With the Fintech industry flourishing and new financial service products coming to light constantly, Fintech businesses are having to put more of their focus on recruitment in order to keep up with the rapid growth.
We knew that over the years jobs would change, the way we function daily would change, and the way we run our businesses would change. But the start of a global pandemic expedited that process, and now many companies have been forced to shift their recruitment strategies in order to stay a player in the game.
Common reasons why Fintech employers are struggling to find quality candidates:
- Competition with other companies has heated up. The tables have now turned from past years with big organisations now facing fierce competition from the many attractive start-ups in this space, who are now well funded and have staying power.
- Wage escalations in the tech space are on the rise. This means companies are having to reevaluate their compensation for current employees, and address any internal equity challenges to retain their employees.
- New roles are constantly being created and many come with unrealistic expectations, causing candidates to avoid applying or becoming unhappy once they are in the position.
- With remote work becoming more of the norm, many candidates are quick to rule out any companies that require a strict in-office schedule.
- Physical location is no longer a main factor, and now companies are welcoming talent from across the globe.
When it comes to hiring, candidates have taken the reins
If you’re in the Fintech industry, it’s time to pivot and realize that candidates are in control. Here are 6 things to ask yourself as an employer when recruiting:
1. What makes your company attractive, and why should that pull people in?
With many companies offering flexible work options, you are no longer competing with others in just your geographic location. Companies are reaching far across the globe to recruit tech talent. For employers – this means that you need to hold a strong position on how your company stands out from the competition, and what you can offer employees that others may not.
2. Are you acting on candidates fast enough?
Don’t sit on talent just to see what else may come up in the applications. When you have a role you are trying to fill, it’s important to move as quickly as possible through the process and make initial contact with potential candidates as soon as possible. Nobody enjoys a long, drawn out process.
3. Are you paying according to current industry standards?
Before even opening up your applications, you should evaluate your compensation and benefits package and benchmark them against others in the industry. With many candidates starting the conversation with multiple companies at the same time, keep in mind that you may not have the opportunity to counteroffer.
4. Do you have clear and realistic expectations set?
This is a huge step that many companies shoot themselves in the foot with. It’s important to make sure that a detailed job description is shared from the start, along with reasonable requirements. If the requirements are that of someone with 20+ years of experience but pays of an entry-level position, you probably won’t see a lot of applications rolling in. If there is misalignment between how the role is presented and one’s actual responsibilities once they get on the job, it will probably lead to some pretty unpleasant interactions.
5. Have you focused on retaining your good people?
Don’t neglect the people who have been with you from the beginning and have been pivotal factors in the company’s growth. If an employee feels unrecognized or unappreciated, then a quick knock on the door from a competitor may be all it takes for them to leave. Staying out in front of it and making sure your current employees feel valued can decrease turnover rates.
6. Have you put well thought out effort into your onboarding process?
This is your time to show true company culture and make the newcomers feel welcome from the beginning. Make sure you are giving them all of the resources they need to succeed and that the transition is as smooth and manageable as possible.
Where Finiti Search Can Help
As a business that works closely with candidates and clients, Finiti Search has real-time awareness of the current state of the Fintech market, and ensures clients are up to speed on hiring trends and market value of talent. To learn more about our process and working with us, visit finitisearch.com