Owners: Piers Redward and Myles Redward
Industry: Banking and financial services
While many Australian businesses were grappling with the challenge of standing down or letting employees go when the pandemic hit, Payright was facing almost the opposite task: it needed to bring a large number of employees on board, and fast.
The startup operates in the buy-now-pay-later space, offering an alternative to big-ticket purchases.
It’s currently in a growth phase, having raised $60 million over the past two years, and has added 50 new employees to its team since July.
Working remotely meant it was even more critical for these new employees to immediately start building connections with the team and learn about the company’s culture.
This was achieved through a purpose-built induction program; ‘[email protected]’ meetings where different team members would present insights, training and tips; and virtual town halls where monthly awards were handed out.
Payright team members even paired up to go for virtual exercise, and together, the team travelled 5000kms, cheering each other along via Strava.
The business also prioritised looking after those already employed by Payright when the first lockdowns were imposed by offering an extra week of paid annual leave so individuals could “establish new ways of balancing their work and personal lives”, and by undertaking performance and remuneration reviews to make sure everyone’s contributions were being recognised and rewarded.
Plus, employees received gift packs and hand-written notes from the co-CEOs, and Payright established an Employee Assistance Program to provide free online counselling and other mental health resources.
“Payright’s approach to supporting existing and new team members through the period has been focused on ensuring every member feels valued and connected, while ensuring they’re able to establish and maintain a disconnect between work and home life,” say founders Piers and Myles Redward.
The founders say Payright’s recent capital raises, and its plans to list on the Australian Securities Exchange this month, are vindication of its people-first approach and would not be possible without “a connected and supported team”.