Revolut People and Culture in 2021

Hello and welcome to the bottom up skills podcast. I'm Mike Parsons the CEO of Qualitance. And today we're continuing with Revolut. Yes, the FinTech giant, the neobank nemesis. We're you going to discuss Revolut people and culture approach here in 2021. Now the people and culture area for Revolut is probably the most significant area.

Of improvement. I'm afraid to say that the key executives keep on leaving and employee satisfaction is not tracking upwards. It's kind of down. So let's see if some of the new hybrid working and remote working and working abroad programs will give that employee culture that much needed [00:01:00] boost. Okay. So the very recent news from Revolut is that they're going to allow its employees to work abroad for up to 60 days.

And they've totally embraced, uh, hybrid working. Um, think about this, uh, over 50% of their staff would like to work in a hybrid way. 36% actually want to work entirely remote and wait for this only 2% want to come into the office every day. And this is getting to be a big deal cause it's over 2000 people worldwide.

And, uh, there's some big things, uh, at stake here for Revolut. I think the working abroad really fits the product and where the company comes from. So I actually love this idea, I think is really, really powerful. Um, they are famous for making travel and international money transfers easy. So it seems only natural that the company would be kind of borderless in how it thinks [00:02:00] about where and how the team can work from.

Not only working from home, but perhaps even working abroad. So I think this is a really interesting thing that could be great for the culture and as well, when you bundle in that hybrid working way, I think there's a chance that this could start to contribute to a higher employee satisfaction, but there's work to do.

Um, so what we have done is. As always, when we do our case studies, we actually dig into glass door and we have a look at seat. Well, what's really happening behind the scenes. Now it's not going to be the. Um, world's best way of reading the pulse and the culture of an organization you'd have to be working inside to truly know, but it's a pretty good indicator.

And I think we can get some directional ideas from this. So I want to take you through the [00:03:00] basic numbers. For Revolut on Glassdoor. This is where all their employees give feedback and to do so I'm actually going to refer to the stats as they are right now. And I'm going to compare them with what they were a year ago.

So we went to glassdoor.com and we had a look at what employees. Past and present. I was saying about the organization and actually it was a pretty decent school. So we got 3.9 out of five stars overall for the company. And 71% would recommend and 81% approved of the CEO Nikolai . Well, let's fast forward to today.

Okay. So those numbers were from a year ago. Let's have a look at today and ouch. It's like all of the numbers are down. So, um, the overall rating of the company is down from 3.9 to 3.3. So that's a 15% drop. [00:04:00] That's pretty big movement. Um, but the movement just gets. Bigger and to the downside recommendations down from 71 to 52%, that's a pretty big decline.

The biggest one is the approval of the CEO has plummeted down to 54% from what was 81% a year ago. This is really, um, surprising and pretty dramatic. Actually, when you think about a company, this size 2000 employees, um, of which there are five, almost 500 reviews. So this is a quarter of the entire sample.

So I think there's some big you're flashing lights here. There's flags, there's smoke signals coming out of here. Um, But let's look at what is it about this culture? That seems so tough. And look, I'm the first to [00:05:00] admit, you know, culture it's really about, um, leadership and vision and how