If you ask your typical millennial to play a game of word association around the topic of financial technology (FinTech) companies, the words “bland,” “boring,” “overly buttoned-up,” and “no fun” will undoubtedly come up. The harsh reality is that most young professionals associate FinTech companies with cubicles, dark suits, and a stuffy, corporate atmosphere similar to traditional banks.
This unflattering perception can be a significant barrier to overcome when trying to capture the attention of millennials, who are now more than familiar with the internal office perks and atmospheres made famous by high-profile tech companies inside Silicon Valley like Google, Apple, and others.
With job opportunities on the rise in the FinTech industry — and graduation only a month away — most companies should have no problem attracting talent from a widening pool of candidates. Unfortunately, FinTech companies are stuck in the old ways of running their businesses and not establishing strong company cultures.
The time has come for these companies to quickly adjust their approaches to recruiting and begin marketing themselves correctly to millennial-aged job candidates. A great start is offering the kind of perks that today’s young professionals expect to receive on the job.
If your FinTech company is still more of an “everyday company” compared to the likes of Google, here are a few tips to help you make the transition from average to exciting:
1. Relax the Dress Code
Professional attire requirements should be discontinued. Aside from law firms or investment banks, not many office workers show up in suits and ties these days. Millennials don’t want to dress in professional attire, and many of them have already worked at internships where suits and ties weren’t required. Yes, there should be some standards in place — and times when profession attire should be required — but allowing millennial-aged employees to wear casual shirts and jeans removes the added morning stress that comes with deciding what to wear. It also makes your employees more comfortable on the job.
2. Office Perks
Getting the most out of millennial employees often comes down to establishing two rules: respect the company leaders and respect the company. In order to get respect for your company, you need to show employees respect as well. Offering perks that will increase satisfaction around the office is a good start. Doing so will also attract new job applicants who hear about these benefits from their friends and acquaintances. Provide as many internal perks and benefits as possible. Free coffee, snacks, and occasional free lunches (such as every Friday) are relatively easy to provide, affordable, and will boost employee morale. You can also consider allowing employees to be more flexible with their paid time off (PTO) without having to adhere to strict schedules.
3. Company Outings
It’s important for employees to get to know each other outside the office. Fun activities and company outings can help break the ice and build friendships. This will ultimately lead to better and more effective office collaborations. Having an outing once a month can also help break down barriers while fostering stronger company culture. Ideas for possible company outings include cookouts, team sports — such as softball, kickball or soccer — and happy hours. Posting pictures from these events on your company’s social media channels also portrays your company as a place with a solid work/life balance that cultivates a “work hard, play hard” lifestyle
Everyone loves a pleasant surprise, right? Surprises like a random free lunch – or letting your team leave early on a Friday – will show that you care about making your employees happy and are willing to do what it takes to improve their day and morale.
With another graduating class set to enter the job market, FinTech businesses nationwide can’t afford to be stuck in their old ways. Making your company a “cooler” place to work by implementing millennial-focused benefits will help you compete with other industries , acquire young, top talent, and improve your image overall.