In this edition of “Behind the Fund” we explore one of our portfolio companies, JULO, a fintech company making a significant impact on Indonesia’s digital financial industry. JULO not only provides financial services that make access to credit easier for the public but also promotes a respectful and inclusive work culture.
Recently, JULO was recognized with the Employer of the Year at the Asia Fintech Award in August 2024, reaffirming its commitment to the values of diversity, equity, and inclusivity (DEI). We spoke with Adam Kurniawan Rumanda, Corporate Communications at JULO, and Sri Adhityo, Head of People & Corporate Services, to understand how this approach has significantly impacted both JULO and its team.
Why is Respect Among Colleagues Important in Startups?
In a collaborative work environment, mutual respect among team members is essential for driving productivity and overall team well-being, especially in startups. Research has shown that respect not only strengthens interpersonal relationships but also boosts overall job performance. Studies by Nelson et al. (2019) and Porath et al. (2015) suggest that when individuals feel valued, they are more motivated to contribute at their best, while disrespectful behavior can diminish team motivation and performance.
This holds especially true for startups, which often face high pressure to innovate and grow. As pressure increases, teams may sometimes overlook the importance of positive interactions. However, at JULO, respect for each individual is a priority. For example, the company’s Work From Anywhere (WFA) policy allows team members to work from abroad, such as in Finland, helping them balance personal and professional needs.
Case Study: JULO’s DEI Practices in Startups
JULO has implemented various DEI initiatives to foster an inclusive workplace. These include blind recruitment practices, which eliminate information about a candidate’s gender and ethnicity, and paid time off for expatriate employees to observe religious holidays not included in national holidays. Other initiatives, such as providing lactation rooms for working mothers and offering vegetarian meal options at company events, demonstrate JULO’s attentiveness to the diverse needs of its workforce.
Beyond internal policies, JULO actively engages with the wider community. Programs such as “Women in Tech” JULO aims to enhance the skills of women pursuing careers in technology. Additionally, JULO frequently holds seminars, webinars, and workshops where JULO’s team and industry experts serve as speakers or mentors to tech communities and university students. These initiatives not only benefit participants but also showcase JULO’s commitment to human capital development in Indonesia.
The Role of Leadership in Promoting a Respectful Culture
A work culture that values every individual requires commitment from leaders at every level of the organization. Leaders at JULO are guided by the “Doing the Right Thing” principle, where maintaining a balance between performance and team well-being is the top priority. Leaders are expected to possess strong cultural intelligence, adapt to differences, and collaborate effectively to build trust among team members. They also play a key role in talent development, succession planning, and attracting new talent aligned with the company’s values.
Leaders at JULO are chosen based on their alignment with core values such as ‘Integrity,’ which emphasizes ethics, transparency, and accountability. Additionally, they are expected to be ‘Team Players’ who leverage collaboration to achieve team goals. JULO leaders promote inclusivity by acknowledging biases, considering diverse perspectives in decision-making, and fostering mutual respect. Cultural intelligence is particularly important, as leaders must adapt to the diverse needs of their teams and build trust to tackle challenges together.
Adam Kurniawan Rumanda emphasized, “At JULO, leaders who support inclusivity are aware of their own biases and actively seek out and consider different perspectives when making decisions, which, in our opinion, fosters understanding and mutual respect among team members.”
Positive Impact on Company Performance
JULO’s commitment to valuing each individual has proven to yield significant benefits, both for the team and the company as a whole. Sri Adhityo highlighted that a recent team satisfaction survey showed a 72% satisfaction rate, reflecting high approval of the company’s efforts to create a supportive work environment. On the growth side, JULO’s team expanded by 18.60% in 2023 compared to the previous year, indicating JULO’s appeal as an inclusive workplace.
Sri Adhityo added, “We believe that the values we uphold and the culture we have built at JULO have created a diverse and inclusive work environment where everyone is treated equally, regardless of gender, ethnicity, religion, race, or other personal attributes.”
JULO’s diverse team also contributes to increased productivity and efficiency. With varied backgrounds, the team is better equipped to develop innovative solutions to the challenges they face. Different perspectives within the team drive creativity, improve decision-making, and facilitate more effective problem-solving. This highlights that companies that embrace diversity and inclusivity not only enhance internal performance but also strengthen their reputation within the fintech industry.
Challenges in Establishing a Culture of Respect
While the benefits of mutual respect among colleagues are clear, implementing it is not always easy, particularly in the dynamic world of startups. The biggest challenge is the high-pressure environment, which can sometimes lead teams to overlook interpersonal aspects. Additionally, some individuals may view a more assertive or hard-driving approach as more effective in leading teams.
However, at JULO, respecting every team member is non-negotiable. A work culture that values inclusivity and respect has proven to boost both performance and collaboration; two critical factors for success in a fast-changing industry.
Challenges do not mark the end of the road, as efforts to cultivate a culture of diversity, equity, and inclusivity (DEI) have delivered undeniable results. According to Sri Adhityo, diversity helps create a dynamic and innovative work environment, while inclusivity has reduced turnover by 13%. This demonstrates that JULO’s team members feel valued and comfortable in a company that prioritizes DEI. The result is increased loyalty, productivity, and a positive reputation.
Skystar Capital, as JULO’s investor, remains committed to helping startups reach their full potential by supporting a culture of mutual respect. Edward Gunawan, Managing Partner of Skystar Capital, remarked, “One of the reasons we invested in JULO is not only because we believe their solution can drive economic growth within communities, but also due to the extraordinary dedication of the founders and their team in fostering innovation, ensuring that their product evolves to meet market needs. Congratulations on this achievement.”
At Skystar Capital, we take pride in being the first to back visionary founders. With our deep local expertise and extensive network in the Indonesian market, we are eager to support your innovative solution and drive Indonesia’s growth forward. Let’s build the future together.
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