Your employer’s workplace policies may well affect how long you see yourself staying in your job, especially as economies open up again, new roles emerge and managers usher in dictates. back to work that may not quite hold up after a few years. productive years working from home.
In 2021, the Financial Times sampled the companies’ “flexibility factor”, a measure of the extent to which companies allow employees to decide where they work once pandemic conditions ease, and established some broad trends. Unsurprisingly, tech companies were offering remote and flexible working. But when it comes to financial services companies, it won’t come as a shock to find that they were office-centric and more rigid.
Fintech, sitting in between, was once the lean, young, alternative start-up of the financial services world. But now things have matured in the industry and much of traditional banking has evolved into something rather high-tech thanks to new technologies such as AI, cloud services and blockchain.
The lines are blurring further between the two sectors as fintechs transform into banks and banks gobble up fintech companies to meet the needs and expectations of their customers. So in a hybrid banking world, the future of work may well look a little different, suggests McKinsey’s recent report on Reimagining the future of financial services headquarters.
The report contains ten pointers to how work can change for the better to keep talent around. Here are highlights of a few of them.
You may be used to windowless offices; faceless acres of dimly lit open-plan spaces with inadequate meeting rooms added as an afterthought, but that could change.
A feature of many of the world’s largest tech companies are the breakout spaces, numerous meeting nooks, and circulation areas. Designed for collaboration, they help you move around with your colleagues and promote easy accessibility.
Another lesson from the tech giants is the organization of space. Key resources, such as food and entry and exit points are in locations where the maximum number of employees will meet.
“Cross-functional and agile teams need spaces to innovate, push strategic decisions forward, and quickly solve tough business problems. [..] The most innovative financial services companies are already embracing flexible office designs to better meet changing business needs,” says McKinsey.
Not everyone will return to the office all the time, once in a while, or even anytime. This will have to be acceptable to companies if they want to leverage top fintech talent. But what is clear now is that the current way of doing meetings where some people are present and others are remote, is not ideal. McKinsey suggests this will need to change and “a variety of rooms and spaces can be reconfigured around ultra-high fidelity telepresence systems, 360˚ cameras, digital whiteboards and mixed reality environments.”
The metaverse could be a solution to the problem of multi-stakeholder and multi-location meetings, leading to more immersive and dynamic workspaces. Already, provider companies are claiming their place on the metaverse and offering packages to financial services firms to help them develop their own bespoke spaces.
Finally, the diversity
Banking and financial services have traditionally been, well, traditional. But to succeed in the future, fintechs and the broader financial services industry know it matters: In a recent PwC global survey, 85% of financial services CEOs said promoting inclusion and diversity helped improve business performance.
Joint research by McKinsey and LeanIn.org found that while it’s positive that just over half of entry-level financial services professionals are women, the percentage drops off a cliff as the roles become more prominent. . Representation of Black, Latina, and Asian women drops 80% from entry-level to C-suite.
To respond, McKinsey’s Reimagining the future of financial services headquarters report states, “The next generation of diversity initiatives will require a greater focus on racial, cognitive and disability equality and the inclusion of colleagues from remote areas and a wider range of educational and socio-economic backgrounds. .
If you’re now ready to fast-track your career in fintech or financial services, there are thousands of new positions on AltFi’s Job Board to check out.
About the Author:
Kirstie works for our Job Board partner, Jobbio.
Based in Dublin, she has been a writer and editor on print and digital platforms for over 15 years.