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How Fidelity is Capitalizing on Tech Layoffs in RTP Expansion

How Fidelity is Capitalizing on Tech Layoffs in RTP Expansion

  Fidelity Investments stands out amongst recent tech layoffs as one of the few companies still posting "help wanted" signs in Research Triangle Park, expanding its business by increasing customer relationships and diversifying its offerings. Fidelity draws traders because its no commission fees for online stock, ETF or option trades and has earned a stellar reputation for customer service. How Fidelity is Capitalizing on Big Tech Layoffs Fidelity Investments has nearly met its ambitious hiring plans for 2023, including creating 620 positions at Research Triangle Park campus in North Carolina. And despite recent layoffs at Big Tech companies such as Apple and IBM, Fidelity remains ahead of schedule in hiring technology workers. New hires at the company will fill customer service, software engineering and marketing roles - representing just part of its growth that aims to employ 68,000 by the end of 2022, according to statements released by the company. Fidelity's new hires will help them keep up with customer demand, but the firm is also making cuts in order to reduce costs. So far they've already laid off over 800 employees - most in areas related to overseeing other companies' retirement and 401(k) funds, according to a Fidelity spokesperson who spoke with WRAL TechWire earlier this year - in addition to eliminating hundreds of positions through two rounds of layoffs earlier in 2016. As the economy recovers, many of the most successful tech companies have begun reducing their hiring rates and budgets while continuing their pursuit of talent; as a result, layoffs may increase. Some tech firms, including crypto gaming startup Immutable and Ethereum scaling platform Polygon have already laid off 11% of their workforce and announced they are also parting ways with employees. Layoffs in tech are certainly concerning, yet should come as no shock to anyone in the industry. "Looking at some of the biggest tech names, they have been cutting jobs for some time now," notes Hyoun Park of Amalgam Insights and Principal Analyst at Re/code. "They have no loyalty towards their employees." Companies who value workers and prioritize innovation continue to invest in talent, so both tech workers and those from other industries should begin saving for any possible layoffs by setting up an emergency savings account and improving their skills so as to be less susceptible to being let go. The Company’s Technology Strategy Boston-based financial services company plans to add 620 positions at their RTP location this year, mostly in technology and customer service roles. The additions will bring their total employee count in North Carolina up to more than 9,000 employees. Fidelity Investments has been hiring people with diverse skill sets, from software engineers and data scientists to business analysts and business analysts, according to Triangle Business Journal. Even amid layoffs at Big Tech companies, Fidelity has successfully recruited talent; and they're on track with their aggressive hiring plans this year. Integration of data flows that pass through Fidelity platforms is a central tenet of its strategy. While this might seem like an ambitious goal, it will help create a more agile and adaptable organization, while providing its clients with greater data availability. An essential aspect of the company's strategy is embracing new technologies. Recently, Fidelity Spire app was released to allow teens to trade US-listed stocks and exchange-traded funds commission-free. Furthermore, Finbourne, an investment management technology firm has been brought on board as a partner to help overcome data challenges for buy-side investors. Fidelity Investments is taking advantage of voice and gesture-based interfaces as part of its investment philosophy, including creating an Alexa skill to provide investors with access to their account details. Furthermore, Fidelity has experimented with virtual reality and blockchain technologies; hoping they may become mainstream technologies in future. Additionally, the company has adopted a hybrid work strategy which permits employees to work from anywhere - be it home or elsewhere. An employee working within their personal investing organization might spend most of their time on-site with colleagues; however, when needed for focused projects or milestones they can also choose working remotely from home. Overall, the company's hiring plan demonstrates its desire to continue serving customers by providing them with innovative products and services. They do this by continuing to invest in technology as the industry advances. The Company’s Focus on Relationships At a time when relationships are being undermined by technology and economic forces, it's essential to remember the foundational importance of relationships for life and business success. From branding your brand or establishing romantic relationships to developing successful business partnerships, cultivating strong connections with your customers and clients will lead to long-term success if done correctly. Providing them with experiences which match up with their values, goals, and self-perception will ultimately make for greater long-term success. Fidelity's dedication to relationships can be seen through its culture, which promotes integrity, innovation, passion and teamwork. Bankers at Fidelity are given tools that allow them to provide personalized experiences for clients instead of acting simply as processors of transactions - this approach allows them to form genuine partnerships with customers which leads to increased levels of customer satisfaction. Studies reveal the importance of relationships outside marriage or commitment relationships for maintaining healthy marriages or partnerships. According to "iFidelity", published by National Marriage Project and School of Family Life at Brigham Young University, couples who establish strict boundaries online against sexual and romantic alternatives tend to feel happier in their relationships. Practical Fidelity can be seen in how people treat their families, friends and coworkers. For instance, sharing financial details with people familiar with an investment or tax issue is often seen as practical Fidelity. An additional form of fidelity occurs when partners take responsibility for household duties, transportation needs and making sure children attend all required educational activities - this type is known as emotional fidelity. Financial sector organizations show this fidelity by closely overseeing employees to ensure compliance with regulations; regardless of their role all bankers should uphold ethical behavior standards in accordance with regulatory compliance. The Company’s Expansion Fidelity executives surveyed several other sites before placing such a significant bet on RTP, but saw great promise in its development. Fidelity's success was helped along by support from state and local community members, with Fidelity using part of its incentive package to train its new workers - including working closely with universities and colleges in the region to make sure employees receive adequate education for their roles, according to a statement from Fidelity. Fidelity Investments is also increasing employee benefits. Last fall, they implemented a program to offer reduced tuition assistance for entry-level customer service workers and fertility and adoption assistance as part of an employee retention strategy. Furthermore, Kuykendoll noted that teams will occasionally come into the office rather than working remotely, in order to foster team bonding. Additionally, the company recently announced it will add trading in cryptocurrencies like Bitcoin and Ethereum to its list of services. While they won't offer futures or forex trading capabilities yet, their crypto trading will likely remain commission-free. Even as it enters into cryptocurrency offerings, the company remains dedicated to its core offerings of mutual funds and other financial products, providing excellent customer service as has always been its hallmark. Fidelity will hire in 2023 across many roles, from technology development to customer service and especially those employed in industries hit hard by pandemic, according to Merdes. They want people with "strong customer service skills, particularly those from industries most affected," she added. Additionally, consumers who understand consumer tech will provide advice for customer investments as they will also offer on-the-job training and educational opportunities to advance. Furthermore, Fidelity seeks candidates comfortable working within digital environments in highly collaborative workspace environments - particularly among entry level roles offered as entry-level jobs.

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