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Latest Report From Scoop Finds that 80% of FinTech Companies are Fully Flexible Compared to 20% of Financial Services Firms

Flex Index notes that the way finance works has an impact that extends far beyond the financial districts

SAN FRANCISCO, March 7, 2023 /PRNewswire-PRWeb/ — Today, Scoop, the company that enables employees to easily plan great work days in the office, releases the Flex Report – Financial Services Deep Dive, shortly after its first Flex Index* report. Citing data from the Flex Index – the world’s most trusted source of corporate office needs – this report highlights trends in banking and beyond, anchoring one of the loudest conversations about office mandates in unprecedented data. Does Wall Street or Silicon Valley have more influence on trends? What does all this mean for the financial districts that anchor many American inner cities?

With big banks among the high-paying public companies setting trends, what we’re seeing in financial services may have implications beyond work and have long-term implications for other industries as the race for the best talent continues. This is the kind of analysis that can now be anchored in quantitative data, with the new Flex Index’s comprehensive insights of over 4,000 companies and 25,000 office locations, collectively employing more than 100 million people.

“A lot of people might assume that FinTech is the only place to find job flexibility in the financial services space. And while FinTech is certainly at the forefront of flexibility, there’s a huge disconnect between the average person’s perspective and what’s actually happening,” he said Rob SadowCEO of Scoop and creator of the Flex Index.

“Even if you weed out FinTech, the vast majority of companies from other financial subsectors offer some degree of flexibility in the workplace. My biggest curiosity is what will happen to talent flow over time. Even if employee turnover is somewhat muted due to the macro environment, my instinct is that over the years FinTechs and more flexible traditional financial services firms will use flexibility as a wedge against the fully resident big banks – and that flexibility will continue to be a lever used to accelerate industry change.”

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Flexibility is the second most important criteria for job seekers after pay, and its implications extend far beyond an individual’s job choice.

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

  • The Valley is Louder than the Big Banks – and it’s Felt on the Ground: Almost 80 percent of FinTech companies are fully flexible, which shows that the technology-oriented industries lead in terms of flexibility. And while Jamie Dimon caused a stir with his full-time in-office mandate for JPMorgan Chase (NYSE: JPM), only 20 percent of financial services firms are fully on-premises. With the majority preferring structured hybrid policies, the impact on real estate is significant; Manhattan loses 12 billion dollars a year to remote work, and the future for other long-established East Coast subways is uncertain as office demand plummets.

  • How the West won (or at least is winning): When the US is broken down into four regions (East, Midwest, South, and West), the West is the most flexible, with 46 percent of companies headquartered in the West being classified as Fully Flexible compared to just 23 percent in the Northeast. The West is still the leader when it comes to flexibility when it comes to FinTech companies are removed.

  • Closing the gender gap in finance (and beyond): While Jamie Dimon urged staff to return to the office, Citigroups jane Fraser claimed being in the office full-time is “largely unnecessary today.” And as noted by theSkimm Co-Founders and Co-CEOs Carly Zakin And Danielle Weissberg“While the need for remote and flexible options is not a new concept, historically it has been women who needed or requested the opportunity due to childcare and working from home Care responsibilities that historically fall on them. Offering solutions to all employees creates a culture that frees women from the stigma that remote work is the only option for them.”

  • Employers can excel: Companies with fewer than 250 employees offer more workplace flexibility than their peers and are almost 3 times as likely to be fully flexible. For hiring managers in smaller companies, the benefits of remote work can be significant — not just in the form of office cost savings, but also as a competitive advantage when hiring. As co-author of Remote Works Ali Greene notes, “While there are restrictions on specific personal roles across industries, a look at best practices from remote-ready industries may introduce some learning opportunities that can be adjusted accordingly.”

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*Launched last month, the Flex Index provides insights into over 4,000 companies and 25,000 office locations, collectively employing more than 100 million people. With insights into company-specific trends across multiple axes—including location, size, industry, and more—anyone can now uncover organizations’ workplace flexibility policies in a single, comprehensive place.

methodology
Corporate office needs are generated through a combination of online survey and manual entry of publicly available information. All surveys must be submitted by a Company employee with an accompanying work email address to confirm their employment. All surveys contributing to this Flex Report were conducted between October 2022 And February 2023. Once a company has been 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.

Company office needs reflect the most common office needs for company employees. Companies can add details to their Company Page to reflect job functions, roles, or regions that have different office requirements than company policy. This includes opportunities for full remote work, full on-site roles, or other hybrid work arrangements.

Our partner People Data Labs provides the data on the top jobs for each company in 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 day at the office. With Scoop, employees get more out of going in, with easy-to-plan office days and invitations. For HR and workplace leaders, Scoop provides insights into workplace trends, office usage and additional workspace solutions to get the most out of hybrid work.

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headquarters in San Francisco, CaliforniaScoop is a privately held company with the backing of prominent investors such as Haystack Ventures, Audacious Ventures, G2 Venture Partners, Activate Capital, BNP Paribas and select angel investors.

media contact

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

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