July 18, 2022
eqtble raises $2.7M in seed round to build the next-gen HR analytics platform
To Put it Simply
eqtble is a next-generation HR analytics platform enabling companies to not only discover but act on employee insights.
The Reality in Most Organizations
Within organizations, decision-makers don’t want to wait years to gain insights from their HR data. Companies are struggling to deliver insights quickly because the required datasets live in multiple, disconnected systems. Additionally, building an internal team or integrating external products requires significant amounts of time and money. The lack of a viable solution to these problems has resulted in company decision-makers having more questions than answers, wondering if it’s more cost-effective to go the internal or external route. Regardless of which route a company takes, maintenance and continuity are factors each company must contend with due to employee turnover. It has become commonplace for employees who have built dashboards or complex data models to move on and leave their company in a bind. Furthermore, waiting two years to discover that a company has a pay equity issue or ‘discriminate hiring’ leads to cultural erosion and employee engagement issues.
eqtble will use this newly raised capital to expand its engineering team and build out the product’s machine learning and visualization capabilities.
The aim is to enable self-service where companies can onboard themselves, reducing the overall cost and time to attain employee insights. A process that typically takes about a year to implement will now be delivered to customers in weeks because of eqtble’s standardized data model. By seamlessly connecting with over 100 systems, eqtble provides insights on Workforce, Talent Acquisition, Engagement, Compensation, with an underlying theme of DEI throughout. The platform makes concerns about maintenance and continuity a thing of the past with a low-touch and easy-to-use application. In addition, the flexible analytics application enables customers to freely switch HR systems without losing critical analytics and insights.
As an example, one of our larger customers was experiencing a low acceptance rate for job offers and a problem meeting hiring goals by a wide margin. They used eqtble to understand the length of time it takes to hire someone and to find out where the bottlenecks were in the hiring process. Candidates are much more likely to accept an offer if they can go through the hiring process quickly and this company had excellent candidates walking out the door. Using eqtble they could understand how many candidates they needed to source to meet their hiring goals, which fluctuated by role and market. Hiring managers can now monitor this data constantly and see if a department will meet its hiring goals before it becomes an issue. Consequently, eqtble alleviated challenges the customer was having hiring women and people of color into manager and above roles. As it turns out, eqtble’s application uncovered bottlenecks in the hiring process that were contributing to significant numbers of women and people of color dropping out. The company is now using these analytics as a driving force to power its DEI hiring initiatives.
eqtble aims to be the gold standard of HR Analytics. There is a lot of innovation in the HR space which is a great thing. However, eqtble wants to become the first true SAAS product enabling companies to go from data to actionable insights in a matter of days.
What People Are Saying
Jen Wolf, President & Partner at Initialized Capital and eqtble investor said,
“Important organizational issues like DEI or equitable compensation are not simply a box a company can check, they take honest commitment. Companies willing to make that commitment shouldn’t have to wait months or be discouraged by the financial investment it takes to understand the data they already own to make these meaningful changes. The eqtble team knows how to solve this, and they’re empowering other companies to do so too.”
eqtble was inspired by the founders’ work experience at prior companies. They built internal solutions but agreed that not every company has the luxury of time or monetary resources to build such robust solutions internally. This realization led to many conversations. During one such conversation, while walking in Central Park, they decided on building eqtble to help democratize HR analytics.
eqtble is a next-generation HR analytics platform that turns employee data into actionable insights. We build a fully automated data layer delivering insights via intuitive dashboards in a matter of weeks. By seamlessly connecting with over 100 systems, eqtble provides insights on Workforce, Talent Acquisition, Engagement, & Compensation, with an underlying theme of DEI throughout.