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Amid the “Great Resignation,” companies across industries are facing a talent shortage and learning that pizza parties and casual Fridays aren’t enough to recruit and retain employees. As work becomes increasingly hybrid, employees demand the tools they need to succeed – and aren’t afraid to leave if employers don’t deliver. In fact, new research from Samsung Electronics America found that 69% of employees in financial services and banking would switch companies for better mobile technology that enables them to be more effective at their jobs.
This makes sense, given location is no longer a restricting factor for many employees. They want the flexibility to do their jobs from anywhere, with a majority (54%) saying they’d like to continue telework after the pandemic subsides. But navigating the new world of hybrid work can be challenging – particularly in relationship-centric industries like financial services and banking.
In addition to employees’ need for better mobile tech, the report uncovered insights about the industry’s greatest security risks. Data security is a concern for every industry, but ransomware attacks target finance more than any other. A major obstacle to improving security is the perception gap between IT managers and employees: while 63% of IT managers worry about the security of company and customer data when employees work outside the office, only 6% of employees are concerned. To minimize risks, companies need to step up efforts to improve employees’ security literacy.
Secondly, infrastructure must be prioritized to enable new ways of working. Employees and IT decision-makers naturally have different priorities, but one they share is the need to build a strong tech ecosystem, with 86% of employees and 93% of IT managers agreeing their organizations need to improve tech infrastructure over the next five years. For financial firms to compete in the future of work, they must support mobile tech that enables in-depth personal connections and offers world-class security.
To develop this report, Samsung surveyed 500 IT decision-makers and 500 employees from financial services and banking organizations across the U.S.
Read the full report by Samsung.
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Report: 69% of fintech employees say they would move jobs for access to more advanced tech