FinTech Futures Jobs: Why early-career workers no longer see tech giants as a safe bet
For the generation of people born between the late 1990s and early 2000s, better known as Gen Z, it is not the tech giants with household name recognition that they aspire to work for.
Rather, recent research from Handshake has found that for those entering the workforce for the first time, it is brands such as Nike that they want to sign on with, and not Salesforce or TikTok.
Perhaps surprisingly, aerospace and defence firms do well with this generation too, with interest being shown in Raytheon, Lockheed Martin and Boeing. Finance giants Morgan Stanley and Capital One are also hot tickets.
It’s not too hard to see why Gen Z may now be wary of tech behemoths. Layoffs.fyi data indicates that so far in 2023, 745 tech companies globally have made more than 200,000 employees redundant.
Younger workers spooked
With news around tech layoffs both constant and worrying, it is no wonder younger workers may feel spooked. Amazon has recently cut 18,000 jobs including recent hires, while in January, Meta reportedly withdrew offers to at least 20 recruits due to start in its London offices.
In context, however, these numbers are relatively small when compared to overall tech employment, and the UK is also experiencing one of its lowest unemployment rates since 1974, with the rate standing at 3.9% in March 2023, according to the Office of National Statistics (ONS).
The employment outlook for younger workers, who made up 20% of the workforce in 2020, is broadly good. Gen Z is, according to Deloitte, set to soon become the most populous generation on earth. It is also the most diverse, and 77% of Gen Zers say that it’s important to work for companies or organisations whose values align with their own.
These employees are drawn to work that supports the greater good, such as education (41%) and healthcare (37%), and while they are interested in money, it’s not their primary motivating factor.
And for a generation which may be doomed to long-term renting, with just 1% of Gen Z and millennials currently living in their long-term home, it’s really not surprising that the shine is off the tech secret for this cohort.
A positive side effect
As younger workers increasingly eschew Big Tech, an interesting side effect of all those layoffs is happening: start-ups are benefitting.
Data from PitchBook reveals that while overall VC funding dropped by 33% in 2022, early-stage funding remained strong, with $37.4 billion raised in angel or seed rounds that year.
Start-ups are benefiting from the glut of seasoned tech workers flooding the job market and making hires that can help them grow.
Additionally, many of those workers who have been made redundant from big firms are deciding that working for themselves is the way to go. New figures from The State of European Tech report show that the share of founders with prior senior experience (at a company that raised over $50 million) rose from 11% in Q4 of 2021 to 19% by Q4 of 2022.
For Gen Z, smaller companies have an appeal: they may not offer the perks and benefits that they are used to, but they can offer flat structures, meaningful work and the chance to shape their jobs and careers the way they want them.
New career path
No matter what your age, however, you may be considering a new career path this year. The FinTech Futures Job Board contains thousands of open roles to discover––like the three below.
Monzo is seeking a Head of Equity and Share Plans to work in London. You’ll report to the VP of Rewards and be empowered to make a huge impact on the success of the company by leading and delivering on the design and management of share plans.
If you are an employee share plan expert and you can demonstrate experience managing employee share plans, and in particular share option plans, you should consider applying.
FIS Global is seeking an experienced Auditor to support its audit teams during financial, operational, regulatory and/or Sarbanes-Oxley (SOX) audit projects. You will support special investigations and evaluate and validate financial, operational and regulatory processes, risks and controls at the audit engagement level.
A Bachelor’s degree in accounting, finance or technology, or an equivalent combination of education, training or work experience, plus professional certifications (e.g., CIA, CISA, CPA, CFE, CISM, CISSP) are required to apply.
A Business Analyst is currently being sought by S&P Global in London. In this role, you’ll work on a regulatory reporting solution to define and deliver solutions relating to various requirements defined by regulators across the globe, including the CFTC, SEC, ESMA, FCA, ASIC, MAS and HKMA.
Prior background as a business analyst or experience in a related role is required, as are strong problem-solving skills and experience of requirements elicitation using various business process modelling techniques.
For hundreds more opportunities across fintech, visit the FinTech Futures Job Board today.