Remember ‘The Great Resignation’? A relatively new trend triggered by the Covid-19 pandemic has seen several professionals quitting their jobs owing to reasons varying from job dissatisfaction, and underwhelming pay packages, to hostile environments at workplaces. This, however, has also led to a big challenge for companies that are grappling with increasing attrition rates.
Mohit Tripathi and Nilanjan Maiti were quick to identify this trend and decided to help businesses and companies retain employees through their new startup called ‘Culture OS’. The co-founders explained that most of the great resignation is driven by the organization’s culture. They cited a study by MIT Sloan, which says that nearly 40% of attrition happens due to toxic organizational culture.
“We thought if we could capture the unofficial employee conversations and redefine the way employee sentiments and issues are captured, we will be able to predict and generate deeper insights around organizational culture,” Tripathi told Entrackr.
Founded in 2023, Culture OS is essentially a SaaS platform that helps businesses gauge employees’ interests by allowing them to express themselves freely, discuss issues and engage in unofficial conversations. The backend Culture Engine then uses NLP and AI to identify prominent cultural values, overall cultural health, and the toxicity in the organization and draws deeper insights into the organization’s culture.
The employers also get a deep dive report — fortnightly and monthly — that gives them complete visibility of employee issues and trends, and the intervention required to shape cultural values at every level of the organization.
The company raised an angel round earlier this year from Ambarish Gupta, founder, and ex-CEO of Knowlarity. And the startup is now gearing up for the next round.
“We are now in the process to raise the next round, most likely from an institutional investor to fuel the next level of growth and should be able to close it by the end of July,” the co-founders said.
In addition to managing the company culture, founders say, the platform can be used for validation of strategies and policies, generating people’s consensus around organizational aspects, and inclusion of people in culture formation, etc. There are also plans to diversify the product into vernacular languages and leverage generative AI and large multimodal models. The longer-term objective of the firm is to become a global SaaS platform for managing human capital.
Platforms like Culture OS have found more acceptability in the last couple of years, especially in the wake of the Covid-19 pandemic. More companies are now valuing how their employees feel toward the work culture and the organization as a whole.
While a lot of firms try to do this using Google Sheets and more to do so, the likes of Culture OS help give better and more streamlined insights. Already, companies like CultureX and inFeedo have made big strides in this space. Overall, the employee engagement software market is set to grow at a CAGR of 17.1% to be worth $2753 million by 2030.