The BBC reported that 59% of global workers are not engaged at work. This often leads to "quiet quitting." But don’t let that term confuse you. "Quiet quitting" isn't quitting at all; it's about behaviors and setting boundaries.
Ergo, workers fulfill the basics. There are no late nights, no extra projects and no "hustle and grind," as it were. This mindset is often driven by burnout and dissatisfaction. They focus on doing their exact job description, not exceeding it.
While some see it as laziness, others view it as reclaiming work-life balance and prioritizing personal well-being and self-care. Whether good or bad, there is no doubt that it's a trend sparking conversations about workplace expectations and employee mental health, especially when it costs the global economy around $8.8 trillion, according to a Gallup report.
As a result, there is a call for tech companies to innovate solutions to transform employee engagement. Playing its part in answering that call is ContactMonkey, an internal email communications platform, and its completion of a Series A investment of $55 million from Updata Partners, a growth equity firm.
ContactMonkey is considered one of the ideal tools for employee engagement in today's dynamic work environment. The platform boasts seamless integration with popular email clients, SMS, Microsoft Teams and HRIS systems. With this integration, the platform delivers effective communication reach across all organizational levels. This versatility guarantees timely delivery of crucial company announcements, emergency alerts and critical updates to every employee.
ContactMonkey also offers robust engagement analytics. Users can build targeted employee segments, gather real-time feedback and analyze detailed email metrics. These insights will let employers better understand employee preferences and refine communication strategies for maximum engagement.
The company was bootstrapped, profitable and has grown 330% in the past three years. It is taking on this investment to best scale and meet the rapid demand for its solutions in the market.
"ContactMonkey provides a valuable solution as employee engagement becomes a mission critical issue for the C-Suite," said Braden Snyder, partner at Updata. "It is impressive what ContactMonkey has achieved as a bootstrapped company, and we are eager to partner with Scott and the team to scale its robust solutions globally."
With the recent investment from Updata, ContactMonkey aims to amplify its success across Canada, Europe, the U.S. and Australia. The company plans to expand its workforce, doubling its current 80 employees in 2024 and venturing into new international markets to offer its solutions to a wider range of companies and industries.
“At ContactMonkey, we believe it is vital that companies improve their communications with their employees and facilitate a strong, collaborative and transparent culture," said Scott Pielsticker, CEO and founder, ContactMonkey. “We're looking forward to partnering with the Updata team to grow our teams and solutions as more companies realize how critical their internal communications are to their business.”
As part of the investment, Updata Partner Braden Snyder and Operating Partner Sloan Gaon will join ContactMonkey's Board of Directors.
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