The future of any business is only as bright as its ability to retain young talent. So what’s new with this new generation of professionals, what are they looking for in a prospective employer and what can they bring to the table?

Take Andrea Scott. She graduated with a Master of Mathematics, now she’s ready to take the world of cloud engineering by storm.

She walks bright-eyed into the back office of one of the world’s largest corporate banks. She’s introduced to a 20+ year-old core system that requires another masters just to understand the UI. And there’s a machine in the corner churning out paper, they call it fax. What on earth is that? Then she’s told more about the system:

‘Sure we’d love to innovate but this has over 100 up and down stream interfaces, some of which we don’t even know what they do. It’s too risky, too expensive to change. You should focus on smaller advances and efficiencies.’

Andrea is now looking for the nearest exit.

Andrea walks into the back office department of another neo/challenger bank. No vintage throwback in sight. The bank has just gone live with a cloud native platform that administers corporate loans. It uses cutting-edge technology and is limitlessly buildable. She’s told:

‘Get dreaming of new ways the bank can provide its different products.’

Andrea is now looking for the nearest opportunity to impress her line manager.

What Gen Zs want – and what they can offer

Here’s a rundown of their preferences and strengths…

Common among Gen Zs is their desire for purpose-driven work. They need a sense of meaning. Andrea doesn’t want to just apply quick fixes to old world problems. That doesn’t align with her values. She wants to be part of forging a new world for her generation and the one to come.

Gen Zs are also hungry for opportunities for continuous learning and development. This is great news for the future of the company they choose!

With the Covid pandemic being a core experience for Gen Z, they prefer flexible work arrangements, mixing remote and in-office working for the best of both worlds. This can improve work-life balance, productivity levels, and cut office-based overheads. Flexible working is made increasingly possible through technological innovation.

Speaking of technology, Gen Zs have grown up in the digital era; it’s second nature to them. They are extremely tech savvy and need modern and innovative workplaces in which to thrive. They’re looking for a place where they can leverage advanced technology to build next level solutions.

Andrea is hungry to problem solve, but not for a company with rigid structures and outdated approaches where her voice is unlikely to have a meaningful impact. She has an entrepreneurial spirit and mindset, and seeks a workplace culture that encourages experimentation, risk-taking and game-changing ideas.

What corporate banks can do to win Gen Zs

Competition for talent in this industry has majorly intensified. Corporate banks are not only competing with one another, but with tech companies, start-ups and fintechs that clearly embrace emerging technologies, dynamic approaches and innovative digital tools.

To stand out and win new talent, commercial banks need to fight the mindset of this is how we’ve always done it. They need to demonstrate their commitment to advancement for the good of their company and their people.

How? They can:

• Offer career development opportunities such as training programs, mentorship, and career advancement opportunities that nurture innovation and support the growth of all employees.
• Encourage cross-functional collaborations and so provide further opportunities for young talent to work on diverse projects to enhance their skill sets.
• Foster a culture of innovation by encouraging creativity, continuous learning and experimentation. Initiatives such as hackathons or innovation challenges enable young professionals to contribute their fresh perspectives.
• Embrace technology by investing in and adopting innovative technologies such as artificial intelligence, machine learning, blockchain, and digital platforms.
• Partner with fintech firms and start-ups to infuse the company with innovative ideas and practices, and in turn attract young talent who are eager to work at the intersection of finance and technology.

Our tale of Andrea Scott is based on the personal experiences of our team.

We are a start-up fintech company with the world’s first, purely digital, cloud native, corporate loan administration platform. Get in touch. We’d love to chat with you.