Paychex founder Tom Golisano’s investment has turned a small human-resources startup into an innovative potential leader in employee retention.
- Tom Golisano is the founder of Paychex, having started the Boston-based payroll company in 1971 and becoming a leading figure in the world of human resources.
- He has taken interest in an employee performance startup called HelloTeam, supplying $7 million in Series A funding in October 2022, Forbes reports.
- HelloTeam was founded in 2016 and centralizes performance management into a platform that helps improve morale and save employees time and money attempting to hire and retain employees.
- Golisano’s investment has turned the small startup into an innovative company that is researching methods of artificial intelligence applications for employee retention and performance.
Why It’s News
Golisano is a leading figure in the world of human resources, having launched and led a company that has centralized the world of payroll over the past five decades and taken on dozens of smaller businesses under his wing in the decades since. His resounding endorsement and interest in HelloTeam speak to his confidence that the startup is going to be a leading voice in the decades to come.
HelloTeam was a small company before Golisano took an interest in its work in 2021. In the time since, it has grown its revenue 10-fold and added numerous prominent customers—including Netflix, Precision AI, and Onyx CenterSource. Onyx SVP Becky Ospina tells Forbes that the company has significantly helped her company reduce turnover by one-third and save $4 million per year.
“Employees want good communication from their management about the issues going on at that company. My experience has been [that] employees complain the most about employers who do not communicate with them. I think the product, the timing of the product, particularly with the remote environment today, I think was excellent,” Golisano tells Forbes.