Our investment in TiLT
We are excited to announce that Matchstick Ventures Fund II has completed an investment in TiLT. TiLT empowers employers to manage leaves of absence (ex: parental, disability, COVID/caregiving) by automating compliance and reimbursement while guiding HR, managers, and employees through the entire process.
Even before the pandemic, paid leave legislation was a complex and dynamic space for companies to navigate. With 10% of employees worldwide taking a leave every year, leaves of absence are increasingly commonplace and are quickly becoming a core benefit employees look for in the workplace. Many states are now mandating formal leave of absence policies with reporting and compliance regulations, with more federal and state requirements coming in the future. Leaves take many forms - maternity, paternity, and grief for the loss of a loved one being just a few examples. Businesses spend large amounts of time managing the compliance regulations and hurdles that each unique leave brings, and if done incorrectly, their employees can experience career disruption, discrimination, loss of income and may not return.
To truly support their employees, companies need to ensure the leave of absence process is done correctly and effectively across the board. However, this confusing and nuanced process is further complicated by the new world of work post-Covid. The growing trend of remote job positions has created a new set of challenges for businesses. As companies hire more remote workers and no longer have their staff in a single nexus, it becomes even more difficult to keep up with the growing requirements that differ depending on the city and state the employee resides in. HR often does not have the time, resources, or knowledge to ensure each leave is handled correctly from a compliance and employee engagement perspective. If they fail to follow the guidelines, businesses will lose out on incentives, but more importantly, they also may lose their employees, which will cost more resources to rehire and train their backfill. This shift towards remote work is accelerating the need for software to solve this problem.
TiLT is a leave of absence tech and service solution that offers organizations peace of mind by streamlining the entire process. This not only frees up time, but also makes sure that each leave is handled properly, effectively, and with care, while allowing companies to recoup some of their expenses through state and local government incentives. TiLT has vastly improved the way leave of absence can be done, resulting in increased employee retention, engagement, and better leave policies, making it an invaluable investment for any business.
TiLT is unique in the way it includes all three stakeholders in its leave procedure, offering leave-specific steps for HR, employees, and managers. Organizations know every leave will be consistently done the right way through TiLT’s software because it incorporates real-time updates to legislative changes and subsequent compliance changes. They are also the only solution that includes human support through a leave to all involved.
The drive and commitment to do this process right comes from TiLT’s founder and CEO, Jen. She experienced firsthand how antiquated and ineffective the leave process was as an employee and manager in corporate America when she announced her pregnancy. Eventually, she set out to change it.
We met Jen through the Colorado startup community and have watched her build this company over the last two years. We then got to know her even better as they participated in the Techstars Workforce Development accelerator in Denver.
Learn more at:http://ourtilt.com