I have been working at NaturalMotion full-time
On the technology (Morpheme & Euphoria) side of the company, the team has got a lot of very talented people, but no big egos, which is great. People are focussed on steadily making the product better, working together and helping each other out. The working environment is far more sensible in the technology side of NaturalMotion than in the games industry as a whole, yet it remains ambitious. The management (on the tech side) feels like it's there to help get work done (on the whole!).
The main Oxford office is split into two - technology and games. The two sides feel very different and rather disconnected. The focus is normally on the games side, which can be a little disheartening at times. Then we get back to the tech and all is good.
Advice to Management
As the company has grown and shifted focus, it has gained many more managers (in proportion to people who actually make stuff), layers of management, HR people etc. As a result it has cultivated a corporate sense (especially since the Zynga takeover), and much more of a feeling that people are working for their "masters" rather than each other. It would be good to get some of that back.
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