Darwinbox Success Story: In order to build a rewarding employee experience, you needn’t crack multiple codes to understand what matters most to your people. This can be easily achieved through much-needed transparency and corporate intelligence. Darwinbox brings you the growth curve.
And it is best understood by the HR technology platform, Darwinbox raised $15 million in Series B round of funding led by marquee investors Lightspeed Venture Partners, Sequoia India, Endiya Partners and 3one4 Capital.
The funds will be utilized in accelerating penetration into the Asian enterprise market, drive product innovation and maximize the value delivered to customers, according to the company statement.
The business model of Darwinbox
Darwinbox is based on a cloud-based end-to-end Human Resource Management (HRMS) platform.
- Founded in 2015 by Rohit Chennamaneni, Chaitanya Peddi and Chaitanya Peddi in Hyderabad, the platform takes care of organizations’ HR needs across various verticals such as recruitment, onboarding, core transactions (leaves, attendance, directory), payroll and expenses, employee engagement, performance management, rewards and recognition and people analytics.
- Technology has become instrumental in making HR processes more streamlined and structured. Darwinbox is one such platform helping to achieve these objectives.
- On the funding forefront, Jayant Paleti, co-founder of Darwinbox, said, “Talent is core to the success of any business.
- Darwinbox’s mission from day one has been to build a human capital management system that puts employees squarely at the centre and enables orgs to engage, empower and elevate the potential of their workforce.”
- Darwinbox has over 200 customers with more than 500,000 employees spread across 50 countries worldwide. It boasts of an impressive clientele including like Arvind, Adani, Mahindra, Kotak, GVK group companies, Bharti AXA, Swiggy, Paytm etc.
Dev Khare, Partner at Lightspeed India Partners, from the standpoint of an investor shared, “Asia has a unique mix of decades-old conglomerates. The new high-growth enterprises, millennial-heavy populations, regional multinationals and diversity of languages and cultures form the structure walls.
Enterprise products in Asia need to be consumer-grade in terms of usability. Yet highly configurable for all the heterogeneity in use-cases.” Khare further added that Darwinbox understands and delivers on this need better than global providers to lead the market in enterprise-grade human capital management solutions.
According to the company, its customer base has increased by 5X since its Series A financing round.
Darwinbox primary principle:
As International Stress Awareness week drew to a close the week (Nov 4th – 8th), we felt there’s no better time to discuss the importance of putting health, happiness and wellbeing at the heart of any business.
The challenges presented by stress and mental health problems are growing considerably for organizations as well as individuals. In fact, according to Cigna’s 360 well-being survey 2019, 82% of India’s population suffers from stress, the major causes for which can be attributed to work, health and finance-related issues.
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Compared to the global average of 36%, 66% of Indians claim to have a workplace wellness program in place, but only 56% are actively participating in it.
What these numbers show us is that while work stress is a rising problem, companies and HR need to find ways to promote workplace wellness in order to mitigate tension and anxiety amongst their employees by setting Darwinbox’s standards.
Here are the 5 easy ways to manage stress, and improve employee well-being in the workplace:
- Planning Weekly Activities that Truly Release Stress:
Stress-busting activities such as yoga, fitness challenges/play-offs, weekly football/volleyball matches, or even just scattering adult mindfulness colouring books around your office, are great outlets for employees to relieve their stress.
- Some organizations have a designated nap room for their employees to refresh.
- While others provide their employees with a designated mental health day-off.
- Furthermore, organizing mindfulness workshops better equip your employees to learn techniques such as meditation to better manage their anxiety and stress.
- Rewards & Recognitions that Actually Resonate:
Remember how you felt the last time someone told you, “Job well done”? Didn’t it feel great?
- Building a culture of appreciation and recognition among your employees, and sharing rewards that actually resonate is imperative to developing a positive workplace culture.
- This is because recognition of performance motivates employees, reduces stress, and also helps when employees are attempting challenging and not-so-rewarding tasks.
- Modern-day organizations should aspire to achieve this by leveraging technology platforms for rewards and recognition.
- It can positively contribute to the company’s journey to the smarter side of employee recognition.
- Prioritizing Time Management:
One of the main causes of workplace stress is overcommitting your time. Often referred to as ‘Planning Fallacy’, this concept was first proposed by Daniel Kahneman and Amos Tversky in 1979. It talks about how we can sometimes be overly optimistic about how long it would take us to complete a task.
- Encouraging time management.
- Planning amongst your employees will allow them to get a clear vision of how they want to spend their day, and hence avoid falling into the planning fallacy trap.
- Introducing the concept of time audits is one way that organizations use to help their employees to better track their time.
- Another way is to build policies that protect ‘maker time’.
- Eliminating the Stigma Around Mental Health:
According to the World Health Organization, most of the world’s population (58%) spend one-third of their adult life at work. Additionally, one in every 6 Indians needs some form of mental health help.
- These powerful figures highlight the magnitude of the issue at hand.
- The importance of organizations who wish to address the issue is to open a dialogue around mental health and eliminate any stigmas attached to it.
- Further to creating an inclusive environment, providing internal or external employee assistance programs and other benefits around mental health and wellness, should soon become a norm for companies in today’s age.
- Encouraging Your Team to be Organized:
When was the last time your team cleaned their workstations? Better still, when was the last time your team completed all their tasks by the end of the week? We don’t need to tell you how great that feels because you probably already know.
- Getting organized can not only reduce stress but also boost energy levels amongst your employees.
- Moreover, in addition to the physical organization of the workplace, your team can also get virtually organized by introducing new-age platforms that help you measure the immeasurable and unlock the real ROI of HR Technology.
- Allowing your employees to boost productivity, plan tasks, create goals, track their performance, and automate redundant work to open up bandwidth to focus on more critical work.
- With the ever-widening technology, the smarter approach and strategy to devise challenging interview and the overall onboarding process is vital.
- And the leap towards such cognitive steps needs smarter and simple outlook.