Even employees already working in the financial sector are eyeing opportunities in tech. In a new study of over 800 financial services employees in partnership with Kronos, we found that one-fourth are more interested in working in the tech industry than finance. These employees are looking for meaningful work, companies that innovate and flexibility — all of which tech companies offer and where financial companies lag behind.
Tech companies in their very nature are innovative. If they aren't evolving to meet the needs of their customers, their competition will crush them. In our study, we found that one-fourth of financial service employees don't view their company as innovative, yet 79 percent say working at an innovative company is important to them.
Companies in the financial industry that invest more in FinTech may be able to get employees excited about working there. On the other hand, those that avoid technology because of corporate politics or poor leadership will likely have challenges inspiring an ever creative and youthful workforce.
High potentials want to work at companies that are purpose-driven, that create products we use in our own lives and give back to society. In our survey, we found that 76 percent of employees say they are driven by more than just money when they seek a new job, and 73 percent say they need to see what a company stands for before joining.
Financial companies need to do a better job helping employees connect their daily responsibilities to having a positive impact on the customer and the world as a whole. For instance, while many financial companies donate to charities, employees also want opportunities to volunteer at their local non-profit.