Workhuman

Workhuman is a US-based company specializing in employee recognition solutions that aim to enhance workplace culture and engagement, leveraging innovative technology to foster a connected workforce. Founded in 1999 and headquartered in Framingham, US, Workhuman (formerly Globoforce Inc. ) focuses on employee recognition and engagement platforms. Eric Mosley, the CEO and founder, has a history of leading initiatives that improve workplace culture.

In June 2020, the firm received a significant investment during a SECONDARY BUYOUT, where Intermediate Capital Group acquired a 10% minority stake for USD 120. 00 mn. This latest funding round brought the total amount raised by the company to USD 120. 00 mn.

Workhuman provides a comprehensive employee recognition platform designed to enhance workplace culture, engagement, and retention. The core offerings include features that facilitate social recognition, such as peer-to-peer recognition, milestone celebrations, and community engagement tools, all powered by their proprietary Human Intelligence™ technology. This technology provides businesses with insights into employee performance and skills, fostering a culture of gratitude and connection within organizations. Workhuman serves various industries, supporting clients ranging from small businesses to large enterprises across North America, Europe, and Asia-Pacific markets.

The platform is utilized by organizations seeking to implement effective rewards and recognition programs, thereby addressing challenges related to employee engagement and retention in a competitive labor market. Workhuman generated revenue of USD 700. 00 mn in the most recent year, 2019, primarily through subscription-based pricing models for its employee recognition platform. Clients typically engage with the company through annual contracts that cover access to the software and its features, which may include social recognition tools, analytics, and consulting services.

The revenue structure is based on tiered pricing plans that scale according to the size of the organization and the level of service chosen. Clients can implement customizable rewards programs to meet their specific needs, which enhances employee engagement and fosters a positive workplace culture. The flagship Human Intelligence™ platform underpins these services, offering advanced analytics and insights that contribute to ongoing business impact for clients. Workhuman's strategy for future growth involves the development of new products aimed at enhancing their recognition platform, with specific launch dates yet to be announced.

The company is also planning to expand into new geographic markets, targeting regions in Europe and Asia-Pacific, looking to establish a stronger presence by 2023. The recent funding from the SECONDARY BUYOUT will be utilized to support these growth initiatives, specifically focusing on product development and market expansion efforts as detailed in the rationale for the investment.