"These companies are offering remote work, "meaningful" work and autonomy. The three attributes give them advantages over many banks and credit unions trying to hire talented workers and executives, especially those that require employees to be in the office full-time, according to Robert Voth, managing director at executive recruiting firm Russell Reynolds Associates."
""When you make that corporate culture decision of relocation is a must, realize you have two things against you, day one: a competitive marketplace in the fintechs that are saying 'Be wherever you want,' and a [post-Covid] generation who aren't used to being asked [to relocate]. And so when we ask them, it's, 'I don't have to,'" Voth said. "There's another universe that's welcoming those individuals to stay at home.""
"For any bank not in a major metropolitan area, forcing people to commute and relocate can knock out 60% to 80% of potential candidates, Voth said. And during the pandemic shutdown, executives and managers reconsidered what they look for in a company, with many making meaningful work a priority."
"Remote and flexible work was the top factor cited among employees of the Best Fintechs to Work For. The big banks' back-to-office mandate "has not yet caught up with the general gestalt of the executive world that has said, 'I have other choices,'" Voth said."
Top fintechs to work for provide remote and flexible work, meaningful work, and autonomy. These attributes help them compete for talented leaders against banks and credit unions that require full-time office presence. Rigid relocation and commuting demands can eliminate a large share of potential candidates, especially for banks outside major metropolitan areas. During the pandemic, executives and managers reassessed priorities and placed greater value on meaningful work. Some fintechs are moving toward limited in-office requirements, and banks may soften back-to-office policies to accommodate a post-Covid generation accustomed to flexibility and choice.
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