As Others Pull Back, This Company Is Boosting Its Perks and Benefits
If a company’s mission is to improve lives, shouldn’t that change start in the office? ClosedLoop thinks so, which is why the healthtech company has continued to invest in its employees at a time when other companies are asking their teams to bear the sting of the current market downturn.
Chief People Officer Megan Thornton told Built In Austin that ClosedLoop’s reason for doubling down on its employees is twofold.
First, it’s just the right thing to do, with the company recognizing and embracing the responsibility it has for its team members’ well-being.
“We can never forget that how employees feel at work directly impacts and informs who they are at home,” Thornton told Built In Austin. “If our environment is toxic, unbalanced, lacks psychological safety or is unhealthy, our team members will take that home.”
How employees feel at work directly impacts and informs who they are at home.”
The second reason for continuing to invest in its employees is that it’s just good business. After all, how strong is a company’s mission if it can’t live it out through its own team?
“By continuing to invest in great employee benefits we ultimately come one step closer to achieving our mission,” Thornton said.
ClosedLoop is investing in both its perks and benefits package and culture to support its employees. These are the moves it’s making to ensure employees feel supported, seen and valued
Payers, providers and healthcare organizations used ClosedLoop’s data science platform to build predictive models that help identify individuals who need care before symptoms strike.
How, in spite of industry turbulence, are you continuing to invest in your people right now?
Employees are definitely sensing the turbulence of changing times and any opportunity to show them you care can serve as a port in the storm. The great news is that it doesn’t require a massive financial investment to show them that you care. By simply paying attention and remembering the small details you can help employees to feel seen and valued.
Some examples of how we do this at ClosedLoop include the creation of enamel pins to commemorate memorable achievements and milestones. From anniversary pins that recognize tenure to a thought-leader pin celebrating the publication of a white paper — and even a pin that says “we don’t have a pin for that” — this is an inexpensive way to make team members feel seen.
By simply paying attention and remembering the small details you can help employees to feel seen and valued.”
We also have a section in our monthly all-hands meeting called “know a closer” that gives a team member the opportunity to introduce themselves and share some personal details we might not know.
Finally, being that our mission revolves around improving human health, we added numerous benefits supporting employee health and well-being in 2023. These include an employee assistance program, disability, multiple fully covered medical plans and paid parental leave.
How does continuing to invest in your people right now set ClosedLoop up for success in the long term?
At 75 employees, we still have a relatively small team and can invest in our people in ways that many larger companies can’t. By focusing on relationships and shared experiences, we’re working to impact the “stickiness” of our team. Nothing about startup life is easy and it’s often an environment where all of us wear many different hats.
The more war stories we have around awards we win as a team, moments we’ve celebrated and shared experiences that we’d never want to experience again, the greater the likelihood we’ll have of not only retaining team members but of strengthening our relationships as both friends and colleagues.
Looking ahead, how do you plan to continue investing in your people?
We’ll certainly continue to focus on the little things, but we also have to remember that our influence goes well beyond work. We are not only responsible for the livelihoods of 75 people, we’re also tasked with positively impacting the precious lives of each team member. Each of us are parents, friends, children and siblings, too.
By continuing to invest in great employee benefits — we will continue to offer health insurance, for both employees and dependents, paid at 100 percent by the company — we support our team in all seasons of life, drive engagement at work and ultimately come one step closer to achieving our mission of accelerating AI’s ability to improve health!