What's the key to keeping hip, young, intelligent, employees who might otherwise be working for Facebook or Google happy? The answer is not money.
It's fulfillment, according to Man Group chief executive Sandy Rattray, speaking to Financial News: today's young employees want to be fulfilled. They want to be happy.
That may sound easier said than done, but Rattray clearly thinks he's onto something. Employees are fulfilled when they're given a, "high level of freedom," he says. Mostly, this is freedom to work in the way they want, but it includes the option to wear sandals in the office and to push the paradigms of established thought. - Some of the algorithms developed by Man's happy staff are based on astronomy.
Whether this fulfillment will last is another matter. Rattray's employees, which include a former DJ and someone who used to work for Pixar, are busy developing the sort of artificial intelligence which could one day become self-learning and render them surplus to requirement. “We run money using machine learning, and in five or 10 years’ time we will run a lot more money using machine learning than today," Rattray tells Financial News. "One of the reasons is that it can clearly pick up on things which humans find difficult.”
Separately, if you thought five years was a long time to wait for your banking bonus, spare a thought for the Credit Suisse brokers who are joining Wells Fargo. Bloomberg reports that they've been offered 13 year contracts and have to stay for the full amount of time if they're to receive the packages on offer to them. The Bank of England has already suggested that bonuses in the UK should be clawed back up to 10 years after they were awarded. Bankers need to hope that regulators don't look at the US brokerage sector and get any funny ideas.
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