Over the last few years, millions of people have left their jobs and employers are scrambling to raise their wages, find new talent and keep their current employees enthusiastic about their work environment. Economists are referring to this time as “The Great Resignation”. Workers are demanding more from their employers: better healthcare, the ability to work remotely, and a culture that encompasses respect and an importance of a healthy work-life balance.
Founder of Maxwell, Adriana Cisneros Basulto, says that according to a recent survey by PanBeyond, the number one reason people are leaving companies today is feeling undervalued by their employers. Unsupported employees leave the workplace. Employees quitting will cost employers on average 33% of annual salary and as much as 213% of annual salary for the most senior leadership team members.
“While they leave because they feel undervalued, the number one thing they are looking for in an employer is work-life balance. We want to make sure they are feeling valued, and they can balance. The vision is a world where it is possible to excel at work and live a fulfilling life for all,” said Ms. Cisneros Basulto.
Adriana climbed the corporate ladder for 15 years within marketing and HR. But, life came at her fast. With a family to care for, she realized that her time was being spent on her career more than the people she loved most. She looked at the other folks who had been climbing that same ladder over the years and now held leadership positions. The majority of these positions were filled by white men. What happened to the people of color? What had happened to women? She realized that the people who had an easier time climbing that corporate ladder had sacrificed their personal life or had someone else taking care of things at home.
“What if we actually helped people excel as an employer? Help them excel at home first and then they would be able to go to work and focus on the tasks at hand instead of worrying about things at home. How do employers help you lead a fulfilling life?” were all things that Adriana was thinking about.
That’s where the idea of Maxwell came into play. In 2019, with her background of product, people and culture, she left the corporate setting to launch Maxwell. After reflecting on the road blocks that were presented to women and people of color, Adriana knew her app needed to prioritize those folks. According to Amy Loomis, research director for IDC’s worldwide Future of Work market research service, women leave the workplace in disproportionate numbers because of care-giving responsibilities. Families of color generally have dual working parents or have a single parent household and income. Maxwell encourages employers to think about how their employees can best be supported and gives employees the option to choose their own way that they can be supported.
They make it easy for employers to offer modern benefits which are usually reserved for enterprises. They combine the size of their customers to secure unique access to lifestyle perks. Each plan is customized to the company’s culture and budget. Maxwell makes it easy for an employee to upload their healthcare plans to make it easy to keep everything in one place.
Maxwell has thought through what it looks like to relieve stress and create time for employers and employees alike. For companies where staff must be on site and lack flexibility, Maxwell gives the companies the opportunity to take care of their employees efficiently – while employees can choose how they need to be supported.
For example, Maxwell encourages employers to provide lifestyle benefits. Employers can set a stipend for their employees to use on things like healthy meals, grocery shopping, childcare reimbursement, and gym memberships. Maxwell even thought about the little things, like announcements that reinforce culture whether it be a Happy Birthday message or a Milestone Achievement celebration.
Their core target audience is fast growing businesses to mid-market companies. Many of their first users work at white collar firms such as attorneys, accountants, and engineers. They also serve employers in other industries and start-ups competing for the same talent as bigger companies. Maxwell gives them the opportunity to offer some of the same benefits that are generally reserved for corporations.
By launching an HR Tech/FinTech product in the middle of the pandemic, it was hard to start Maxwell when HR folks were struggling to keep up with the rapidly changing realities. The renewal around racial and social justice, the importance of Diversity, Equity and Inclusion (sometimes called “DEI”) and the focus on culture were all brought to the forefront. Now, after two years, HR managers have a better grasp on how the workplace is shifting, and Maxwell is there to help guide them in building a workplace that can work better for everyone.
A new feature is coming soon to Maxwell. Soon, the company will be launching a peer-to-peer messaging and mobile payment system. If a manager wants to give kudos for an employee going the extra mile or send some support to a coworker that is coming back from parental leave, they can send them cash through the app that can be used freely. Think of Venmo for the workplace. By adding in these features, Maxwell is creating culture and engagement.
If you want to learn more about Maxwell, check out their website at https://www.maxwell.app.
