The 2023 Trailblazer Awards recognize public sector agencies and leaders leveraging real-time data to streamline employee labor management, compensation analysis, and benefits cost evaluation.
GovInvest has formed a strategic partnership with the Connecticut Conference of Municipalities (CCM) to provide improved compensation and workforce analytics for CCM's member agencies. Through GovInvest's Enterprise Platform, CCM aims to simplify workforce analytics, enabling confident decision-making for statewide municipal members. CCM agencies gain access to GovInvest's comprehensive compensation technology, including tools for customized benchmarking, instant proposal costing, and real-time analysis of pension and other post-employment benefits, fostering fiscal sustainability and competitiveness in the job market.
GovInvest has launched its groundbreaking Live Compensation Software, offering real-time compensation data and analysis to empower public sector organizations in making informed decisions and enhancing transparency in employee compensation management. In response to the evolving landscape and the need for fiscal responsibility and equity, local governments nationwide are turning to GovInvest's innovative tool, which includes features such as real-time compensation data, comparator analysis for benchmarking, equity assessment, and robust data security. The software, integrated into the GovInvest Enterprise Platform, provides a comprehensive solution for governments to address workforce challenges and attract top talent while focusing on their core mission.
Financial forecasting software provider GovInvest has secured $4 million in funding led by Level Equity, bringing the total investment by Level Equity to $15 million and GovInvest's cumulative funding to $18.6 million since 2015. The funding will support the enhancement of GovInvest's enterprise platform and the expansion of its team to facilitate national growth, with a focus on helping municipalities streamline forecasting processes and address labor cost challenges through products like Compensation Benchmarking.
GovInvest has appointed Michael Fryke as its new Chief Executive Officer, bringing over 20 years of experience in growing enterprise software companies to lead the next phase of growth and investment in the company's public sector forecasting platform. Fryke, who succeeds co-founder Ted Price, is focused on expanding GovInvest's market share and optimizing technology to help government agencies forecast efficiently and confidently. With a recent $11 million investment from Level Equity and another capital infusion planned, GovInvest aims to accelerate its ability to provide cutting-edge tools for accurate financial analysis to public sector agencies.
GovInvest has entered a strategic partnership with the National Public Employer Labor Relations Association (National PELRA) to provide workforce cost analysis software services, helping members improve labor costing and negotiation processes. GovInvest's Labor Costing software, part of a comprehensive suite of forecasting services, enables employers to modify employee groups, track costs, measure total compensation, and validate results during negotiations or budget changes. The partnership aligns with National PELRA's mission to advance excellence in public service by identifying providers, like GovInvest, that offer financial, employee benefit, and technology solutions to enhance efficiency and save costs for public sector agencies.
The Municipal Employees' Retirement System (MERS) of Michigan has partnered with GovInvest to offer over 750 participating municipalities access to a first-of-its-kind actuarial self-service online tool. The collaboration aims to provide MERS municipal members with cutting-edge tools and customized technology to enhance transparency and promote sound fiscal management practices. GovInvest's management solution will empower MERS members across the state to analyze retirement plans' liabilities, enabling more informed decision-making for governments of all sizes.