Technology and more specifically Fintechs have disrupted the financial sector by offering agility, innovation and compelling employee value propositions (EVPs). With this, they also offer unique employee experiences. According to WTW’s Global High Performative Normative Data report, more than 92% of employers indicate that enhancing the employee experience will be a priority over the next three years, while only 52% said enhancing the employee experience was a priority to their organisation before the pandemic.
92% of employers indicate that enhancing the employee experience will be a priority over the next three years
This shift in priority reflects the employer’s view that employee experience drives engagement (81%) and employee wellbeing (80%) as well as productivity (79%) combined with the overall business performance (78%). Hence, it creates value for both employees and the business by winning the key challenge of talent attraction and retention. Our database shows that firms do this by providing:
- Flexible working arrangements: Many of these firms offer remote work practices including flexible hours. This appeals to employees seeking a better work-life balance.
- A culture of innovation: Tech companies foster an environment where employee input and creativity are highly valued, driving organizational improvement. This approach appeals to top talent, offering them the opportunity to voice their ideas and actively contribute to meaningful change.
- Career development opportunities: Continuous learning and growth are at the centre of the employee experience, with many offering extensive training and clear career progression paths and helping employees achieve their full potential.
- Modern workplaces and tools: State-of-the-art technology and collaborative workspaces are commonplace, enhancing the overall work environment.
For example, Google’s EVP emphasises autonomy and a growth mindset, which resonates with tech-savvy professionals. Traditional banks in the GCC often struggle to replicate this appeal, largely due to legacy systems, hierarchical structures and a limited focus on employee experience.
Employee expectations are shifting
The workforce, particularly Millennials and Gen Z, value purpose, personalisation and wellbeing. In WTW’s Employee Experience Trends Survey, we discovered that employees are three times more likely to stay and 1.4 times more engaged at purpose-driven organisations. These younger generations prioritise:
- Purpose: They want to work for organisations that have a clear mission and contribute positively to society.
- Personalisation: Employees expect personalised career paths and development opportunities tailored to their individual needs and aspirations.
- Wellbeing: Mental health support, work-life balance and a healthy work environment are crucial.
Read the next article in the series: Why employee experience matters.
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