Connect with us

Politics

What Tech Talent Wants in a Benefits Package – ReadWrite

Published

on

Deanna Ritchie


Never before has it been so difficult to accrue top tech talent. Even during the pandemic, the best programmers, designers, and project managers are all in greater demand than ever before. It’s a given that a business needs to offer generous salaries if it wants to hire a great team of techies, but where exactly do benefits fit into the equation?

The simple logic here would dictate that larger benefits packages mean more top prospects, but the connection isn’t necessarily so direct. The best workers don’t want a whole smorgasbord of benefits — they just want what they need. Particularly during the newfound era of remote work, ping pong tables and massage rooms aren’t going to cut it anymore.

The Benefits Package Tech Talent Wants

If you want to boost your hiring power, you’re going to need top-of-the-line benefits.

1. Benefits Usability

So, let’s say you’re enrolling all of your employees in excellent health insurance plans — that’s great, but are they going to know what perks they offer and how to use them? Benefits are only worthwhile if your employees can actually take advantage of them. Simply put, you need a system in place that effectively administrates all of the benefits you offer your workers.

One of the best examples of this kind of system is Benebee, an application that is a part of Hamilton Insurance Agency’s benefits administration platform. Benebee consolidates and streamlines all health insurance-related documents into one application on their phone, eliminating headaches.

Jason Zuccari, vice president of business development for Hamilton Insurance Agency, recommends to “take a similar approach to all of your benefits: make sure that they’re as usable as they are valuable.”

2. Working Flexibility

For companies new to the remote work game, promising remote work flexibility to a new employee can seem risky to offer in a benefits package. The truth is that remote work and working flexibility are very much here to stay. Employers need to adapt in order to secure the top talent looking for remote options.

Your remote working setup doesn’t need to just be a relic of the COVID era: workflow software company Zapier has been a fully remote company for nearly a decade now. Ultimately, there will always be some very talented workers unwilling to relocate or wary of going into the office. Accommodate them — the results will be worth it.

3. Company Equity

How do you make a worker feel like they’re truly a part of your business? Company mission? Team-building exercises? After-hours drinks? None of these answers are wrong, but none of the answers go quite as far as company equity does. Equity turns an employee into a partner, drawing them into company operations in ways they simply would not have had access to otherwise.

Use equity as a final selling point for your top job candidates in their benefits package. Company equity is a great way to differentiate your business from some of the larger operations that may offer heftier salaries but can’t compete with your whole package.

Once an applicant knows that they’ll get to be invested in your business as they work for you — they’ll be far more likely to bound over the finish line into your office. Employees who hold company equity are more likely to stay with the company that they are invested in, providing less turnover.

4. Meaningful Development Opportunities

Top talent only reached that distinction because of their passion for learning and growth. If your business offers further opportunities to pursue personal and professional development, you’re more likely to attract the kinds of candidates interested in growth.

One of the best models for professional development, in terms of what companies can do for tech workers, is Schneider Electric University. The company is a compendium of courses and certifications run by Schneider Electric at no cost to their employees. Interested workers can learn new skills, hone existing ones, and grow in manifold ways through programs like this one.

Companies that don’t offer personal and professional opportunities for its employees are at a severe disadvantage in the hiring process compared to those that do.

Just because nabbing top tech talent is difficult doesn’t mean you should stop trying. By improving and refining your benefits package, you can run with the fastest of them — and recruit the best of them too.

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.