In Q2 2021 alone, 11.5 million Americans quit their jobs, the vast majority being mid-career tech and healthcare workers, leaving their employers scrambling to fill rolls and desperate to stop the exodus. This year will be remembered as the beginning of the “Great Resignation”.
Employee attrition was already a $1 trillion annual problem in the US and the pandemic has only made the problem larger. Historically, managers saw their employees in the office on a daily basis and could get a read on how their team was feeling. In a remote work environment, it’s harder than ever to keep talent engaged and happy. Businesses need an employee attrition early warning system. Enterprises only have exit interviews which are backward-looking to help understand why employees leave the company, but in an age where there is more 1st and 3rd party data than ever before, the time seems right to leverage these valuable insights to help solve the problem of employee attrition.
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A Personal Mission
When we met Ken Klein and Vahed Qazvinian it was clear from the first meeting that to them, this problem was personal. After watching a key team member’s departure cause seven of his colleagues to resign in quick succession and cause their project to be canceled, Vahed, a PhD and former Google Search Rank Engineer, decided to leave himself. As a former public company CEO, Ken has felt the cultural and financial pain of attrition, despite many attempts at remediation through HRBP meetings, skip-level 1:1s, office hours, surveys, and more. After discussing their shared experiences, this unique and powerful duo decided to partner up on a mission to improve the employee experience and arm HR leaders with the data they need to retain their most important assets. And thus, Praisidio was born.
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Combining Data with Human Intelligence
Praisidio uses AI to analyze business and communications metadata in a privacy-centric manner. The company provides an Enterprise Talent Risk Management solution called Procaire to help managers visualize and act on information that is affecting employee satisfaction and retention. Procaire has already helped over 10,000 employees within enterprise customers across the technology, life sciences, and healthcare sectors. Customers are saving $50 on talent attrition for every dollar spent on Praisidio.
At SignalFire, we believe in the power of combining humans and data and when we saw what Vahed and Ken were building at Praisidio, we knew we wanted to be on the journey with them. SignalFire is thrilled to be leading Praisidio's $4M Seed round and helping them achieve their goal of making employees feel engaged and appreciated while empowering managers and HR teams with the insights they need to be data-driven in their decisions and initiatives around employee retention. To learn more, check out Praisidio.com where you can hear how happy customers are already seeing success with Procaire.
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*Portfolio company founders listed above have not received any compensation for this feedback and may or may not have invested in a SignalFire fund. These founders may or may not serve as Affiliate Advisors, Retained Advisors, or consultants to provide their expertise on a formal or ad hoc basis. They are not employed by SignalFire and do not provide investment advisory services to clients on behalf of SignalFire. Please refer to our disclosures page for additional disclosures.
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