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G L O B A L L E A D E R S I N F I N A N C I A L S E R V I C E S A N D C O M M O D I T I E S T E C H N O L O G Y R E C R U I T M E N T

THE GREAT PLACE TO WORK

A HARRINGTON STARR WHITEPAPER EXPLORING WHAT SOME OF THE BEST COMPANIES ARE DOING TO FIND, ENGAGE AND RETAIN THE BEST TALENT IN THEIR BUSINESSES.

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WORK SMARTER. CHOOSE EVEREST

By Toby Babb, Alex Odwell, James Hounslow, Nadia Edwards-Dashti, Lewis Bickerton & Hari Sopal

14 steps to stand out as an employer of choice in financial technology

(The secrets that make some

financial technology companies great

places to work)

Introduction

Standing out as an employer of choice: Great Product

Culture & environment

Vision, values & purpose

Pay, package & incentives

Learning & development

Career progression

The role of leadership

Innovation

Wellbeing & work/life balance

Attraction

Communication

On-Boarding

Developing camaraderie

The Top 5 Secrets of Retention

Conclusion

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07

08

10

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12

13

14

15

17

18

19

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26

Contents

Introduction

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Great coffee

Pay a "fair wage"

Family culture

Sports teams

Flat structure

Free fruit

Great technology

Learning lunches

Great offices

External training

Mentoring programmes

Flexi time/Work from home

Innovation programmes

Agile Environments

C Why do some companies keep more of their staff than others? It has been said, after extensive global research on the subject, that the average cost of a bad hire equates to a minimum of 30% of their compensation for the year. Retention as a whole remains one of the key issues in boardrooms throughout the business world. Losing staff is seen as one of the biggest challenges for business owners. Employee churn leads to falling profits, poor continuity of service and dips in morale.

On top of that, the financial services sector has a potentially crippling talent shortage. Recent events, such as FinTech 2015, cited talent as the number one obstacle to growth for companies in the space. Greg Rogers, MD of the Barclays Accelerator was quoted as saying that companies “can’t find the designers, the back end and front end guys they need to grow as fast as they want.” The implications and threats of failing to attract the best people to companies wishing to grow quickly are potentially devastating. A company is only as strong as the staff that it employs.

Gen Y and the new wave of workers are also showing less and less loyalty to brands and the workforce has, particularly in technology, become ever increasingly fluid. People will leave companies to further their skill sets, to find something better, to improve their deal with far less thought than ever before. The pressures on companies to find the best staff have never been so fierce. The costs of failing to retain that talent have never been higher, the challenges to make their brand attractive never greater.

Certain companies are, however, bucking the trend. These companies are out-performing the market. Their growth is way above industry averages. They are the places that people want to work. They build and retain world

THE GREAT PLACE TO WORK

class teams. They appear to glide with ease and grace to the outside world avoiding the problems that “the rest of us” have. Like the swan swimming on the lake, however, there is more to it than effortless luck. These companies are kicking their legs furiously under the water. They are working tirelessly on their employee value propositions and their employee branding.

Over the last six months we have interviewed over 1000 job seekers and asked them what made companies really stand out. We have spoken to 100 financial software companies to see what they are doing to negate the problems written above. The results have been fascinating and we will feature twenty of the best in this paper. We will showcase the work that they are doing to stand out and celebrating their success in scouting, attracting, engaging and retaining great people to their great businesses.

These companies are fully committed to their staff. They are committed to looking after their employees and creating environments that people want to come to work for. They are listening to their people and acting on theier feedback. To illustrate, here are some of the common themes that these companies are doing:

On speaking to these companies, there were 12 key areas that we uncovered that made a big difference in the employer brand. The individual commitments to getting these right had a big impact on the profitability, churn and growth of these businesses. We will explore each of these areas in the pages ahead but it is also interesting to note how many companies had differing assumptions about what constituted a great workplace from their employees and/or target employees.

What the best are doing

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What job seekers want from a great company What job seekers want

What companies think they want

Jobseekers looking to work in financial software companies had a plethora of different thoughts on what made a company a great place to work. There were, however, some clear winning themes which emerged. Interesting and challenging work appeared again and again as the most popular answer. This was followed by career development, interesting technology, wellbeing and training. Salary, package and incentives, somewhat surprisingly, came in 9th.

The good news was that many of the answers that we received over the course of the research were closely aligned between both job seeker and employer. The dis-connection seemed to occur, however, around what were the key pressure points. Again, however, the twenty companies we shall now spotlight seemed to have a far closer match and really focused on those areas that meant something to their teams.

The jobseekers interviewed ran from graduate level through to sales, senior technologists and heads of department. There were slight variances in each position. Sales, for example, had a higher premium on reward and incentive, though interestingly only slightly. A good company brand with innovative technology and a strong career path were key. For developers, autonomy, flexibility, innovation and a “cool product” with interesting technology featured high. As a data set however, the themes became compelling. Keep them interested to keep them engaged!

Turn for the 14 different ingredients to creating a stand out proposition to attract, engage and retain top talent in financial services and commodities technology

Of the 100 companies spoken to, culture topped the list, followed by a good team, rewards, a compelling vision and strong leadership. The top 5 things on the jobseekers list were, therefore, completely different to the top 5 things on what companies thought they should be offering their team to keep them engaged or attract them to their business.Our research again saw twenty companies far closer to the mark than their competitors. These companies surveyed, listened and spoke freely to their employees about what they were looking for in a company and, critically, they acted.

Challenging work

Career progression

Good tech

Communication

Recognition

Vision and values

WellbeingCulture

Empowerment

Salary

Good brand

Training

Great team

Strong leaders

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1. Interesting & Challenging Work

2. Career Development

3. Interesting Technology

4. Wellbeing / Work/Life Balance

5. Training

A. Good culture, fun and enjoyment

B. Good Team to Work With

C. Reward & Incentive

D. Compelling Vision

E. Good Leadership Team

THE GREAT PLACE TO WORK

lack Mountain Systems Co-Founder and CEO Kevin MacDonald has created a company that absolutely understands what it takes to attract top talent. "Transparency," "collaboration," and "fun" are words that he uses regularly, but the cornerstone of Black Mountain's incredible success has been the company's ability to challenge its team with ambitious and interesting work.. Their careers page, for instance, illustrates this commitment by showcasing life at Black Mountain Systems and demonstrating how the company prioritizes shaping and developing its hired talent over time.

Companies like Gold-i, Fidessa and Celoxica

Standing out as an employer of choice:

Great Product, Great Potential

Culture & environment

really focus on their technology and pride in their product is a common word used by all. Agiboo CEO Bart Kroon talked of a passion for their technology running through the business. They stand out through having “great software that is speedy and very agile.” Antoine Rescourio of Celoxica says the team knows that they are “developing the best hardware in the market.” Capita’s Ben Brown spoke glowingly about their innovation and the quality of the code. Without question, in the technology space, the quality, passion and pride in the product is a foundation of a great place to work. Invest in cool technology, build a “game changing” product, encourage innovation and challenge people to be the best they can be. These were recurring themes when the question was posed as to what made each of the best companies to work for stand out.

In line with our research around what candidates wanted, the strongest employee value propositions that we found understood the need to make the company stand out through the purpose and quality that they provided. Guy Remond of Cake Solutions, a business with hugely impressive retention rates, illustrated how their commitment to using the latest tools and the pioneering work that they are doing in DevOps and Scala ensured they had become THE stand out company to work for in their markets. Both Dimitris Evangelou and Kate Tsoura at Profile Software said that they stood out from the competition by being “committed in developing innovative and pioneering solutions for the financial services sector.” We spoke to Tradingscreen whose innovative environment ensured they were “leaders in every technology that they adopt.” Create a great product, use bleeding edge technology and you will find and retain the best staff.

One of the darlings of the FinTech scene has been OpenGamma. VP of Engineering, Mohamed Brahim, spoke with a true passion for their purpose. Their exceptional growth has been bought about by their quest to bring transparency and openness to the industry with a business model rooted in open-source. In both our conversations with job seekers and the companies themselves, the idea of creating something special that really engaged, helped and solved problems for customers was a key element to an EVP. Our work in the FinTech space has shown that this transcends beyond the EVP itself. At recent industry events we have heard both finnCap CEO Sam Smith and Deutsche Bank Co-Head of Global Electronic Trading Rob Casebourne say that companies who are solving real problems, illustrating commercial benefit to their customers and adding value are the most investible. An additional bonus is that they are also the places that people most want to work. The best companies recognise this and weave this very much into their employee value proposition.

For all those who have followed the FinTech space with interest over the last few years, Algomi will be a household name. Their international growth has seen them win a raft of awards and accolades and each week they are appearing in the press. Their story is inspirational, their product winning more and more business and their growth the perfect tonic for a feel good business. Stu Taylor their CEO has been out with Boris Johnson on a trade delegation to the Far East championing successful FinTech companies. Michael Schmidt, their Chairman, will accompany the mayor to New York for the same reason. This sort of press builds immense pride through the business. That pride in the company and product is a clear factor behind their position as a great place to work. When employees can see growth, innovation and success, it is an electrifying place to be.

BTo get that pride and success in the product however, there must be an underlying culture and environment that makes people want to come to work. The common themes that we were hearing time and again centred around both the physical environment and the actual “esprit de corps” of the team.

To start with the physical environment, we have seen Google and the digital wave from the US completely re-shape the modern workspace. Stopping short of slides instead of stairs, sleep pods and decorated desks, it is clear that companies are spending more and more time looking at the environment and office space for their staff to achieve maximum productivity. Guy Remond of Cake Solutions told us about the “Cake Café” where they spent well into six figures building an in house coffee shop with the best possible coffee. This has formed a vital focal point for informal meetings and really helped feed their agile culture. Great coffee, incidentally, became a central theme in great places to work!

Fidessa’s high impact offices in the City have been replicated in a multi-million pound re-furbishment in their Woking offices. The payback has been increased productivity and pride in working for Fidessa. Google style offices, it seems, have a genuinely uplifting effect on the performance and productivity of the team. Be it the stunning, panoramic views standing in the HQs of Sungard Energy in Canary Wharf or the inspiring City landscape of the Algomi windows, companies are clearly competing to provide office space that lifts the sense of pride of the team.

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OTHE GREAT PLACE TO WORK

Photo: Cake Solutions in house “coffee shop” has been central to some of their best thinking.

Photo: Fidessa’s high impact offices have increased staff productivity and pride.

Culture, however, runs deeper than a nice office alone. Speaking to Ronen Kertis of Israeli fast growth tech firm Cappitech, high performance environments are also critical to a great place to work. A players want to work with other A players and want to be challenged to work to their maximum potential. Ronen and his team have created a high performance culture focusing on systematic best practices and pushing each other to be the best they can be in an environment that remains “welcoming, friendly and fun.”

On the subject of being friendly,'team, family, and friendship' was another regular theme as companies described their culture to us. Aspect Enterprise Finance Director Seetha Bansil described the offices as a “2nd home” and described CEO Steve Hughes as “very family orientated.” Home life blended with the office life and a premium was placed on having a good time. Profile Software’s Dimitris Evangelou explained how they offer a “friendly, open space environment” where they will “support and nurture new ideas.” Family, fun and friendship were important cultural themes that we saw running through these spaces.

Diverse and multicultural environments where the employees were put first were also mentioned regularly when describing the culture of the best companies. Linedata’s head of HR Lynn Claydon explained how they would put employees and their wellbeing first. We shall speak more about wellbeing later. Sungard’s Matt Cockayne described an inclusive and diverse team of wide ranging ages all of whom got on exceptionally well together. Tradingscreen Global business has created a thriving, multi-cultural environment.

The best companies are looking for fresh thinking and embracing diversity. They are, in the words of Ullink’s Aurelie Ballet,

“somewhere where you are happy to go every morning, and happy to fight for every day.” We talk more about this in later sections but they promote open, agile cultures and have “open door” policies. These companies work closely as teams.

Monthly meetings, town halls and annual get togethers are frequently used to carefully involve and distribute vision and purposes to the team. Annually, Black Mountain Systems holds legendary full-company get-togethers at destinations such as Cancun and Vegas where vision and values are formally discussed.The whole team is involved, and purpose is communicated and refined from upper management down to every level of the business. Similarly, others see the vision, values, and purpose as key and will use the intranet to spead their messages and use them as the basis for making decisions to drive the business forward. The best ensure co-invention, using the team throughout. Capita Employee Benefit’s Ben Brown spoke of how they worked together on their values to ensure the message was meant and repeated. A great example was Eka who have built “Eka.Senses,” their six values that guide all aspects of been an “Eka.Mind.”

We see many thrive with clear and simple messages and unifying purposes. Sungard’s Matt Cockayne is looking to build the “best professional services team” in the sector. Agiboo has a purpose to “help trade without complexity” and to “imagine a world where it could be possible to manage commodity contracts anywhere any time.” Black Mountain Systems is looking to “create unique solutions for clients' needs.” OpenGamma are determined to be an “agent of change” in their space. When a company is focused on doing big things as a team, big things start to happen and great places to work follow.

Interestingly, and particularly for the US firms, numbers were however still seen as the key thing. Vision, values and purpose were important but hitting the numbers were the real thing that was important. I wonder if there is even more in the tank for those companies when that mindset changes?

Vision, values & purpose

ur studies of high performance environments in sport, military and business have often spoken of the importance of clear visions, core values and a common purpose. Be it the New Zealand All Blacks, the SAS or online shoe retailer Zappos, there is book after book screaming the message that great things happen when there is clarity and unity in messaging. Dan Pink’s international best-selling book Drive (you can see an outstanding animated summary of it at https://www.youtube.com/watch?v=u6XAPnuFjJc) talks about “mastery, autonomy and purpose” massively outweighing pay in creating world class business performance. Our research certainly seems to echo this though not every company fully embraced the theme.

Perhaps the best exponent of linking values and vision into a business comes from Gold-i. Tom Higgins uses the values of the business extensively. They are linked to rewards, they are integral in the recruitment process and deeply imbedded into the business. Values become values when they are more than just posters on the wall. This can be both on a company level and a team level. Linedata for example will see “teams individually develop a vision which applies directly to their business unit and is communicated through the management line.”

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THE GREAT PLACE TO WORK

Inevitably pay, package and incentive played an important part in a great place to work. Paying a “fair wage” was critical but not over the odds. The best companies instead focus on the experience that they can create. They look at the magic touches that they can provide alongside a fair salary. Intelliflo’s Susan Stevens said that it is the small things like fresh fruit, ping pong tables and recognition scheme with £25-100 for going above and beyond that is seen as just as important as a big pay cheque. Matt Cockayne spoke how they would look at each individual’s main drivers and recognise each as an individual. “One size” he said “does not fit all.”

Eka described how they “constantly benchmark their total rewards strategy against like-minded organisations.” Shuchi Nijhawan told us that “paying for performance is an important part of how we structure our compensation as it incentivises employees to grow and go the extra mile.”

Celoxica spoke of “recognising value,” another offer a salary that is competitive, Total Systems looked at salaries being reflective of their skill set. Vendor salaries will not match those of the investment banks. They are, however, generally very fair and creative in their recognition.

Pay, package & incentives

Paying a “fair wage” was critical but not over the odds. The best companies instead focus on the experience that they can create.

Overwhelmingly the most common word that we heard from the best companies was fair. They are not the top payers in their sector. The pay-off generally comes through challenge or learning or environment or work life balance. Candidates in the space overwhelmingly agree. With over 1000 candidates interviewed about what their key motivations were for joining a company, salary ranked only ninth on the list.

The key message? Pay a fair wage, recognise through innovative programmes but focus on the whole employee experience to really create a great place. Money does not, it seems, paper all of the cracks.

Fidessa are widely respected globally as one of the best learning organisations in financial technology. Be it their Ventura programme to build management skills or their excellent on-boarding sessions teaching a stream of graduates excellence in the industry, their investment into development has clearly contributed to that fact that their staff feel developed and cared for. This, in turn, has contributed to over 170 employees or 19% of the workforce across EMEA with 10 or more years' service with Fidessa. Another company famed for its training is Sungard who will offer their team 5 full days of formal training a year. Matt Cockayne explained that it helped show people that they were valued and invested in. Both companies are global and build programmes to ensure that their future leaders and managers network on programmes with clear follow up.

Ronen Kertis of Cappitech echoed the importance of training and said that external training was a major part of their budget. Alongside seminars and conferences they also encourage knowledge sharing in their team with staff encouraged to present about their area to build the relationship between development and QA through a better understanding of each other. Linedata will spend thousands of pounds of their budget on training and personal development and have a US based trainer offering weekly one hour webinar training sessions.

Agiboo see it as critical that their team have extensive training on the commodities market

Learning & development

eturning to Dan Pink’s aforementioned book Drive and its focus on mastery, learning and development is a key feature of a great place to work. All of the companies that we interviewed placed a focus on learning but interestingly the manner in which that training happened varied massively.

Some looked at a formalised external programmes but this was not the norm. Many like Profile Software and Cake Solutions used conferences and seminars as a key part of their L&D programme. There was extensive mentions of peer to peer learning and “lunch and learn” systems. Cross training in other areas was encouraged. Leadership training was prevalent in many and it was clear that the best companies were showing and investing in innovative ways to achieve peak performance from their teams.

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Oand that they have a passion to learn more. Their weekly workshops on the product and market updates encourage continuous learning.

Other companies are using the strength of their team well. Black Mountain Systems, Tradingscreen and Total Syatems see fellow employees as the teachers. Attract a great team and they will share great knowledge. This is echoed by Algomi and Ullink who use each other to “lunch and learn” and have “brown bag lunches.” EKA will encourage role changes and “learning by doing” and will sponsor professional certifications. OpenGamma will again empower their staff to “put their hands up and make suggestions.” Mentoring also plays a big part in the development of their team. Gold-i are another business who like self-development but will place their senior management team on Vistige groups and sponsor MBAs.

As Aspect’s Seetha Bansil said, great companies look to become a “good place to build your knowledge.” They will tailor the requirements to the individual and look to use each other to continually get better. The old quote of “what happens if you train your staff and they leave” answered by “what happens if you don’t and they stay” is clearly understood by all of the companies who see it as their mission to make their staff as good, and potentially employable by other firms, as they can possibly be. They appreciate that training their staff in technologies that make them attractive to the open market is actually far more likely to keep them.

ne of the most important things that we hear from candidates on a daily basis is an ambition to want to develop and grow their career. Organic growth became a consistent theme here, a big feature for companies such as Algomi, Linedata and Profile Software. Tradingscreen spoke about the importance of regular review and clarity in letting people know exactly what they had to do to progress. Gold-i’s Tom Higgins shared that support for solid appraisal systems ensuring career progression was discussed every six months so developers would have good communication in how they could become a manager.

Intelliflo’s Susan Stevens added that the appraisal process could help ensure that they were “able to develop that person to get the skills they need.” EKA spoke of “a well defined and well communicated career path for each role.” Many companies talk about structured and systematic career review and development. These companies ensure that the communication here is clear and regularly followed up.

Other companies ensure that career remains important but seen in a different way. One, for example, operate with a flat structure where the focus is on personal development that allows you to see “how good you choose to

THE GREAT PLACE TO WORK

Career progression

be.” Total Systems are another company who operate a flat structure but still ensure that you are able to evolve and build your career.

Many of the companies also look to develop and encourage people to change skill sets and positions internally. A classic case is Ullink where “a former TAM is now UL Trader Product Owner, a former Developer from Paris is now Head of Hong Kong Product Team” meaning that “every Ullinker’s story is unique.” That flex to move from team to team, department to department is a feature of retaining an engaged team. Eka spoke of employees being able to choose where they wish to move “horizontally or vertically within a role.” Versatility and organic growth would regularly lead to the most engaged teams.

Aspect, another flat structure organisation, seem to get it absolutely right when looking at employee feedback by ensuring that they look to give the kind of work that will get people excited rather than obsess about career development.

Clearly communicated career plans, organic growth, regular conversation, personal development and flexibility to move internally make up some of the key ingredients of a great place to work.

The role of leadershipAs Fidessa’s Wayne Coomey quoted “People don’t leave their company, they leave their managers.” The best companies understand the importance of an inspirational leader who “sets the pace of the team.” Sungard’s Matt Cockayne understands his role as being of key significance to how people see the company as a great place to work. “The leader sets the tone” he said and he saw his job as “making their (the team’s) lives easier.” Cockayne is there to shield his team and delegate and give as much autonomy as they can handle. Whilst prepared to “clear up the mess” he would look to avoid the “helicopter parenting.” Trust was key for him and his experience ensures he is “respected by the team.”

Another inspirational leader is Kevin MacDonald of Black Mountain Systems. He approach was “to do our best to live by what we preach: Be transparent, be bold, be clever, collaborate, have fun.” Fun, for anyone who has met him, is a big feature of Kevin MacDonald and this ethos runs throughout the company. Black Mountain Systems is a company that knows how to have fun. Their leader sets the pace!

We spoke briefly before about trust. The best Financial Software Vendors have leaders who have “walked the walk.” It was a phrase used time and time again. Ronen Kertis at Cappitech “would talk as partners and walk the walk.” Multi-award winning Algomi have world class talent throughout their leadership team. That spreads to their non-execs and advisors who read as a who’s who of the best in the industry. The energy and approachability of Stu Taylor, Usman Khan, Michael Schmidt et al have not only

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UTHE GREAT PLACE TO WORK

steered the company to incredible growth but also really instilled faith and trust in the team.The same can be said of Celoxica whose leadership team “provide expertise, deliver interesting projects and show commitment to their work along with a dedication to quality.” Quality, they said, was key. That hands-on leadership was a theme with OpenGamma whose leadership team leads by example, shows and tells and welcome challenge.” Agiboo’s leadership also like to lead by example. Agiboo CEO, Bart Kroon, stated that the “leaders were all in the same boat. I am the boss yes, but we are all equal in what we are trying to achieve.”

Fidessa see communication and “humanising” the directors as key in a large, global organisation. They are accessible, they listen and they act on what they hear. Exit interviews are analysed and common themes explored through the HR Business partners. Buzz, their company-wide forum, allows director question time. They are taking time out to communicate to the business.

Honesty, clarity in communication and open door polices were also regularly mentioned. The best companies have leaders who are accessible, who lead from the front, serve the team and set the pace. It is no surprise that these companies are led by people who truly understand their importance in creating the culture of the organisation.

Unsurprisingly in technology companies, innovation is encouraged and seen as oxygen. “Innovation is a king pin” said Guy Remond of Cake Solutions. “It’s not just about cutting edge technology but how we use it. We use innovative technology in innovative ways and the team are actively encouraged to be innovative.” The theme was consistent:

“Our company is based on innovation… we have to innovate constantly.” Black Mountain Systems

“Innovation is very important and it comes with the product.” Celoxica

“If you are not coming up with ideas you are not playing your part.” Algomi

“Innovation is ingrained at Eka. It’s one of our six core values … innovation starts within the organisation.”Eka

“Full autonomy is given for innovation within an agreed framework.” Agiboo

Innovation

“Innovation is one of our main values.” Ullink

“Innovation is crucial to our business… autonomy and initiative are strongly encouraged.” Profile Software

“We have a community centric approach to innovation , true innovation will leverage on users experiences to provide technology that acts an effective pain killer.” OpenGamma

“We haven’t come across a problem we can’t solve. The question shouldn’t be can you do it because we always can. The question is should we.”Total Systems

“Ideas and suggestions happen naturally, senior managers are always willing to listen.”Intelliflo

These companies thrive on innovation and that is why people want to work for them and, importantly, stay working for them. They look for people who can contribute and help drive their products. Interesting and challenging work that can make a difference is a significant contributor to becoming an employer of choice.

Many of the companies show real creativity in encouraging innovation in their organisations. Gold-i have a monthly ideas forum where a winner is taken from the hat and a £50 Amazon voucher is given if you get picked. They operate 20% time to allow people the time to innovate. Fidessa run an internal innovations group to keep their position as a “cool tech company.” Similarly Aspect run a road map led by the “product committee” and encourage the team to share ideas through the product manager.

Sungard pick teams and give people the opportunity to show what they would do differently. They “give them a voice” and in so doing provide a framework to be collaborative passing accountability in the team for how they can innovate and be more effective. Ullink similarly run global events like an “ultimate bug fighting championship or a ship it day where anyone can propose a new feature for UL products or anything that can improve life at Ullink.

Eka will bring in graduates to ensure fresh and new ideas are explored. They have “concrete pillars in their office painted grey and called ‘Grey Areas.’ Innovative ideas and creations are most welcome to be written on these areas to be “viewed by everyone around.”

Interestingly, Cappitech bring in external people to help to “teach how to innovate.” They work between teams and encourage people to “walk in someone else’s shoes.” Overwhelmingly, these companies run Agile teams. They encourage debate and have room for people to talk over coffees or in Scrums. Great companies encourage their teams to come up with great ideas together and give them the time and support to do so.

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THE GREAT PLACE TO WORK

In a results-driven industry, what steps are these companies taking to ensure appropriate levels of work/life balance? Wellbeing is become an ever more consistent theme in the makeup of great places to work. These companies recognise that and the vast majority have taken steps to provide flexible working solutions. Be that flexibility around timings and office hours, working from home or help for working parents, they have focused on delivery to ensure that the results rather than the hours are what matter. In Capita, Ben Brown tells of how the leadership team set the example. They recognised that people started doing less on 12-14 hour shifts and reacted accordingly to increase productivity.

Linedata are another pioneering company in this area. Their flexible working environment allows people to work from home and working hours can be changed to fit with family commitments. Working mothers and fathers are both treated equally and “on any one day it is normal for there to be around 50 staff on a day-to-day basis in the office out of 100 staff and the remaining 50 working from home.” That flexibility makes a big difference to many.

Open Gamma have a “no email on holiday” policy and don’t enforce weekend work whilst also allowing people to work from home. If people are getting stretched, they will get coaching to help them work smarter and delegate more.

Companies such as Gold-i (bacon and egg sandwich on a Friday) and Fidessa will offer breakfasts, others plump for free snacks or fresh fruit. Fidessa’s Friday treats have become a real feature of the business and they have

s said previously A players want to work with A players. The quality of the team and how they can learn from other members of the organisation has emerged as a significant point for people in looking at their ideal place to work in the space. Attraction of that talent therefore becomes important.

People like Sungard’s Matt Cockayne recognise that interviewing is a two way street and how you pitch your company in a competitive time is critical. Feedback from people who have interviewed with Cockayne is commonly that they want to work for him. He recognises that you “have to sell the company, sell yourself and sell your vision for the business.” He looks for how both he and the company will help you develop and positions himself as someone who you will be “able to learn and develop from.” This is key. Attracting good people is no longer an interrogation. Great companies attract great people by showing how they will look after and develop them and their careers.

Working with the right agencies was another common theme. These companies seem to recognise the value of building strong

Wellbeing & work /life balance

brought in pliates and yoga in lunchtimes. Neck, head and back massages are offered on a fortnightly basis, in recognition of their holistic responsibility.

Ullink will review each “Ullinker” on their balance between their work and personal life at least once a year and ensure the balance is good. “If not” says Aurelie Ballet “we help them make changes to reach their ideal balance.” These companies are cognizant of the pressure and stresses that people work under in the banks and work hard to offer a refreshing antidote for ex-banking professionals. This is a key attraction method.

Eka look to ensure that they have “regular fun activities” making the office a “home away from home.” They continue that “it is constant play time for Ekaminds when they indulge in a foot spa or a movie outing” which is “by the virtue of their hard work and dedication.” At Eka “snacks are on the house every day.”

Charity work also becomes important with many looking for their companies to give back. Fidessa, Aspect and Gold-i led here. In a world with ever increasing demands and intensity, these great places to work are brilliant at recognising their responsibilities and ensuring that their teams are refreshed, invigorated and well looked after. Wellness is a key factor in the rise of the best companies in the space.

AAttraction

relationships with a selection of specialists within the space that they work and allowing information and access to help ensure the right hires are made. Profile Software, Intelliflo and Algomi to name just three all mentioned this as a key contributor to their ability to attract the best candidates.

Cake Solutions are less agency focused and work hard to build their brand as a destination of choice for the best Scala Developers. They work with leading edge technology and use blogs, user groups and conferences to showcase their expertise. This gains recognition and they will regularly be “found” by professionals in the sector owing to their presence and online strategy. Using Netflix as a test case, they have positioned themselves as a great tech place to work for in a specific technology. This means that the best consistently queue up to work with them making their recruitment far easier.

Thorough interview processes are key. Capita spend “a lot of time and effort on interviews” both in ensuring a good match but also selling the company as a “sexy” place to work. OpenGamma operate a recruitment process that is “competency based, behavioural and looks at the character of the individual.” hey will then run a thorough technical test to ensure that they bring people in who are “on the bus for the whole journey and not for a few stops.” Cappitech, who boast an incredibly successful retention rate have “very harsh interviews” with no shortcuts and strict revenue screening. They understand the significance of selecting the best. These companies recognise that character is as important as skills and work hard to ensure that they get the right people in the right roles. There is a science to the interview process over a reliance on gut feel alone.

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THE GREAT PLACE TO WORK

That science extends to hiring for values. Tom Higgins explained that they have only slipped on the rare occasions that they veered from values-based interviewing. Eka “have always hired people in alignment with the 6 Eka.Senses” which they say helps ensure “hires will easily adapt to Eka’s culture and start being productive from day one.” Values to these companies are more than posters in reception. They form a fundamental part of reward, selection and development.

Brand positioning and PR also play their part. Fidessa are recognised nationally as a “Best Company” and one of Britain’s top employers. Their consistent presence at careers fairs ensure that they are “well known in finance.” Algomi’s increasing reputation has been critical in helping them hire the best in class. Their PR award wins and regular appearances in the press and social media have helped them stand out as an exciting place to work for. A good story, well amplified with a strong PR company positioning the message makes a real impact on attraction.

When the talent is attracted it is also critical to retain the best of it. The key theme here was “to keep them interested.” Interested technologists are engaged technologists and the best of the best recognise that. This was echoed by Antoine Rescourio at Celoxica who ensures retention through the quality of their product and technology. Staff are “exposed to all different business areas and are given the ability to develop new skills in work that is challenging and exciting.” Finding the best is one thing, keeping them needs constant challenge.

The best companies work hard to select and attract the right people in a competitive market place. When good people work with other good people great companies follow.

Communication is often the cornerstone of a great organisation. Clarity of message delivered the right way to the right person is often the difference that will make or break an organisation. The vast majority of the best places to work that we spoke to employed Agile methodologies. Capita, for example, have different teams leading their meetings in Agile scrums. The best companies recognised the benefits of consistent, open and honest conversation and spoke passionately of the benefits of talking in scrums on a daily basis. Constant communication is a theme from Linedata who ensure “consistent, regular communication throughout the company” be it from central office, head office or HR. The informal side is also important at Ullink where they encourage open dialogue and they have a large dining table where “most people sit at lunch and share a social lunch where we discourage the mobile phone in favour of a good conversation with each other.

Transparent, open, listening were commonly used words when companies spoke of how they communicated internally. Celoxica, a business who pride themselves on listening to their customers, are equally clear on their internal messaging. “Communication is a big part of Celoxia” and they are “open to discuss issues with senior executives.”

In the larger companies, messages will often be cascaded down through line management. Sungard recognise that people associate more with their direct line manager and regular, in team conversations mean that personal meaning is provided to the public purpose.

Meetings would vary in format from agile scrums to town hall forums such as Black Mountain Systems' weekly All Hands meetings, where "the entire company meets

Communication

for 30 minutes every Monday to discuss the issues of the day through video conferencing from 'the collaboration room.” These Town Hall meetings are a common theme. This is then followed by formal, yearly presentations where vision, financial numbers and goals are announced. Aspect’s annual kick off will see the company be open about results and 60% of the company will join them at an international location such as Malta, Cyprus or Egypt. Referring back to Sungard again, their quarterly meetings will see 2/3 people present on topics, business updates and a larger company basis. Particularly in professional services teams, it is important to get the team together to discuss at a more macro level.

Intelliflo’s use of multiple means brilliantly shows their desire to get messages understood in their businesses. Notice

Photo: One of the famous Black Mountain Systems conferences

boards, emails, intranets, regular 1-2-1s and monthly reviews ensure the messages are truly understood in the team. Intranets and emails from the CEO allow people to stay in touch and regularly connect to the highest level of the business in many of the companies. Alongside the intranets, Eka have created their own social network using Yammer. This allows people to partake in technical debates, open dialogue on product maps, competitions and quizzes. They say “basically anything and everything under the sun happens on Yammer!”

These companies are looking for ways to collaborate. They are encouraging open conversation. They are honest with their teams and get people talking in Agile teams. All part of the rich tapestry that makes them great places to work.

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STHE GREAT PLACE TO WORK

showing what happens before, on start date, when the hire is approved, what they do on their first day and their first 3 months are mapped out. That structure can create real engagement and is a feature of the workflow system at Black Mountain Systems which ensures that everyone is on-boarded with consistent and relevant information to hit the ground running.

HR plays an important part at companies like Intelliflo and Algomi also ensure that new starters are treated well and welcomed warmly into the business. Sungard have a 4 hour HR session and the managers will then get an afternoon booked to “show how we do stuff.” Grads will have mentors and buddies, a theme echoed at Fidessa and Linedata. Innovation is shown by companies like Tradingscreen who will have induction videos about the business.

Ultimately it comes down, as Agiboo have told us, to personal care which recognises that “people are without doubt the most important part of the organisation.” New hires, as Profile Software stress “have to be made to feel welcome” and they have created an “orientation program that is interesting and interactive” and “makes it easy for them to have access to all information relevant to the company and the job at hand.” Little touches like Fidessa’s lunch on the first day by a buddy shows people that they are going to be cared for.

As Ronen Kertis at Cappitech said “first impressions are critical.” Workstations and all equipment needs to be ready. The basics are key. If you want great people who will stay with you to help make a great company, you need to show the love from day one. These companies really understood and went to great lengths to live that.

o often the “Achilles Heel” of a company is their effort in on-boarding the great staff that they attract into their business. Often we have seen examples of where people fail to “show the appropriate levels of love” to a new starter which can often lead to candidates seeking another move quickly. An immediate example that springs to mind is a candidate having to clean the desk of the guy he was replacing and then set up his own PC. Unsurprisingly, the best companies put a little more thought into their on-boarding than the rest.

Clear, structured training programmes such as Ullink’s UL Passport is a classic example of a company ensuring planning to make new starters feel welcome. Each department has a handbook and daily life guide that the company has put together. Others are equally structured with 3 month, 6 month and 12 month plans. Aspect have packs for new starters and a clear employee lifecycle

On-Boarding

As great as your company may be set up to be, it can all fall apart if the company plays as a team of individuals. Camaraderie is encouraged at all of the best companies and they work hard to provide the platform for this to happen.

When HR Director Wayne Coomey asked his team at Fidessa why they thought the company was a great place to work, the people was the overwhelming reply. Fidessa have worked hard to ensure that is the case. Their FEDS committee allows them to work and play together. Basketball, football, cricket, cycling, tennis, bowling teams have all been organised internally. There are weekly sporting events that have created a strong social atmosphere. People have met their husbands and wives, lifelong friendships have been made. The

Developing camaraderie

company has become more than just a place to work for many of the team. A direct quote was “Fidessa genuinely cares about us as employees and isn’t shy to let us know.”

Social nights, recognising birthdays, Christmas celebrations are a common theme. These companies subscribe to the theory that “those who play together stay together.” Gold-i have football and cricket tournaments, drinks and dinners, lunches together, Christmas and Summer parties. They are proud of what they have achieved and created and ensure that they have fun doing it as a team. That pride is important. Doing something special often creates that sense of “doing it together.” We’ve mentioned before that the team at Black

Photo: Ullink’s 5 a Side Team

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Mountain Systems knows how to have a good time. Their offsites, quarterly company events, local brewery tours, picnics, happy hours, team sports and celebration parties have created a cult-like adoration for the company in so many of their staff. That creates excellent results from a company who want to perform for their friends.

Fun is a feature of companies like Aspect and Intelliflo who host quiz nights, family events, pamper evenings and bake offs. Their social committee, like Fidessa, work hard to get a great team spirit in the business. Ullink’s UL Karting, UL Bowling, UL Poker and weekly spontaneous events ensure people aren’t just going to work to work but also to have some fun with a team.

The physical environment also plays a part. We have spoken before about Ullink’s dining tables and this is echoed by Algomi who have people bring in and share food and cakes in a space to sit and share. Capita agree that a good lunch area to socialise and “connect over lunch” is an important part of creating that team spirit.

For others like OpenGamma, that vision and purpose allows them to be a part of a team and state that “it is not just about having drinks but the vision of what is going to be achieved” that forges that sense of camaraderie. Profile Software agree and hire “similar-minded people who can create friendships and deliver results.” Eka also recognise that camaraderie comes from trust with one another.

These companies are aware that it is not all about having a team of stars but instead creating a star team. When these people are encouraged to know, like and trust each other in the right culture, politics evaporate and great things can happen.

The top 5 secrets of

Retention

e concluded our interviews by asking the

companies what they saw as the 5 keys to retaining

people and creating a great place to work. In no particular order here were their answers:

WUllink1. A friendly state of mind

2. Evolution

3. Transparency

4. Challenge

5. Creativity

Celoxica1. Financially sustainable

2. Intellectually challenging

3. Team spirit and atmosphere

4. Clear career progression

5. Work/life balance

Intelliflo1. Competitive benefits and pay

2. Work/life balance

3. Structured Induction

4. Ongoing training and development

5. Great communication

Capita1. Culture

2. Teamwork

3. Vision

4. Innovation

5. Fun

Fidessa1. People

2. Culture

3. Opportunities available

4. Reputation of an organisation

5. Continually developing career

Sungard Energy1. Culture that people want to come to work

2. Get on well with others

3. Feel valued and made to feel wanted

4. Interesting work

5. Rewarded effectively

Eka1. Clear Vision and Open Communication

2. Innovation in everything, every function making the work more challenging and fun.

3. Well defined and rewarding performance management systems.

4. Greater opportunities for creative expression.

5. Leadership

Algomi1. People

2. Respect

3. Ambition

4. Recognition

5. Accountability

Aspect1. Flexibility

2. Leadership

3. Good benefits

4. Integrity

5. Family feel

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The top 5 secrets of Retention

Linedata1. Environment – open door policy

2. Competitive benefits package

3. Flexible working environment and hours

4. Approachable management and leadership team

5. Being part of a right knit supportive team

Agiboo1. Respect

2. Knowledge

3. Ambition

4. Results

5. Passion

Gold-i1. Team culture where all believe in the same vision

2. Great product where people are proud of what they are working on

3. Awards that vindicate what you do

4. A good pay and benefits package

5. Work/life balance

Black Mountain Systems1. Create a fun environment where people look forward to Monday

2. Create a challenging environment where people are constantly learning new things

3. Pay people well and provide constant growth

4. Ensure that the people you hire are talented, motivated and fun to work with

5. Provide an environment where people are encouraged to speak about problems

Tradingscreen1. Product offering

2. Market apace

3. Leadership

4. Entrepreneurial spirit

5. Fun

Total Systems1. Job satisfaction

2. Valued

3. Forward thinking

4. Flexibility

5. Environment

OpenGamma1. Purpose and vision

2. Empowerment and freedom

3. Culture of openness

3. Happy place

5. Fair rewards

Cappitech1. Transparency

2. Partnership / teamwork

3. Collaboration

4. People

5. Sense of belonging and enjoying being part of the company

Profile Software1. Rewards

2. Development

3. Contribution

4. Vision

5. Life training

Cake Solutions1. Challenge people professionally

2. Right office environment

3. Effective, systematic processes

4. Social elements

5. Recognising unique abilities

Not only do these companies recognise the importance of these factors but they work hard to make these happen on a daily basis. They listen to their employees and look to understand what people want in order to join them. It is no great surprise that these companies nearly all match the factors that the job seekers who we spoke to and their top five requirements from a great company. They are thinkers who put real effort into creating their culture. These thoughts become action. That action creates great places to work.

Every company has the opportunity to become an employer of choice. At recent events we have heard time and time again that the biggest threat to FinTech’s growth in 2015 is going to be attracting the talent to help companies thrive. The threat and competition from the new digital wave, the next Facebook or Google, is creating ever increasing challenges in the much heralded “war for talent.” The banks continue to bid big for the brightest lights and alternative finance has fragmented an already small fishing pond for talented technologists.

Despite all of this, however, some companies still manage to outshine and beat the competition to get the best people to join their team. With the best people forming the engine room of their businesses, their results outstrip the competition as well. These companies are quick to recognise that the single biggest factor behind becoming a great company is to find, attract, develop and retain the best people.

The formula is straightforward but common theory is far from common practice. Every company has the same opportunity to do all of the tactics that have been employed and spoken about on the previous pages. Some companies, however, make it their quest to stand out. That takes time, planning, investment and effort. That effort and investment pays back tenfold.

If you are looking to create a great place to work with great people within it, it helps to think about who you are trying

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to attract and what they are looking for in a company. Our extensive research has shown us that people want to work for a company with a great product. They want to be challenged and educated. They want to work with A players who can help them learn and develop their careers. They want to have fun, be part of something with vision and values and work with real camaraderie. They want to be paid fairly with creative rewards and incentives. They are looking for physical environments that look good and to work with leaders who walk the walk. They want an organisation who will help their career develop. They want to innovate and work with “cool technology.” Work/life balance is important to them and they are looking for flexibility in the way that they are able to do their work. They want a company with a good interview process, who will make them feel at home when they start and will communicate their role and tasks clearly. Job seekers, particularly in this skill short market are becoming ever more demanding.

These companies have recognised this and it has been an absolute pleasure interviewing them and understanding what they are doing to stand out in their markets. Their combined results are exceptional and their retention rates enviable in any industry. Despite high competition they secure the best and the best want to stay with them. Your company can do the same.

We believe in our credo: Your Success. Our Business. For our candidates that is about finding great companies for great people. The Harrington Starr team is also passionate about helping good companies grow into great companies. Helping you in securing candidates with the capacity, character and capability to be great is the principal way that we can help make that happen. Please feel free to talk to us about how we can help and advise on developing your brand’s identity as an employer of choice in the market with a complimentary and obligation free on-site consultation. hs

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AboutHarrington Starr is a recruitment business based solely around the needs of the customer. Global specialists in Financial Services and Commodities Technology recruitment, Harrington Starr offer permanent, retained, interim, and contract solutions to over 400 of the leading companies in the world and many thousands of the globes most talented industry professionals. Covering Investment Banks, Hedge Funds, Prop Trading Houses, Exchanges, MTFs, Market Makers, Brokerages, Trading Companies, Vendors and Consultancies, the company is ideally suited to connect world class talent with world class opportunity.

We strongly believe in authentic networking and being of service. With this in mind, our offer extends well beyond traditional contingency recruitment. White papers, commentaries, market information, networking introductions, consulting, video, content and a series of events all combine as complimentary services aimed at delivering true partnership in deed as well as word.

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