Spread of Fintech culture
By Teamspirit on Tuesday, 28 May 2019
The explosive growth in the fintech sector has already prompted fundamental change in how financial service brands talk to their customers and create products and services. Agility and continual improvement have become tablestakes for any self-respecting FS brand. Now, as fintechs start to come of age and become truly major forces in the industry, we can expect to see wider adoption of some of the cultural differences upon which their businesses are built.
This doesn’t just mean that flexible working and cool benefits packages will become the new norm, but that there’ll be a comprehensive shift in the mindsets of both employees and employers. With people focusing more on what the world of work can offer them, and a general trend towards individual entrepreneurship, businesses will have to think differently to attract and keep top talent. For instance, Springboard from Octopus, gives employees four months to build their own start-up while being paid a salary and given working capital to pursue their ideas.
Another area that might see radical change, is how people are paid. The idea of a fixed salary that increases at set intervals may become outdated, and even the most established players could start to offer employees less traditional forms of remuneration, such as a stake in a business’ equity, or working capital to fund project development, inspire innovation and build a culture of loyalty.
• The entrepreneurial mindset might be stronger than company loyalty – understand and support it.
• Salary structures are as ripe for evolution as every other part of a business.
• Every work/life balance is individual and there’s no one size fits all.