The workplace as we know it has been changing or a while. Office beer taps, reimbursed gym memberships, coworking and remote working have been on the rise in recent years. Thanks to the COVID-19 pandemic, working from home has been accelerated, with many companies like Facebook, Twitter and Microsoft saying they will allow some employees to work from home even after the pandemic ends.
The Society for Human Resource Management (SHRM) is the largest professional human resources membership association and is headquartered here in Alexandria at 1800 Duke St. SHRM has over 300,000 members who affect the lives of more than 115 million workers worldwide.
The organization’s workplace innovation lab, ParagonLabs, kicked off the first ever Better Workplaces Challenge Cup last December. The goal of the competition is to find tech startups who are working to solve the greatest challenges facing workplaces today including “diversity, equity and inclusion efforts, employee communication and engagement, health and wellness, leadership development, performance management, or other matters that impact the workplace,” read a SHRM press release.
SHRM’s motto is “Better Workplaces, Better World.” When Guillermo Corea became managing director of ParagonLabs last July, he and his team began to brainstorm how to apply the motto. “What are some of the initiatives that we can do to support our mission of creating better workplaces to create a better world? We are a workplace innovation lab, so obviously we have a connection with innovators, with the companies or startups that are trying to innovate in the space so it made sense to come up with a pitch competition. Especially because of what happened last year with the pandemic, and the way that the workplace has changed,” Corea said in a recent interview.
Startups participated in 17 local rounds between February and April in partnership with local SHRM chapters. Three finalists from each local round were chosen to advance to the regional rounds in June. Five finalists will then present at SHRM’s annual conference & expo in Las Vegas which will be held in-person and online from Sept. 9-12. The winner of the challenge will receive a $50,000 cash prize and/or other investment opportunities and prizes.
Competitors are judged on how well their idea helps both employees and employers thrive together, provides value to human resource professionals and if it is a viable business. CultivatePeople, Fringe and Savi are the three finalists from the DC SHRM regional.
CultivatePeople was founded by DC native Lola Han and helps employers navigate fair compensation for employees using their product, Kamsa. “The tech hiring market is hotter and more complex than ever before. Participating in the Better Workplace Challenge Cup has been an opportunity to provide companies with visibility to solutions like Kamsa that they need to attract talent while ensuring employees are paid competitively,” explained Han. Clients include MasterClass, Peloton and Porsche Digital.
Fringe helps employers provide lifestyle benefits to employees. Benefits can be anything from meal or streaming subscriptions to bonuses or ride-share services which employees can access and choose from on a unique online platform. The goal is to produce happier, healthier and more productive workers who are getting benefits they actually want to use. “The Better Workplace Challenge cup has been a great way to showcase what Fringe is doing to top industry leaders through SHRM. We're thrilled to be participating!” said Jason Murray, co-founder of Fringe.
Savi is helping people pay off student debt quicker and save money by connecting them with new repayment and loan forgiveness options. The startup works with Fortune 500 employers, membership groups, financial institutions and nonprofit organizations who offer the service as a benefit. “We’ve been connected to SHRM for a long time, both being based in DC, and we’re elated to be selected to take part in the challenge. Student loans are a pressing financial matter for so many Americans, and we’ve seen employers really growing their offerings of student loan benefits to employees in recent years. SHRM has understood the need for employee benefit innovation and the Challenge is just one way to help continue to push the industry forward,” said Savi Co-founder, Aaron Smith.
Corea hopes that next year’s Better Workplace Challenge Cup will be global allowing for even more ideas to solve workplace challenges. SHRM has a large presence in India as well as offices in Dubai and Singapore. “Our hope is that these technology innovations that we’re seeing are definitely going to have a very huge positive impact in the workplace,” Corea explained.
You can find out more about the Better Workplace Challenge Cup and other ParagonLabs initiatives and watch the upcoming regionals virtually here.
