One thing that’s clear across the board is ‘New Tech’ companies put a great emphasis on their culture. Culture is seen at the core of their competitive advantage. This is not just in competing for great talent, but in how that culture is extended out to their customer.
These organizations are a great inspiration to us. Not only have we learnt a lot, we see that companies outside the "New Tech" space can learn from these disruptive brands too. Especially on the topics of company culture and employee engagement.
Three Trends for New Tech:
Every organization has a unique cultural fabric and there is never a silver bullet, but we certainly find some prevailing themes!
Trend #1: In New Tech orgs, 50% of employees are likely to leave their companies within the next 3 years.
Expert tip: “50% of New Tech employees will switch jobs in the next 3 years. Those that stay will choose to do so because they are supported by the organization and are continuing to grow and learn.”
Dan Portillo, Talent Partner at Greylock
Trend #2: Leadership is a major factor of engagement both at direct manager and executive levels.
Expert tip: “Don't overthink development. So much can be done within the company's existing resources and network. A 70/20/10 model tends to really work: 70% learning through experiences, 20% coaching and mentoring and 10% more formal "traditional" learning. Get creative and development does not need to be expensive or arduous.”
Beth Steinberg, VP of Talent and Organizational Development at Sunrun, Inc.
Trend #3: Action is critical if you’re going to ask employees for their opinions.
Expert tip: “The only thing worse than not collecting employee engagement data is not acting on data that's been collected. When people share feedback, they have an expectation that leadership will take some sort of action. At Klout, once we understand what employees seek in their experience, we create quarterly goals to bolster this experience. For example, if the data shows that our employees are concerned about internal communication, we evaluate our current structure and add new outlets and frameworks for communication. We base our success on the results of next quarter's survey."
Katelin Holloway, Director of People & Culture at Klout