Tech Startups Overcome Challenges While Balancing Work and Life [Work-Life Balance SMEs]②

Startup 'Work-Life Balance' System Prone to Becoming Obsolete
System and Culture Must Support Practical Use

Many technology-based promising startups have work-life balance systems that rival those of large corporations. As companies approach unicorn status, they need top talent, and guaranteeing 'work-life balance' is essential to attract these individuals. However, as startups grow and face the funding and resource shortages known as the 'death valley,' such systems often become obsolete. Startups that overcome this phase and establish work-life balance systems agree that "a system supporting employees to actually use these policies is necessary."

At the Wadiz Pangyo headquarters, Shin Hye-sung, CEO of Wadiz (center), and employees are taking a commemorative photo celebrating the award for 'Work-Life Balance Company.'

Funding store platform Wadiz was selected this year as an excellent company for work-life balance by utilizing flexible working hours. Wadiz has introduced a 'selective working hours system' that allows members to flexibly adjust their commuting times according to their personal lives. Choi Dong-cheol, co-founder and vice president of Wadiz, explained, "It is important to have the infrastructure to enable flexible working hours and selective working hours. We systemically reduced overtime by requiring deliverables whenever overtime work is necessary." Through this, Wadiz reduced average weekly extended working hours from 2.7 hours to 1.77 hours, cutting about one hour.

Additionally, if working hours exceed 40 hours per week, notifications are sent so employees can manage their working hours autonomously. They also practice various systems beyond legal standards, such as providing refresh leave to long-term employees. Vice President Choi said, "A culture where employees can use the system without hesitation has been established," adding, "Symbolically, there have been quite a few cases where both male and female managers took parental leave." Shin Hye-sung, CEO of Wadiz, said, "Wadiz is a young company with a high proportion of women, aiming to be a company where balanced life and growth coexist," and added, "We will continue to create a work environment where members can work more happily and efficiently."

Choi Jae-hwa, CEO of Bungaejangter, is participating in a panel discussion on the theme "Challenge and Growth - The Courage of a Startup CEO to Take One More Step" at the 2024 Women Leaders Forum hosted by Asia Economy. Photo by Kim Hyun-min

Choi Jae-hwa, CEO of secondhand trading platform Bungaejangter, also emphasized the 'culture' that enables the use of systems. CEO Choi said, "Bungaejangter's working system is a work method built on trust. The culture that performance can be achieved even with remote and flexible work is already established," and added, "The company's philosophy is that if there is productivity, time and place do not matter."

Bungaejangter operates systems such as 'staggered commuting,' allowing members to freely choose their commuting time between 8 a.m. and 11 a.m. according to their work rhythm; 'Oasis,' an early leave pass for a relaxed evening; and 'hybrid work,' a mix of remote and office work. CEO Choi said, "If supported by clear goal setting, close collaboration methods, performance-oriented evaluation systems, collaboration tool utilization, and remote work rules, an autonomous working environment can sufficiently contribute to productivity improvement."

Bungaejangter also focuses on fostering female leadership. The proportion of female members is about 40%, and female team leaders account for about 35%. CEO Choi said, "Our priority is to create a corporate culture where female members can focus on work with psychological stability even if they have children and families," and added, "We will support female members to continue growing."