Has the unicorn lost its shine? Why working for a camel ...

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In this article, we explore the benefits of working for a camel company - a company built on the principles of sustainable growth and longevity. We look at the benefits this type of company can offer when you're looking to build a fulfilling career. The article explains:

• What a camel company is, and what working for a camel can look like
• How camel companies can offer a stable, yet still exciting, environment in which to develop your career
• What camels do differently to survive through difficult times and economic downturns

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Our CEO, Gerhard, recently shared a story about how Global Savings Group was born and how it got to where it is today. In it, he highlighted how we are proud to call ourselves a 'camel'. Here, we explain what this means, and why you may want to consider working for a camel company when making your next career move.

When it comes to building a fulfilling career, joining a unicorn can be an attractive option. Unicorns - companies that race to billion-dollar-plus valuations and often grab headlines for 'disrupting' stale industries - tend to captivate the startup world. Now, though, a new narrative is emerging, especially as some unicorns are facing challenges having hired too fast.

Enter the camel. Camel companies, a term coined by Alex Lazarow, are those that are resilient and built to last; they can survive crises and they prioritize long-term success and sustainability over rapid expansion. And while unicorns dazzle with their resources and ridiculous valuations, camel companies are proving to be a haven for those who value stability, work-life balance, and long-term growth.

The camel's appeal: stability, loyalty and long-term growth

Camel companies have long recognized the inherent value of sustainable growth. They can be a great choice for employees who prioritize a consistent work environment, reliable compensation, and a sense of belonging. A key feature of such companies is that their success relies much more on internal factors, such as successfully executing a long-term vision, than external factors, such as the macroeconomic environment. These organizations give high performers the chance to have a real impact while also offering career security.

It goes further, though. Stability needn't mean boring. You can still find the start-up dynamic, ambitious goals, and plenty of options for career growth at camel companies. At Global Savings Group, for example, many of the employees in senior leadership positions today have been with the company for many years, and some of them even initially joined as interns:

More evidence of this can be found in the fact that more than 300 of GSG's current employees have been with the company for 5 years or more. Given that the average tenure at startups these days is around 2 years, that's no mean feat.

Many of these same employees have also held multiple roles spanning different departments, often making internal moves that would not be possible if they switched companies. Loyalty, it turns out, can be rewarding - when you work for a company that values it.

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Navigating economic downturns: the camel's resilience

Amidst economic downturns and uncertainties, the value of a camel company becomes even more pronounced. This year, as economic conditions have tightened, many companies enacted layoffs. Several hyped unicorns including Spotify, Airtable, Bill, Multiverse, Zepz and Carta have laid off thousands of employees between them (as per TechCrunch and Mondo).

It's not exclusive to this year, though - at the start of the coronavirus pandemic, Crunchbase reported that unicorns accounted for 46% of reported layoffs. In the end, for any company to survive - and thrive - in the long term, the underlying economics need to make sense; they can't go on burning cash forever.

Camel companies, on the other hand, tend to be more resilient to economic shocks. Built on stable foundations, they have the capacity to weather storms and provide their employees with a sense of security that is invaluable during challenging times.

We're cautious with our spending, vigilant about our revenue, and always prepared for the worst-case scenario." Gerhard Trautmann, Global Savings Group CEO

Read Gerhard's full article here:

How? It's all in the way these companies choose to grow. GSG, for example, experienced rapid growth across its platforms during the coronavirus pandemic. For many companies, this would have been a sign to rapidly hire new employees. GSG took a more cautious approach, which meant that as the world returned to 'normal' and online shopping took a downturn, GSG didn't need to downsize.

That said, it is important to acknowledge that this doesn't mean a camel company won't face challenges. Nor does it mean they will never have to do layoffs. But navigating tough economic times becomes smoother for those who haven't overspent or aggressively pursued growth by hiring excessively in the past, as their more conservative approach fosters greater financial resilience.

More than just a safe haven: what else working for a camel can offer

Economic downturns tend to magnify the appeal of working for a camel company. But they can offer much more than a safe haven during tough times:

• Stability: Camel organizations underscore their commitment to stability, doing what they can to protect their employees' careers even in volatile economic climates. At GSG, as economic headwinds appeared this year, we took action to ensure we could weather the storm and protect employees (for example by cutting out non-essential travel). Another example: at the start of the pandemic, the management team preemptively cut their salaries. Such decisions avoided the need to do layoffs and ensured the company could continue working towards its goals, uninterrupted.
• Endurance: These companies have a track record of surviving economic downturns while maintaining a commitment to employee well-being and growth. GSG, now more than 11 years old, has survived - and thrived - in a changing economic landscape.
• Agility: While stability remains their hallmark, camel companies demonstrate a willingness to adapt and innovate, ensuring that their employees are well-equipped to navigate changing circumstances.
• Investing in upskilling: Resources are directed towards upskilling and reskilling initiatives, positioning employees for future opportunities as the economic landscape evolves. At GSG, for example, we launched an internal hiring framework to give employees more opportunities to make internal moves, and some people have made successful transitions to new roles as a result. You can find some stories of employees growing at GSG here, and there are plenty more examples. We will increase our focus on employee upskilling in and beyond with the new learning initiatives for both people managers and all employees, that are currently planned.
• Employee support networks: Camel companies foster a sense of community and support among their workforce, creating an environment where employees can lean on each other during tough times. At GSG, we have monthly Happy Hours at all our offices around the world and regular breakfast events to welcome new joiners to name a few, just a couple of the ways we work to create a feeling of belonging.

In summary, while the glamour of unicorns can be tempting, the camel approach offers a more balanced and sustainable path for career growth. Companies like Global Savings Group show how a focus on stable, long-term growth, diversity in business operations, and a strong ethical foundation can provide a rewarding and fulfilling career. 

If you're contemplating your next career move, perhaps it's time to consider working for a camel company, where you can grow, innovate, and have a lasting impact in your role. To finish up, here are some questions you can ask to understand the health and future prospects of a company:

• Is the company profitable yet? If not, is there a strategy to become profitable?
• Has the company had to downsize in recent years, and if so, what will they do to avoid this again in the future?
• Do you see any potential headwinds for the company in the near future? If so, how do you plan to address them?
• Can you discuss the company's long-term strategic plan and growth initiatives? How does it plan to stay competitive and expand its market presence?

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