It isn’t often that you hear of a local HR tech company getting funded. It is even less often you hear of two over consecutive days.
And the coincidence that both are actually disrupting the employee engagement space.
Singapore-based HR tech Hoorah just raised S$500,000 at a valuation of S1.66 million.
Using a mobile app that enables staff to give and receive professional feedback, it is the only feedback platform that is capable of capturing both internal and external feedback seamlessly.
On top of that, the data it collects are analysed via natural language processing and graph analytics to help the company identify hidden insights about staff personalities and their social circle.
1. In one sentence, how would you describe what your product does?
Hoorah collects bite-sized feedback to give you a holistic view of your most valuable assets.
2. How does it work?
- Capture feedback
Staff gives and receives bite-sized professional feedback via a mobile app. We are also the only feedback platform that captures both internal and external feedback seamlessly.
- Analyse the data
Natural language processing and graph analytics help to digest all the data collected.
We know how crazy work gets, so we send weekly email reports to ensure that everyone is kept up-to-date on the feedback they and their mentees receive.
3. What are the key benefits that your product bring to companies and/or employees?
- reduce bias in performance reviews due to lack of visibility of the staff’s actual interactions with co-workers
- reduce recency effect in performance reviews. Managers and staff no longer have to struggle to remember what was achieved in the earlier part of the year
- reduce overhead in performance management process and thereby reduce cost. Take away time-consuming forms that get filled and forgotten, instead replace them with something much simpler and more effective
- evidence driven performance appraisals. Combine hard KPIs metrics with the feedback collected by Hoorah to get a truer representative of a staff’s performance
- let senior management have an ear to the ground on the vibe and culture between staff, and a bird’s eye view of the organisation’s informal structures
- create a feedback culture in the organisation where everyone learns to give and receive constructive feedback to improve together
- have a safe, anonymous and formal feedback channel within the organisation for top down and bottom up feedback
- feel that your efforts are appreciated by receiving recognition from colleagues, bosses and clients
- get continuous feedback instead of once or twice a year when it is too little too late
- have a safe and formal feedback channel to provide bottom-up feedback
4. Any existing local case study?
A professional services department had really lengthy complicated forms to fill up during performance appraisal each year.
However, due to time constraints, the contents of these forms were not used to drive performance appraisals.
The company wanted to use Hoorah to facilitate better performance appraisals, increase feedback within the department and create a more collaborative environment.
The pilot has seen up to 80% adoption rate in the 2 months since we have launched, with over 890 feedback received by the staff so far and counting!
Two junior staffs even got a client to download Hoorah and give them feedback.
We would not have been able to do our interim reviews without Hoorah. I’ve gained insights into the staff that I don’t normally know about and can act on them to shape behaviours. We can now even measure soft KPIs such as coaching and other people skills.
5. Who are your closest competitors?
There are a few competitors who try to solve the same issue using different approaches, mainly pulse surveys.
We do not require tasks to be created and administered in order for a staff to receive feedback, increasing the already heavy workload of middle managers.
We leverage a lot on data analytics and data science to leverage on the insights captured both within the feedback content and the networks that are formed.
Hoorah allows external parties to give feedback to the staff seamlessly as well, providing great value to service oriented companies.
6. How much does it cost?
Hoorah is a SaaS, and it is free for individuals.
Larger organisations get volume discounts.
Only business accounts get access to the super user dashboard.
7. Where can people find out more about this?
Our website is hoorah.io.