WorkStep, the jobs platform dedicating itself to facilitating work hires and retention rates, has $17 million in funding. This is thanks to a capital infusion in seed capital. Totalling out to about $6.7 million. It was able to be led by FirstMark Capital, who also gave away the seed financing. Besides FirstMark, Prologis Ventures, a subsidiary of the logistics giant, is willing to participate in the Series A funding. Prologis made their primary investments in WorkStep way back in 2018. They’ve been said to use the proceeds in an effort to double the product, engineering, sales, and customer success teams. Now, isn’t that amazing?
Who is WorkStep anyway?
They’re likely to use algorithms to match companies with workers previously vetted and screened. At least that. Additionally, it’s one of many ways that the company is able to help their core clientele. This is a useful approach, for sure. WorkStep’s co-founder, Dan Johnston, is a former warehouse manager with lengthy experience in legacy staffing solutions, un-tech centric, and usually with expensive temporary staffing agencies. On top of that, piecemeal has been made for in-house efforts.
Just the past Fall, WorkStep made an initiative. It’s Retain and it assists supply chain employers in upping their frontline workforce retention by automating employee engagement.
Because of the shifts lately in the industry, this is helpful as the logistics industry has never been more unpredictable. To avoid labor turnover, it’s become important to handle the right warehouse workers, with all consideration to fulfill the requirements for e-commerce. Successful? One can only hope. The WorkStep’s initiative to turnover has gone up to 29% and therefore saves customers millions in replacement and retraining expenses during a very turbulent year of distribution center activity within American history.
Finally, Businesses are demanding for worker wages to be stable, so they believe by fulfilling their needs, they can suck in local labor with above-the-market wages.