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https://content.fortune.com/wp-content/uploads/2022/09/GettyImages-1333390975-1.jpgWhen it comes to creating an engaging and supportive work environment for employees, 50 of the largest financial services and insurance companies are doing a better job than most.
Ninety-five percent of employees at Rocket Companies say it is a great place to work. Employees gave high scores in areas including a welcoming environment, adequate resources to perform duties, and work flexibility.
Overall, 92% of employees who work at companies on this year’s Best Workplaces list said, “People here are willing to give extra to get the job done.” In comparison, the same was said by just 55% of employees working at a typical workplace. The findings are based on a July 2022 Great Place To Work market research survey of nearly 4,200 full- or part-time employees aged 18 or older.
Great Place to Work also shared with me additional data from the survey that found retainment is an area companies need to focus on continually:
– Workers in the financial services industry are also interested in seeing what’s out there in the job market, as 59% said they are open to leaving their jobs in the next six months.
– Fair pay makes employees twice as likely to stay.
– Purpose is the top retention driver in the financial services industry. If people feel their work has special meaning, that triples retention odds.
Regarding purpose, the survey found that financial services companies on the Best Workplaces list are making strides as 86% of employees feel their job has special meaning compared to 51% of employees at the typical financial services workplace.
I recently spoke with Jessica L. Bier, U.S. human capital finance transformation leader at Deloitte, about providing purpose in finance.
“The antithesis of meaningful work is to say to an employee: ‘Just do it because that’s your job,’” Bier said. “Employees want to understand how what they do connects to the bigger picture of both the finance organization and the larger organization.” Meaningful work is also about “what” you do, but also “how” it gets done, she said. “If you feel that you’re part of a high-performing team, and if people are supporting each other, that’s also a component of meaningful work,” Bier said.
Creating purpose-driven work is where “great financial services companies have the most potential to differentiate themselves from the typical employer,” according to Great Place to Work.
See you tomorrow.
Sheryl Estrada
sheryl.estrada@fortune.com
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Big deal
In August, there were 38 U.S. corporate bankruptcies filings, up slightly from 31 in July, according to S&P Global Market Intelligence data. So far this year, as of Aug. 31, 249 companies have filed for bankruptcy, fewer than any other comparable period going back to at least 2010, the report found. Industrials had the most filings for any sector with 41 so far in 2022.
Courtesy of S&P Global Market Intelligence
Going deeper
“Alexa, Should My Company Invest in Voice Technology?” a report in Harvard Business Review, explores whether or not it’s worth it for companies to build out a presence on these new platforms. “When it comes to launching a voice assistant on Amazon Echo or Google Nest, recent research suggests the investment won’t necessarily pay off,” according to the report.
Leaderboard
Jessica Stitt was named CFO at Sonoma Biotherapeutics, Inc., a clinical-stage biotechnology company. Stitt has over 20 years of leadership experience and has participated in the execution of nearly $2 billion in corporate financing transactions, according to the company. Before joining Sonoma Biotherapeutics, Stitt was CFO at Gyroscope Therapeutics, acquired by Novartis. She previously served as VP of finance and operations for MyoKardia, Inc., acquired by Bristol Myers Squibb. And before that, she served as VP of finance and investor relations for Theravance Biopharma, Inc. Stitt previously held roles in finance at Nektar Therapeutics, Alkermes, and Blue Cross Blue Shield of Massachusetts.
Michael Lawless was named CFO at ReWalk Robotics Ltd. (Nasdaq: RWLK), a manufacturer of robotic medical technology for people with lower extremity disabilities, effective September 19. Lawless brings over 20 years of experience leading finance and investor relations activities. Lawless most recently served as a CFO consultant for Danforth Advisors, LLC. Before joining Danforth Advisors, he was the CFO of Brooks Life Sciences. Lawless also served as the head of financial planning and analysis for Brooks Automation and PerkinElmer, Inc. In addition, he led investor relations activities at public life sciences companies during his career.
Overheard
“Only through concerted efforts, further boosting vaccine uptake, can we have more leeway to resume international travel to the greatest extent, stabilize the economy and restart the growth engine.”
—Hong Kong’s Financial Secretary Paul Chan wrote in a blog post regarding what will be required for a full reopening to the outside world, as reported by Bloomberg.
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