When 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.
Fortune partnered with global people analytics firm Great Place to Work to spotlight the Best Workplaces in Financial Services and Insurance in 2022. Rocket Companies, a Detroit-based FinTech platform company, consisting of personal finance and consumer technology, tops the recently released list of the 50 Best Large Workplaces. Coming in second is American Express, followed by Capital One.
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.
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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
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