“Startup ecosystem is a job creation engine that brings prosperity and stability to any nation’s economy. But, when the ecosystem comes in bad light, it has a negative impact on the economy posing bigger challenges”
Indian startup ecosystem has been the center of attraction for quite some time. A couple of years back the ecosystem was booming with multiple startups in the limelight for their ideas and the multi-million dollars investments indicating immense trust on the ecosystem. Needless to say that at one-point startups were the employers of choice mainly for their promise to work on innovative ideas and workplace culture.
However, in more recent times the ecosystem is going through turbulent times. Several startups are either shutting shop or laying off employees in the name of course correction or bad business decisions. These recent events have taken a drastic toll on employee sentiment. Today, several employees are staying clear of startups and showing low interest in joining them due to the uncertainty and instability factor hovering over the Indian startup ecosystem.
We asked several startup founders what their biggest challenge was in regards to human capital? Majority founders unanimously answered, ‘attracting & retaining top talent’ for their startups, is by far the biggest challenge they face in today’s day and age. The problem lies in the perception employees have formed of the work and culture in a startup. Unfortunately, the current perception is not good and is a major area of concern for all startups whether funded or bootstrapped.
However, during our conversations with different stakeholders in the ecosystem, we came across several unrecognized companies in India who have created a name in the market as good employers. In spite of the hurdles in the ecosystem, these companies have created right workplace experiences and their employees are the biggest promoters of their culture. Such companies thoroughly deserve recognition in the ecosystem and there is a lot to learn from them about how they created their company culture and what worked for them?
Culturro has teamed up with key stakeholders in the ecosystem to launch first of its kind initiative in India called the Workplace Experience™ Ranking 2017. The initiative is conceptualized and led by Culturro, co-branded with Business World and is presented in association with Indian Angel Network.
The objective of this initiative is to provide a platform for startups in India to promote their company culture and recognize companies who are creating best experiences for their employees. This initiative aims to put the trust back on startups as a preferred choice of employer that can provide the right experiences and career growth opportunities to their employees.
Workplace Experience™ Ranking 2017 is a digital initiative open to participation for all startups in India who have more than 20 employees and have been registered before 01-July-2016.
Registrations open on September 11, 2017
This article was first posted on BW Businessworld platform on September 07, 2017