Lattice raises another $15 million, now a total of $24.3 million, in the very crowded category of performance management and feedback. Our research shows that most employers have still not replaced their annual review cycle, but have intent to augment it with feedback tools focused on nudging managers and employees to have more conversations about work. Having conversations about work is not something most managers do well, if at all, in fact 51% of managers spend less than 3 hours in the average month on people-related issues. There are a LOT of vendors working on this problem – from startups to legacies/incumbants. Employers are starting to look for fewer distinct communication or survey tools, and focus on how they can integrate what they have into a platform for people analytics – or replace what they have with such a platform. The output from this integrated or focused platform could be feedback, performance management, engagement, culture measurements, or other derivatives of manager/employee communication, whether structured or unstructured.
From VentureBeat:
Sam Altman’s little brother Jack is an entrepreneur, too.Jack Altman, whose resume includes a stint as vice president of business development at Teespring, has raised $15 million in Series B funding for his startup, Lattice, a modern approach to corporate goal setting. Shasta Ventures led the round, with participation from Thrive Capital, Khosla Ventures and Y Combinator, the latter being the organization his brother led as president until very recently.Lattice, used by high-growth companies like Reddit, Slack, Coinbase and Glossier, helps human resources professionals develop insights about their teams. Founded in 2015, Altman and Eric Koslow, like most entrepreneurs, developed the idea for Lattice out of their own pain points.
Source: Lattice raises another $15M to improve performance reviews | TechCrunch