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Study: Developers eschewing big-bank positions for roles at smaller companies

posted Feb 2, 2017, 2:39 AM by Annaleis Montgomery   [ updated Feb 17, 2017, 7:30 AM ]
Top developers are turning down digital jobs at big banks in favor of opportunities at fintech companies and startup enterprises, according to the latest London Employment Monitor from Morgan McKinley.

Unpacking the ‘interesting shift’

So, what’s behind
the phenomenon that FTSE Global Markets called an “interesting shift“? According to Morgan McKinley, there are several factors at play.

  • Innovative compensation packages: With the recession in the rearview mirror, many professionals aren’t as focused on monetary compensation as they would have been as recently as a couple of years ago. Smaller firms are taking advantage of this situation by getting creative with their salary packages to make the jobs they have on offer seem more enticing. In one example cited by Hakan Enver, operations director for Morgan McKinley Financial Services, a tech company offered a data developer £60,000 in shares on top of his £60,000 base salary.
  • A position at the cutting edge: Big banks are not known for being early adopters of technology, which can be frustrating for a digital guru working at such an enterprise. Smaller companies tend to adapt more quickly, and their willingness to embrace new technological developments is attractive.
  • The small business dynamic: Employees tend to have more say at smaller companies – an enticing prospect for tech-savvy professionals eager to share their knowledge and ideas. At big banks, there’s less room to maneuver, and managers eager to adhere to company-wide policies are often less open to suggestions.
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