Revolut builds ‘CultureLab’ to shake off workplace criticism
Revolut is putting together an internal “CultureLab” to oversee its staff’s behaviour as it looks to win over regulators and address its reputation as a cut-throat workplace.
The $33bn fintech firm has been beset by criticism over its poor corporate culture leading to a wave of staff exits over the past two years, including in its executive teams. The firm has gained notoriety for a sign in its office which reads “Get Sh*t Done”.
However, bosses are now looking to strike a softer tone to employees with a package of measures designed to create a more friendly atmosphere at the firm’s workplace, City PM understands.
Among the measures to be rolled out are directions to “support each other individually and professionally, across teams and departments, even if it’s not in your KPIs or goals”, as well as “be inclusive, approachable and interested in your colleagues’ work”.
Revolut managers will also set out to be “radically honest, direct, and respectful” and “lead by doing”.
The new culture team, first reported by The Guardian, is understood to be made up of two internal existing teams and feature experts with a background in psychology.
Three senior hires will also be made to oversee the operation.
The culture overhaul comes as the fintech firm continues to wait for its full banking license, some two years after first applying.
In an interview with City A.M. last year, chief executive and founder Nikolay Storonsky said that the FCA has been “slower compared to other regulators”.
Reuters reported last week that the fintech firm is set to publish its long-overdue 2021 financial accounts, which were due last summer, in a move that could help it finally secure a license.