Fintech companies use a variety of strategies to create exceptional workplaces. Getting it wrong can be costly. In the United States, disengagement costs businesses more than 500 billion dollars annually. Research has shown that workplace “unhappiness” can equate to $7.8 trillion in lost productivity, or nearly $7.8 trillion. 11% of global GDP. Fintech companies are always looking to improve engagement while ensuring retention. The following 10 lessons come from discussions with forward-thinking fintech companies. Everyone shares their quest for brilliant work environments for their staff.
Embrace expertise and continuous learning
People enjoy working alongside experts and take pride in becoming experts themselves. Steve Hughes is the CEO of Quor Group, a global leader in commodities trading. Steve is proud of the team’s “depth of knowledge.” He says: “Our understanding of commodity trading is truly exceptional. » Individuals become subject matter experts as part of their journey within the company. The Quor team builds a challenging but supportive learning curve that stretches individuals.
Skills development and excellent technology
Using “cutting edge” technologies can be very exciting when working for a fintech. Frank Erickson And Thomas Dolanthe founding partners of 28Stone Consulting, Inc., take great pride in the technology solutions their team creates for clients. This means that the company is committed to training and development. They are building a system where people can clearly see opportunities for advancement. Thomas said: “Advancement can happen along several different paths. » This may include growth in leadership or a shift from technology to customer centricity. Others choose to focus on the technology stack and the excellent growth opportunities there.
Kindness and well-being
Caring workplaces can bring out the best in people and improve their ability to succeed. Tom Higgins is the founder and CEO of Or-I, a leader in trading technology. He said the company was founded with “kindness in mind,” which has always been their philosophy. Kindness in dealing with each other and with customers leads to a better business partnership. Gold-i prioritizes the good treatment of staff, which results in better work. Tom champions this and sets the standards with customers and partners. He says kindness is key to all interactions, whether external or internal, and that “our people will always come first.”
Promoting the meritocracy of ideas
Perform tasks is a financial services post-trade problem resolution platform. In interview with their product manager Kishan Bharwad, he explained that the company has created a “meritocracy of ideas.” The goal is to create a feeling of safety around new ideas and to express them. He believes in the value of sharing perspectives and experiences, stating that “every idea is valid and valuable.” This philosophy also extends to external partners, where they have created a “Product Usage Advisory Group.” They promote close collaboration between people, products and technology to improve the work environment.
Collaboration and agility
SeatFX is a capital markets fintech that applies a “lean and collaborative” model to drive success in the workplace. Paul Alves is their head of distribution for the United States and he celebrates their collaborative culture. He says, “No one is stuck in one role and you can wear many hats.” Everyone learns from each other and can take on more responsibilities. Mathijs Peeters, head of distribution for Europe, describes the level of collaboration as a turning point for the industry. The team is growing thanks to its agile approaches to work. He describes this as a “broken silo” approach. This involves everyone being involved in all aspects of the business so that the technology team collaborates with sales and vice versa. From product to investment, they can strategize together and make improvements.
Effective and supportive management
Catch is a payments company that prides itself on having excellent managers who care about the well-being of its employees. Dénia Ebersole, the COO encourages people to “define their own work style.” It recognizes that everyone will thrive in different contexts. She says their business model is “focused on creating mutually beneficial relationships between merchants and consumers.” They see this reflected in their internal culture. They have created an environment that promotes personal and professional growth while nurturing career aspirations. They benefit from fair pay, transparent pay scales and benchmarking, generous parental leave and a flexible approach to working. Kanesmith Abbey, the head of HR and talent highlights the learning and development programs they are investing in. These include career development courses, certifications and mentoring coaches. Managers are well trained to bring out the best in their staff. They use department-wide competency maps to outline the expectations and skills required for each role and level. This allows employees to understand their expectations and what is needed for development.
Living corporate values
Values are important in a positive work environment, and companies can bring their values to life differently. Janine Garn is the Global Head of Talent Acquisition at nCino. They are a global leader in cloud banking and encourage their employees to “live the Six”. This refers to nCino’s six core values that form the foundation of its unique culture. nCino employees strive to “bring their A-Game, do the right thing, respect each other, make someone happy, have fun, and be a winner” to help each other feel supported, respected and empowered. An example is when they demonstrate career progression within the company in line with their values. Values are represented at every stage of a person’s career journey and as a measure of their success. Janine says: “Success is probably one of the most transferable skills anyone can possess. » If you have been successful in a particular area of your life, Janine and her team believe you can also be successful in your career. Having a “success mentality” allows the company to focus on values and diversify talent acquisition.
Policies, programs and inclusiveness
Metro Bankknown as the ‘People People Bank’ in the UK, strives to create a workplace that fosters excellence. Khushboo Patel, responsible for engagement and inclusion, develops policies that enable their colleagues to thrive. She designed various programs to implement their people-oriented policies. These policies are implemented as part of their daily procedures. She focuses on the process of constant improvement and believes that “phenomenal programs will be even better next year.” Policies and programs are designed to understand the barriers people face and work to eliminate them while supporting individuals in their struggles. Examples of this type of support include additional carer’s leave, separation and divorce advice and improved parental pay, all with the aim of creating a better working environment.
Promote success and career progression
Seismic is a global leader in enablement software, and its company culture is focused on “enabling” its people to succeed. According to Rachel Rowe, their regional vice president, in their biannual employee survey, they found that “85 percent of employees believe they can succeed.” The company is committed to building “nine communities of belonging” dedicated to “making everyone feel comfortable and at home.” These groups help foster connection and satisfaction. This is reinforced through mentoring, coaching and leadership programs, growth journeys and recharge weeks. Each milestone is shared and celebrated when people achieve success and progress.
Data-driven decision making and clarity of information
Kasia Kowalska manages the HR department rock key, a digital asset market maker that prioritizes technology and services. She highlights the importance of data in their business. Their algorithmic trading business relies heavily on the accuracy and processing of underlying market data. Additionally, the company’s decision-making processes embody the spirit of skillful balance, strong instincts and intelligent trust in data. By “regularly publishing internal reports and sharing key metrics company-wide,” Keyrock ensures everyone is informed and engaged in achieving company goals. Gary Kitanoski, head of talent acquisition, notes that investing in human capital sets Keyrock’s culture apart. He believes that “each employee raises the bar through their intellectual prowess” and that Keyrock helps them develop their knowledge, their careers and the success of the company.
These 10 lessons are repeatable. Once implemented, they increase employee engagement, growth, progression, tenure, and happiness. Committing to a quality workplace will reduce costs and drive success for everyone involved.