The Top 5 Things to Look for in a Workplace | The Financial Technologist

The FinTech industry is both exciting and dynamic and is transforming the way we use financial services. However, to succeed and thrive in this fast-paced environment, fintech companies need more than just cutting-edge technology and innovative business models. They also need to provide a workplace that supports and engages their employees, and that aligns with their core values and vision. Talent shortage in the fintech industry is a growing concern as demand for talent continues to outpace supply. This is intensified by salary inflation as well as competition from financial institutions and incumbents. A survey conducted by Singapore FinTech Association (SFA) and Accenture in 2022 found that attrition rates in the fintech market in Singapore were at an all-time high, with more than half of the fintech companies indicating an average employee tenure of less than three years. So, what can fintech companies do to retain talent? Here are my top five things employees will look for when seeking a fulfilling and rewarding workplace worth staying at: Flexible Working According to the LinkedIn 2023 Workplace Learning Report, flexible working ranks second (just behind compensation), as one of the factors that motivate people to switch jobs. By offering flexible working options, employers can attract and retain talent by fostering a culture of trust and autonomy, empowering employees to manage their own work and deliver results. Trust is a key ingredient for employee engagement and motivation, as it shows that employers respect and value their employees as individuals. Studies have shown significant improvements in productivity and morale when employees are given the option to work according to their own schedule. Employees who can work remotely work more days per month compared to their in-office counterparts and were more productive overall. Progression Research has found that career progression is the third most common reason that employees seek a job elsewhere, falling just behind salary and flexible working. Giving employees an opportunity for progression means that they have a clear path for advancement. To achieve genuine career growth, companies need to assist employees in finding and preparing for new internal opportunities as well as providing them with feedback and guidance. Career progression opportunities are key to employee retention; it has been shown that 75% of employees who receive promotions will stay with the company for at least three years. Even role or responsibility changes without a raise or title change can increase the likelihood of retaining top performers by over 20%. Learning and Development Prioritising learning and development is essential for creating a workplace where employees are able to grow and thrive. According to Gallup, developing employees’ strengths through training can result in 23% higher employee engagement, 18% higher performance and 73% lower attrition. A workplace that prioritises learning and development empowers employees to pursue their interests and challenge themselves, while enabling them to stay informed and current in their field. This is particularly important in the fintech industry, where employees are required to stay abreast of rapid advancements in technologies and digital tools. Predictions show that by 2030, the global talent gap could reach 85 million jobs due to the emergence of new roles and technologies such as Generative AI, increasing the demand for new skills. Companies that invest in employee professional development will be better equipped to address the talent gap and remain competitive. Supportive Management The importance of supportive management in a workplace should not be overlooked. A supportive management is one that provides employees with clear expectations, constructive feedback, and regular recognition. Management should not only be concerned with employees’ professional performance, but also with their personal well-being and satisfaction. The last three years have acted as a catalyst to elevate personal purpose and values. According to the EY 2023 Work Reimagined Survey, employees have recently developed a new sense of self-awareness and worth. This underscores the need for management who can foster a culture of trust and mutual respect. Recognition from those in leadership consistently ranks as one of the strongest drivers of employee engagement and job satisfaction. Supportive leadership will therefore improve employee performance, loyalty, and well-being and create a positive and productive work environment. Home-Grown Employees A company that has managed to retain talent demonstrates that it values its employees by recognising their potential, rewarding their achievements and supporting their career growth. Home-grown employees are beneficial to a business as they will have a strong sense of culture and loyalty. They also have stronger relationships with their colleagues and clients, which can enhance collaboration and customer satisfaction. According to the CIPD Resourcing and Talent Planning Report 2022, employers are increasingly choosing to upskill existing employees to address recruitment difficulties caused by skill shortages. Investing in existing employees rather than hiring external talent could save businesses up to £36,084 per employee. Therefore, investing in home-grown talent is not only a smart strategy for employee retention and engagement, but also a competitive advantage for organisational performance and growth. In summary, a workplace that embodies these top five elements is one that is truly worth committing to and investing in. Such a workplace improves the employee experience by creating a platform that allows employees to feel supported, empowered and valued. By prioritising the needs and goals of its employees, the organisation can create a culture of engagement, innovation, and loyalty which ultimately drives its success. Read more articles like this in The Financial Technologist. Download your free copy here.