Latest report from Scoop Finds 80% of FinTech companies are fully flexible compared to 20% of financial services

The Flex Index finds that the way work is done in finance has implications that extend far beyond the financial districts

SAN FRANCISCO, March 7, 2023 /PRNewswire-PRWeb/ — Today, Scoop, the company that enables employees to plan great days at the office without the hassle, is launching the Flex Report – Financial Services Deep Dive, hot on the heels of its first Flex Index* report. Drawing on data from the Flex Index – the world’s most robust source of corporate office requirements – this report highlights trends in banking and beyond, anchoring one of the loudest conversations around office mandates in unprecedented data. Does Wall Street or Silicon Valley have more influence on trends? What does that mean for the financial districts that anchor many American downtowns?

With large banks ranking among the high-paying public companies that set trends, what we see in Financial Services could have implications beyond work and have long-term impacts on other industries as the battle for top talent continues. This is the kind of analysis that can now be anchored in quantitative data, with the new Flex Index’s comprehensive insights from over 4,000 companies and 25,000 office locations that together employ more than 100 million people.

“A lot of people might assume that FinTech is the only place to find job placement flexibility in Financial Services. And while FinTech certainly leads on flexibility, there’s a big disconnect between the average person’s perspective and what’s actually happening,” said Rob SadowCEO of Scoop and creator of the Flex Index.

“Even if you sort out FinTech, the vast majority of firms from other financial sub-sectors offer some degree of job placement flexibility. My biggest curiosity is what will happen to talent flow over time. Although employee attrition is tempered somewhat due to the macroeconomic environment, my instinct is that over the years FinTechs and more flexible traditional Financial Services firms will use flexibility as a wedge against the big banks in place – and that flexibility will continue to be a lever used to accelerate change in industries.”

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Flexibility is the second most important criterion for jobseekers after compensation, and the impact extends far beyond individuals’ work choices.

Key Findings and Assessments from the Flex Report – Financial Services Deep Dive

• The Valley is Louder than the Big Banks – and it is felt on the ground: Almost 80 percent of FinTech companies are fully flexible, which shows that the technology-led industries rule when it comes to flexibility. And period Jamie Dimon caused a stir with its full-time tenure at the office of JPMorgan Chase (NYSE: JPM ), only 20 percent of financial services firms are fully on-site. With the majority favoring Structured Hybrid policies, the real estate implications are significant; Manhattan loser 12 billion dollars a year to remote work, and the future is uncertain for other legacy East Coast metros as office demands decline.

• How the West won (or at least wins): When the US is divided into four regions (East, Midwest, South and West), the West is the most flexible, with 46 percent of companies headquartered in the West categorized as Fully Flexible compared to only 23 percent in the northeast. The West still leads on flexibility even when FinTech companies are removed.

• Closing the gender gap in finance (and beyond): Mens Jamie Dimon encouraged employees to return to the office, Citigroup’s Jane Phrases claimed being full-time in the office is “largely unnecessary today.” And as noted by theSkimm co-founders and co-CEOs Carly Zakin and Danielle Weisberg“While the need for remote and flexible options is not a new concept, in the past there have been women who have needed or requested the option to work from home due to childcare and Care giving responsibilities that historically fall on them. Offering solutions to all employees creates a culture that removes the stigma women face because telecommuting is the only option for them.”

• Employers can punch above their weight: Companies with fewer than 250 employees offer more workplace flexibility than their peers, and are almost three times as likely to be fully flexible. For hiring managers in smaller companies, the benefits of telecommuting can be significant – not just in savings on office costs, but as a competitive advantage in hiring. As Remote Works co-author Ali Greene notes, “While there are limitations to certain personal roles across industries, looking at best practices for remote-ready industries can introduce some learning opportunities that can be adjusted accordingly.”

*Launched last month, the Flex Index provides insights from over 4,000 companies and 25,000 office locations that together employ more than 100 million people. With insight into company-by-company trends across a variety of axes—including location, size, industry and more—anyone can now uncover their companies’ workplace flexibility policies in one single, comprehensive place.

Methodology
The company’s office requirements are generated through a combination of online research and manual entry of publicly available information. All surveys must be submitted by an employee of the company with an associated work email address to verify employment. All research contributing to this Flex report was conducted between October 2022 and February 2023. When a company is included in the Flex Index, company representatives are contacted to inform them of their inclusion. Companies can add or update their information on the Flex Index at any time.

Corporate office requirements reflect the most common office requirements for corporate employees. Companies can add details to the company page to reflect job functions, roles or geographies where there are different office requirements from company policy. This includes opportunities to work entirely remotely, roles that are required to be fully on-site, or other hybrid work arrangements.

Our partner People Data Labs provides data on the best places to hire for each company on the Flex Index. This data is used to inform state and metro flexibility analysis.

About Scoop
Scoop is the fastest way to plan your next great office day. With Scoop, employees get more out of going in, with easily planned office days and invitations. For HR and workplace managers, Scoop provides insight into workplace trends, office usage and additional workplace solutions to make the most of hybrid working.

With headquarters in San Francisco, CaliforniaScoop is a privately held company backed by prominent investors including Haystack Ventures, Audacious Ventures, G2 Venture Partners, Activate Capital, BNP Paribas and select angel investors.

Media contact

Binta RathodScoop, (804)-314-6269, [email protected]

SOURCE Scoop