that were applied to other portfolio companies, Piispanen said. There are several reasons for applying the vaccine mandate to remote workers. For one, in a fierce market for top tech talent, Validity sees its employees as indispensable experts who need to be available to work. "Having them get sick will have a detrimental impact to our customers and to our business," Piispanen said. "I also think there is a little bit of a duty to care for us as employers for our employees. The science supports vaccines — there's no denying that." From Your Site Articles Janko Roettgers ( @jank0 ) is a senior reporter at Protocol, reporting on the shifting power dynamics between tech, media, and entertainment, including the impact of new technologies. Previously, Janko was Variety's first-ever technology writer in San Francisco, where he covered big tech and emerging technologies. He has reported for Gigaom, Frankfurter Rundschau, Berliner Zeitung, and ORF, among others. He has written three books on consumer cord-cutting and online music and co-edited an anthology on internet subcultures. He lives with his family in Oakland. September 22, 2021 Facebook is getting ready for the metaverse: The company's decision to replace outgoing CTO Mike "Schrep" Schroepfer with hardware SVP Andrew "Boz" Bosworth is not only a signal that the company is committed to AR and VR for years to come; it also shows that Facebook execs see the metaverse as a foundational technology, with the potential to eventually replace current cash cows like the company's core "big blue" Facebook app. Bosworth has been with Facebook since 2006 and is among Mark Zuckerberg's closest allies, but he's arguably gotten the most attention for leading the company's AR/VR and consumer hardware efforts. Under Bosworth's leadership, Facebook refocused its VR hardware play on the standalone Oculus Quest headset, selling an estimated 8 million devices to consumers since the launch of the Quest 2 in 2020. Bosworth also managed to turn the company's Portal smart display from a product that was decried as a privacy nightmare into a viable competitor to devices made by Google and Amazon. "The backlash [against Portal] was very much predicted," Bosworth recently told Protocol. "It never really materialized amongst consumers." More recently, Bosworth has been instrumental in setting Facebook up for a major role in consumer AR. The company has been testing AR devices in the wild, and Facebook debuted its first set of smart glasses together with Ray-Ban this fall. But Facebook's ambitions are larger than hardware. The company doesn't simply want to build and sell a couple million AR and VR devices. Instead, it plans to launch the next big platform — something it arguably missed out on when mobile first emerged, forcing it to be just another app maker in Apple's and Google's stores. The key to that future is the metaverse. Zuckerberg has been beating the drums about the metaverse being Facebook's future for months now, even telling investors that it will require "very significant investment over many years." The metaverse is often described as a persistent digital world where people can interact with each other via their avatars, and then play, attend events or even work together. Such shorthand descriptions often lead people to confuse the metaverse with VR itself, or assume that Facebook's Horizon VR world is the company's beta version of the metaverse. Bosworth's promotion to CTO signals that this isn't the full picture. Instead, Facebook clearly understands the metaverse as a foundational technology that may one day tie together AR, VR and even mobile for new ways of real-time interaction. In other words: It's not something you build a device for; it's something you build a company for. Facebook wants to be that company, and for some good reasons. Usage of its core Facebook app has stagnated, and executives have long warned that the stream of advertising that has made mobile social networking such a cash cow is ultimately going to slow down. With the metaverse, the company is now betting on the next big thing. With Bosworth as CTO, it wants to have to right man for the job. Still, there are some open questions — and no, not just about the viability of the metaverse, which we may not get real answers on for many years. Instead, we're left to wonder: Who will now lead Facebook's hardware efforts? It's unlikely that Bosworth will completely step away from the Facebook Reality Labs leadership, so we should expect him to put a trusted lieutenant in place. How will the CTO organization change under Bosworth? Schroepfer had a major focus on AI, which may become a lot more product-focused as the company begins to build assistants and other AI technologies for AR and VR. However, the outgoing CTO also oversaw engineering infrastructure, which is very far from anything Bosworth has dealt with in recent years. What does all of this mean for Facebook's stance on privacy and the way it talks about the subject? Bosworth has been blunt about his willingness to talk about the ugly sides of Facebook, even if it has gotten him in trouble in the past. More recently, he has defended getting technologies like camera-mounted glasses into the world to get real-life feedback for future products. "I don't fear the controversy," he recently told Protocol. That's a significant departure from the soft-spoken Schroepfer — and it could lead to a lot more conflict down the line. Binance CEO Changpeng Zhao is overseeing a global crypto empire with global problems. Photo: Akio Kon/Bloomberg via Getty Images September 22, 2021 Tomio Geron ( @tomiogeron ) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com. September 22, 2021 Binance, the largest global crypto exchange, has been hit by a raft of regulatory challenges worldwide that only seem to increase. It's the biggest example of what worries regulators in crypto: unfettered investor access to a range of digital tokens finance officials have never heard of, without the traditional investor protections of regulated markets. Binance is the largest global exchange, doing $27 billion in spot exchange volume over 24 hours as of Tuesday, on a down day in the market , making it much larger than rivals such as Coinbase. Binance has grown due to its focus on being the place for crypto enthusiasts to trade almost any digital asset, investors say. While many exchanges operating in the U.S. such as Coinbase take time and have a process for adding coins for trading, Binance has aggressively added new cryptocurrencies and more recently NFTs. That long tail is appealing to investors looking to speculate on the hot new crypto thing. Originally founded in China, Binance reportedly pulled its employees and any official presence out of the Chinese market in 2017 after China banned ICOs. But Binance has launched quickly around the world in many countries. Regulators in many of those countries have said Binance is operating without permission. Where it's under fire The U.S. Regulators at the Commodity Futures Trading Commission are looking at whether Binance engaged in insider trading or market manipulation by "trading on customer orders before executing them", according to Bloomberg . Binance denied any misconduct. The Justice Department and the IRS are also reportedly examining Binance's role in money laundering and tax evasion. The U.K.

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CB Insights Intelligence Analysts have mentioned Betterworks in 2 CB Insights research briefs, most recently on Oct 12, 2021.

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HR tech startups are helping companies manage critical pain points in HR processes such as recruitment, automation, career development, compensation, and benefits management, through a mix of software and services.

Betterworks Patents

Betterworks has filed 3 patents.

The 3 most popular patent topics include:

  • Project management
  • Calendars
  • Clusters of differentiation
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