Culture:
People on glassdoor say that Invoca has great culture but I argue that there almost is no culture. 95% of communication with your coworkers will be over slack. The rest over zoom. The chances of meeting any of your colleagues in person is slim to none. There is a famous quote "Culture eats strategy for breakfast" which Invoca could learn from. The company is a bunch of siloed departments that hate interacting with each other. In my opinion, the elimination of offices as a cost saving measure will only negatively impact the success of the company. Culture is a subjective topic, but to me it’s more than zoom meetings and ERG's.
Slow growth:
Invoca had made the recent milestone of attaining 100 million in annual recurring revenue. Something very impressive for a growing SAAS company. Unfortunately since the point though, it seems the growth has stagnated. Costs had to be cut in 2023 and some layoffs occurred as the company acknowledged their biggest expense is payroll. Customer churn is high which means that new bookings are an essential to keep revenue afloat.
I believe their biggest hinder to growth is excessive hiring and an over-hierarchical org. A person gets manager thrown in their title, a junior person is hired. Teams are grown and grown with overlapping roles and skills I don’t understand why half of them were hired. You have to ping multiple people to get something done when realistically one person can just take on that amount of responsibility. I mentioned work life balance is great here and that’s because they’ve hired too many people. Everyone on a team covers something very specific and it ultimately makes initiatives longer to complete, not the opposite.
This is a great place to work and become complacent. When I joined, I was impressed by all the long tenure employees who’ve worked here for over 10 years. Now I more so believe they’re just comfortable. If you live in a LCOL area, you’ll have it made here. Everyone's a winner and no one gets laid off (except for sales people). Everyone just loves to pat each other on the back after they did the smallest effort of work ever. Make sure you log that positive feedback in lattice, how else will it get noticed?
I truly wish this company the best. I hope you break even by the end of the year. I have no hard feelings, this is all just mere feedback.
