Attracting employees through competitive benefits
Even when operating in a state that supports the industry, financial services companies still have to compete for talent with larger markets like Philadelphia. Once companies find talent, the next challenge is convincing candidates to join the team and that often starts with a competitive benefits package.
The fintech platform and online personal loan provider Best Egg tries to be competitive in its benefits by offering a no cost out-of-pocket medical plan, gym membership reimbursement and tuition reimbursement of up to $5,250 a year.
A strong benefits package and quality company culture helps Best Egg attract young workers in Philadelphia who will commute to the company’s headquarters in Wilmington for a good job.
Aside from medical, paid time off and retirement plans, WSFS bank offers tuition reimbursement to allow employees to continue their education and paid volunteer time that helps workers give back to the community they serve.
Once in the door, Delaware’s financial services companies pride themselves on offering a flexible work environment.
Del-One Federal Credit Union employs 210 people, and CEO Dan McCarthy said employees described feeling supported as people, not simply as workers. That can mean allowing someone to work remotely temporarily or take time off during a family emergency.
“Part of being a teammate is being there for people during tough times,” McCarthy said.
Financial planning firm Diversified LLC also allows its employees to work remotely, in addition to having flexibility in their schedules, unlimited paid time off and giving employees every other Friday off.
Creating a sense of purpose
Delaware’s finance companies on the Top Workplaces list share purpose-driven missions by creating workplaces where employees feel like they are making a difference for their clients and feel important at their office.
For companies in a highly regulated and numbers-driven industry, those messages about purpose, community, respect and personal development are increasingly part of the recruiting pitch.
Del-One creates that feeling of importance for its employees through community involvement. Employees participate in community events and fundraisers, and the company holds a companywide volunteer day during which branches close so employees can work with organizations and causes they care about.
As a credit union that prides itself on being a supportive institution for the state’s residents and local businesses, having a connection between employees and the community is deliberate, McCarthy said. Del-One often hires for customer-service skills and a desire to give back rather than requiring a traditional financial background because care for its members is at the top of its mission statement.
Diversified describes its mission as helping clients achieve lifelong wealth, health and happiness and lists its workplace values as caring for employees and clients, accountability and combining productivity with enjoyment.
Executive Chairman Andrew Rosen said the firm also often hires for character and cultural fit before specific technical skills.
“If you’re smart, hungry, humble and a great person, we know that we can mold you and train you,” he said.
At WSFS, Director of Talent Management Patrick Best said the company breeds a culture of service where employees feel important when they can help out a small business with a loan or a neighbor in need of financial assistance.
“I think when you are empowered to do the right thing by the client you’re working with, it’s just easier to feel good about the work you do,” he said.
Developing the next generation of talent
The competition for talent extends to the state as a whole and Delaware’s finance industry is working to develop the next generation of expertise in banking, fintech and investing.
Crell said financial services companies are increasingly expanding their Delaware presence through participation in programs such as Startup302, the Center for Accelerating Financial Equity and the FinTech Innovation Hub – all of which aim to help the state’s emerging finance industry leaders find success.
For employers, the goal is not simply to fill vacancies − it is to develop people who can lead the next generation and move into increasingly specialized and technical roles.
For WSFS, that effort starts well before a job opening is posted. The bank works with the University of Delaware, Delaware State University and other schools to promote internships, table at job fairs, hold mock interviews and conduct résumé reviews in order to connect with the next generation of talent.
WSFS works with Year Up United and software-development bootcamps to widen the pool beyond people who have followed a traditional path into banking.
At WSFS, new and emerging leaders can take part in a 12-month leadership program, with cohorts of roughly 20 to 30 people meeting monthly for leadership training and development.
The same philosophy is visible at Del-One, where internal advancement is formalized through a program called Career Ladders that helps employees identify higher-level positions they want to pursue and develop the skills needed to reach them.
Best Egg has a “Horizon” program that gives its call center employees opportunities to learn about other roles in the company and develop the necessary skills to move into them.
For its not technologically proficient workers seeking to build skills, Best Egg sponsors employees to attend Zip Code Wilmington, a technology training program designed for people without a technology background to become tech professionals and get careers in the field.
At Diamond State, the firm makes sure it is investing in the employees it hire. New advisers undergo a structured four- to five-year mentorship program in which more experienced advisers work alongside them and help them learn the business.
“It’s not like you’re mentored here for six months and then you’re on your own,” Sniadowski said. “For the first four years, it’s a very structured onboarding.”
It’s through these benefits, career development training and community involvement that Delaware is shaping the finance industry and creating new opportunities for its workforce.
