Syrg Inc. Why We Invested

The US has 80 million hourly workers, which is 56.7% of its workforce. Of these, 15 million are in the restaurant and food service industries. They also have to pay over $155B for the costs of training, finding and retaining hourly workers. In addition to these costs, overworked workers can suffer from stress and lower productivity. This can also lead to increased turnover and more workplace accidents. The COVID-19 pandemic has exacerbated the problems faced by workers, including confusion in job applications and a decline in job stability, safety, and job satisfaction.

These challenges can be overcome by former workers. Over 60% of hourly workers quit their job on good terms. Half the workers are open to picking up additional income and half are open to being rehired in full-time or partial-time positions. Workers can be productive from day one by hiring former employees.

Solution

Syrg's first product is an hourly worker network for the restaurant industry. This allows employers to reach out to and engage ex-employees and applicants to fill vacant positions in part-time or full-time jobs as well as pick up additional income generating shifts. The SaaS workforce solution assists managers in achieving their labor goals through reducing costs, increasing compliance and increasing engagement.

Syrg also plans to create stackable certifications that will allow workers to increase their skills and earn more. Syrg also gives workers the opportunity to review their workplaces and provides managers and owners with an opportunity to improve work culture. Syrg's vision of the liquid universal workforce is to save the American Dream from the 80 million workers who work shifts in the US.

Why We Invested

Restaurant owners/operators must be aware of the importance of staffing. A shortage in workers is leading to restaurants closing down or limiting their capacity due to a lack of employees to meet rising demand. Syrg's initial success in QSR is a testament to its potential to grow beyond QSR into fast casual, food service, retail and other industries that heavily depend on hourly workers. Syrg will be able to offer more benefits to workers once it has a critical mass, such as stackable credentials or portable benefits.

Syrg's founding team has demonstrated themselves to be mission-driven, learning-oriented, and committed towards the hourly worker. Their board of directors shares their mission. Rahkeem, the CEO & co-founder of Syrg, has an impressive background and is involved in the board for trustees at a local community college. This gives them credibility in their ability to build on this business's impact. Rahkeem, a 17-member member of the Massachusetts special commission to examine the Future of Work was created as part of the 2020 Economic Development and Jobs Bill. It was signed into law January 2021.

Impact

Syrg is a company that we believe can make a positive difference by improving worker lives and helping to redefine the future work environment. Syrg will impact hourly workers in three dimensions.

Universal stackable certificates are designed to guide shift-based workers towards greater economic opportunity. They credential skills acquired through on-the job training, and enable workers to access that platform wherever they want. To unlock additional income opportunities, certificates can be stacked with certificates from accredited educational institutions.

Financial and mobile benefits management: This tool gives workers a tool to manage their personal finances, including a platform that allows them to access portable benefits. It provides better financial outcomes and stability.

Employment "passport", and matching: Virtually eliminate all barriers to hiring, allowing workers to immediately earn additional income from "good job" opportunities. Owners and managers can also receive feedback on the workplace and culture. Insta-moment hiring and feedback can be used to drive improvement in the culture and practices of employers.