#United States #Minneapolis #Yardstik #Trust Platform #Workforce Fraud

Yardstik's New Funding and Its Implications

Yardstik, a pioneering platform aiming to enhance trust in the workforce, has made headlines by securing $30 million in Series B funding led by Harbert Growth Partners. This latest round brings Yardstik’s total funding to a significant $65 million. The influx of capital is designed to bolster the company's growth and expand its capabilities, particularly in fraud prevention and employee monitoring.

Founded in 2020 and headquartered in Minneapolis, MN, Yardstik stands out in the field of workforce management by offering a Human Trust Platform that goes beyond traditional background checks. These checks typically occur only at the hiring stage, leaving gaps during an employee’s tenure that can lead to undetected fraud. Yardstik is making strides to close this gap by establishing continuous monitoring protocols that can identify risks at any time throughout the employment lifecycle.

The Need for Continuous Monitoring

A report from the Association of Certified Fraud Examiners reveals that the average occupational fraud scheme goes undiscovered for about a year. Notably, about 43% of cases are identified through tips. This statistic highlights a significant issue in the workplace: organizations often lack the necessary visibility to detect fraudulent activities until it's too late. Yardstik aims to address this with its integrated platform, which combines various monitoring tools and data sources to keep employers informed.

CEO Andrew Johnson emphasized the disparities in the current system, saying, “The legacy background check industry was built around a single moment in time. Workforce risk changes every day.” With the new funding, Yardstik is setting out to make modern workforce protection more accessible and efficient.

Innovative Features to Enhance Safety

The latest features launched by Yardstik include Fraud Insights and Continuous Monitoring, which are now standard offerings for all customers at no additional cost. Fraud Insights offers a real-time view of the fraud risk signals across a company’s workforce, while Continuous Monitoring automatically enrolls employees in post-hire tracking. This effectively reduces the likelihood of important rechecks being missed and provides a safety net that continues long after initial hiring.

For instance, if a motor vehicle report flags a disqualifying issue, employers will be notified immediately rather than waiting for an annual review cycle. This proactive approach allows organizations to adapt swiftly to any changes in employee status, enhancing overall safety and compliance.

Supporting Rapid Growth in a Changing Workforce

Yardstik's recent funding comes in the wake of remarkable growth, noting a 149% increase in year-over-year revenue and a customer satisfaction rating of 99.4%. The platform's appeal spans various sectors, including gig marketplaces, staffing, healthcare, and logistics, boasting a robust client list that features recognizable names like Gopuff and Liveops.

According to Nic DeHaan, SR Director of Agent Experience at Liveops, “Yardstik has helped us take a more proactive approach to identifying fake identities and credentials.” With the introduction of these advanced monitoring capabilities, businesses can diminish their risk of hiring bad actors who may seek to exploit hiring processes.

Seamless Integration for Enhanced Efficiency

Yardstik’s tools can be integrated with existing Applicant Tracking Systems (ATS) and Human Resources (HR) platforms, making it easier for organizations to embed these advanced fraud prevention measures into their day-to-day operations. This capability is particularly beneficial for gig economy businesses that require swift and efficient management of employee screenings.

The forward-thinking approach of Yardstik reflects a growing recognition of the complexities involved in workforce management today. As fraud schemes evolve, so too must the tools available to employers. With Yardstik at the forefront, organizations can expect enhanced visibility into their workforce, allowing for better-informed decision-making.

Conclusion

As workplace dynamics and the risks associated with them continue to shift, Yardstik's innovative solutions are well-poised to address the pressing need for real-time monitoring and fraud detection. The company has positioned itself as a vital partner for those looking to enhance their workforce integrity and protect their interests in an ever-changing environment. For those interested in exploring Yardstik's offerings, more information is available on their official website.