Projected 2020 Headcount (Pre & Post)
More than half of the portfolio companies planned to double headcount as of year end 2019 / beginning of 2020, pre-pandemic.
Pre-COVID Headcount plans (by capital raised)
As of May 2020, a little over half of the companies surveyed plan to keep their 2020 headcount the same. A handful of companies stated that they have increased their original 2020 headcount plans due to higher than expected growth. 36% of companies expect to decrease their headcount.
Post-COVID Changes to Headcount (across all stages)
*This number also includes a small percentage of companies that plan to increase their original 2020 headcount plans.
At the start of the pandemic, the majority of People Leaders* were spending their time on company morale and scaling culture in the new 100% remote environment. Top of mind currently for many leaders are efforts around re-entry, transitioning the company to the new hybrid work culture, and continuing DE&I efforts.
Time spent (across all stages)
Workplace Model (Before & After)
The 100% remote environment forced by the current pandemic has resulted in a shift in workplace culture. Over 80% of our companies plan to offer flexible work options. Variations include: in office with WFH flexibility, hybrid work model and fully distributed.
Before COVID (across all stages)
After COVID (across all stages)
Supporting Employees During COVID
Supporting Working Parents During COVID
Communications (Before & After)
Over-communication is key. All of our companies surveyed have implemented daily / weekly stand-ups at the team level since moving 100% remote.
Prior to 100% remote (across all stages)
Post 100% remote (across all stages)
Burn Reduction Strategies
Below are some cost saving strategies our companies implemented at the start of the pandemic to extend runway. The top two being reducing marketing spend* and discretionary spend. Other ideas to reduce burn include pausing benefits (i.e. commuter benefits) and repurposing employees to other teams (i.e. recruiters moving into customer support).
Burn Reduction Strategies (across all stages)
* We have seen marketing budgets come back this quarter (Q4 2020).
For companies that had hiring freezes earlier this summer, the majority are implementing them across the entire company, with the business functions being impacted the greatest. We have seen demand pick back up across all functions.
Functions affected by Hiring Freezes (across all stages)
Of the companies that went through a RIF earlier this summer, the teams most impacted are the Go-to-Market and People teams. We have since seen demand pick back up across all functions.
Functions affected by RIF (across all stages)