Wouldn’t it be wonderful if candidates looked at your company in the same way the lady diner looked at Meg Ryan in that ‘When Harry Met Sally’ scene?
(For different reasons, obviously).
Truth is, creating a great culture in your FinTech company that people actually want to work for isn’t easy, but it is fun…
…that’s because, FinTech, by its very definition is a blend of the corporate (financial services) and technology sectors, which means, you have a unique opportunity to extract the best of both worlds and create a company culture that is both lucratively attractive and excitingly innovate too.
But, before we explore how to do this, let’s first take a peek behind the curtain and understand why company culture is so important within the FinTech sector…
Why Is Company Culture So Important In FinTech?
One word: Talent.
And more specifically, finding and retaining talent.
It’s no secret that it’s a job-seeker’s market out there, which it has been for a while now, and it doesn’t show signs of stopping.
Since the 2020 pandemic, more and more tech companies have emerged, meaning the competition to find the best talent is fierce. And we mean FIERCE.
What’s more, with fierce competition comes fierce expectation, and, where traditionally a good salary and pension benefits would have once been able to swing it for candidates, we’re finding that now, more and more people are wanting a bit more “pizazz” to their working week.
Pizazz? What on earth is pizazz??
Pizazz can refer to all the things above and beyond a good salary and pension that make your company’s culture more desirable and attractive to the best talent.
This can be in the form of offering such “pizazzy’ things as:
- Exciting workplace environments with a beer/wine fridge
- The freedom and ultimate flexibility to work from home whenever they choose
- Flexible working hours with mandatory desk time between 10-3
- Monthly employee sweepstakes or prize draws
- Fun, activity-filled social events
- Rewarding bonus schemes, or
- Unique employee perks, such as gym memberships and dental care
In fact, in a recent study carried out by tech company ‘Team Stage’, it revealed that 88% of job seekers cited work culture as vital to wanting to work for a company, and that millennials “prioritize people and culture fit” above everything else…
…which is quite poignant given the average age of a FinTech founder is 35 and the average age of a FinTech employee is 29.
So, How Can This Exciting Culture Be Achieved?
First things first, we must make the distinction between company benefits and company culture.
For example, company benefits include a good bonus scheme, whereas company culture is allowing your employees to decide what a good bonus scheme looks like for them.
But, how do you decide what your company’s culture is?
Well, that comes from asking yourself (and your team, if you wish) these questions, a few of which offer a birds-eye view of the company, which in turn can help with the more laser-focused ones:
- How do you want people to feel about your company’s brand?
- How would you describe the atmosphere in your office?
- What’s the best thing an employee has ever said to you about the company?
- Is there a strong sense of camaraderie among your team members?
- What’s your company’s management style?
- Do you promote flexible working hours?
- What’s your company policy on internal meetings?
- What are the 5 biggest characteristics you require from an employee?
It’s likely you read that list and realised some obvious questions were missing, such as, perhaps “what are your company’s values?”, however, we believe that question can be answered more truthfully when applied to more specific situations, which in turn can help you look from the inside, out.
Once you’ve asked yourself those questions, it’s time to look at what other FinTech companies consider to be strong company culture characteristics…
- Collaboration: Open-plan offices with the option of quiet pods and separate meeting rooms away from the main desks appear to offer everything someone would need throughout the different demands of the day.
- On-going performance reviews: Encouraging open conversations with managers about performance at regular points appears to help employees know where they stand at all times
- Fun and quirky experiences: Coming up with team outings ideas that are a little out of the box, or offering up a few ideas and allowing the team to choose which one they prefer is a wonderful way to boost morale.
- On-going learning: Offering chances to improve employees’ CPD through training courses, diplomas or online seminars really encourages them to keep bettering themselves professionally and personally.
- Curiosity corner: Setting up a separate space in the office dedicated to thinking up new ideas
Final Thoughts
Ensuring your company has a strong (and authentic) culture is a great way to attract and retain the best talent.
Here at Syncopate, we go to great lengths to ensure cultural fit is thoroughly assessed before recommending candidates, saving time and headaches.
If you’d like to speak to one of our friendly team about how we do this, then please email at hello@wearesyncopate.com, or call us on +44(0) 1234 567898, or alternatively, check out our website to get a better feel of what could be on offer for you.
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