Bridgewater isn’t holding back.
“This series of videos that we’ve prepared for you are to give you a window into what it’s like to be here, to scare you away if you’re not the right kind of person, to potentially attract you if these ideas — if this way of being — is attractive for you,” Greg Jensen, Bridgewater Associates co-CIO and 21-year veteran of the firm, said in a new video on Bridgewater’s website, relaunched last week.
The video series reveals a surprisingly extensive amount of footage from within the company and even shows brief clips from recorded meetings, marking a big shift for the usually secretive hedge fund. Founder and co-CIO Ray Dalio even admits that its 18-month attrition rate is as high as 50% for new employees.
The relaunched site portrays Bridgewater in a new light: not scary and removed, but highly competitive and intriguingly unusual. The material has the feel of something a Silicon Valley giant like Facebook or Google, rather than a secretive hedge fund, would produce.
Bridgewater is as well known for being the world’s largest hedge fund — with $150 billion in assets and 1,700 employees — as it is for a unique culture that Dalio describes as being based on “radical truth” and “radical transparency.”
Critics have accused it of being “bizarre” and like a “cult;” in July, The New York Times published a story that highlighted a harassment claim by a former employee, including his allegation that the hedge fund was a “cauldron of fear and intimidation” (the employee later withdrew his complaint and moved to a new firm).
Dalio has consistently replied that his firm’s culture is misunderstood, specifically calling that Times report a “distortion of reality.”
The new recruiting material may be Bridgewater’s biggest statement yet to defend how it operates.
Bridgewater’s new site prominently features Dalio, Jensen, and other executives talking about their careers and engaging with employees. Some of the previous site’s videos remain, but much less is left to the imagination when combined with the new ones.
The new material has a lighter feel than some of the older stuff, and there’s even footage of Bridgewater’s annual “scrum” race, where all levels of employees race in the woods and water around Bridgewater’s Westport, Connecticut, headquarters.
Bridgewater has been developing new ways to recruit talent, the company’s head of client service and marketing and cohead of its core management team, Brian Kreiter, told Business Insider in a recent interview. The new site and culture videos are part of this strategy of opening itself up.
Source: Business Insider