Enhancing Workforce Mobility and Belonging
At VEST Her Ventures, we are committed to investing in companies that support working families, foster inclusive workplaces, and create sustainable solutions for the future of work. Our investment in Pivt aligns perfectly with our investment thesis, as the company addresses a critical yet often overlooked aspect of employee experience: the challenges of workforce mobility and the sense of belonging.
Understanding the Need
In today's globalized economy, workforce mobility is more prevalent than ever, with employees frequently relocating for job opportunities. However, the excitement of a new role is often tempered by the personal and emotional challenges of moving to a new city or country. These challenges include feelings of isolation, difficulties in building new social connections, and the stress of adjusting to an unfamiliar environment. These factors not only affect employees' personal well-being but also their productivity and long-term retention within the company. It also affects the employee’s families, particularly caregivers. In fact, 70% of relocations fail due to families not settling in. This is a driving reason why Pivt offers free access to the partner/spouse, so that they too can feel uniquely supported and make the most of the opportunity and their new home.Â
Pivt's Innovative Solution
Pivt is revolutionizing the relocation experience by providing a closed and trusted platform that helps employees feel at home, no matter where they are in the world. The platform is provided by employers to their employees and is designed to ease the transition for relocating employees and their families by helping them build social networks, discover local resources, and integrate smoothly into their new communities. By offering a suite of tools that address both the emotional and practical aspects of relocation, Pivt ensures that employees can focus on their new roles without the added burden of social isolation.
The platform is particularly valuable for professionals with caregiving responsibilities, who may face unique challenges during relocation, such as balancing career progression with family needs. Pivt's user-centric approach allows users to connect with others in similar situations, fostering a sense of community and belonging that is essential for personal and professional success.
Cost to Employers
For employers, Pivt offers more than just a relocation tool; it provides a strategic advantage in talent retention. By supporting employees during one of the most stressful times in their lives, companies demonstrate a commitment to their workforce's overall well-being, while also impacting their bottom lines. This support not only improves employee satisfaction but also reduces turnover, which is especially important in industries where talent is scarce. Pivt’s clients include: Verizon, Vanguard, Salesforce, Doordash, Baylor Scott & White, Organon and more.On average, a corporate mobility program loses over 100 employees at an annual cost of $9,000,000 according to the 2023 Annual State of Mobility Report by Graebel Companies, Inc.Â
Moreover, Pivt's data-driven insights allow companies to better understand the needs of their mobile workforce, enabling them to make informed decisions about employee support and engagement strategies. This aligns with VEST Her Ventures' focus on leveraging technology to create more inclusive and resilient workplaces.
Pivt’s ImpactÂ
In a world where 30% of relocated employees either leave their jobs or return home within a year due to their and their family’s challenges socially acclimating, Pivt users have experienced a 96% success rate of achieving a 1 year anniversary in their new locations and roles.This marks a remarkable 15% increase when compared to non-Pivt users at the same companies.In doing so, Pivt makes it possible for employees to take life changing opportunities in unfamiliar places and succeed, while driving an average of 3x gains across retention, productivity, and employee experience for their clients.
Why We Invested
Our decision to invest in Pivt was driven by the company's innovative approach to a widespread challenge and its potential to make a significant impact on both individual employees, their families, and organizations as a whole. Pivt's mission to humanize the relocation experience resonates with our broader goal of supporting companies that enhance the future of work, particularly for women.
We believe that by investing in Pivt, we are not only supporting a company and team with a strong growth trajectory but also contributing to a future where every employee, regardless of where they are in the world, can feel connected, supported, and empowered to thrive in their careers and location.
Looking Ahead
As Pivt continues to grow and expand its reach, we are excited to be part of their journey. We look forward to seeing the positive impact that Pivt will have on the lives of countless professionals and their families, as well as on the companies that recognize the importance of supporting their mobile workforce. After all, Pivt has shown that taking care of your employees is also good business.Â
At VEST Her Ventures, we are proud to support innovative solutions that make a real difference in people's lives, and our partnership with Pivt is a testament to this commitment. Together, we are building a future where work and life are not at odds, but in harmony, no matter where in the world one might be.
To learn more about Pivt, please visit www.pivtapp.com or reach out to Stefan.McKinney@pivtapp.com.
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