The current economic climate is influencing people and businesses the world over, and Fintech is no exception.
It isn’t just the financial pressures that shape the market, it’s a feeling of uncertainty. Workers are questioning their job security; companies are questioning whether it really is the right time to hire and which roles will add value.
With a decrease in funding and a flurry of high-profile redundancies, on the surface it looks like more candidates competing for a smaller pool of jobs.
But there’s more to it. Here’s what candidates and hiring companies need to keep in mind in today’s market.
For Candidates:
- Nurture your network
Even if you’re not currently job hunting, think long term and proactively build your network.
Reach out and connect with peers, leaders, and recruiters. According to LinkedIn, 70% of jobs are never published publicly; new roles are often filled via someone’s network.
Building those relationships when there’s no “ask” will mean you have a ready-to-go network of people you can turn to and who know you when you are looking for something new.
- Explore the level of risk
Everyone has a different risk appetite, particularly when it comes to their job.
For those who are more cautious, mitigate the risk by focusing your search on the most in-demand areas of Fintech, such as anti-fraud, AI, and ESG.
It can also pay to look more closely at companies that seem like a “risk”. In Fintech, today’s startup, perhaps offering a smaller package, can be tomorrow’s household name.
- Avoid knee-jerk applications
Avoid playing the numbers game when it comes to applications.
Take the time to reflect on your skills, expertise, and interests. Share those preferences with industry recruiters and tailor your applications to the opportunities you’re most passionate about.
As the only Fintech sales recruitment specialists, we have the largest network of Fintech talent. We get to know candidates, often placing people multiple times throughout their career. Find out more about joining our talent network.
For Companies:
- Communicate the long-term vision
Uncertainty often stems from a lack of clarity or understanding. Proactively communicate your long-term strategy, including funding, internally and externally; this will help reassure and retain existing sales talent as well as attracting new talent.
This is especially important if you’ve recently made redundancies; sales leaders and their teams will be looking for reassurance, and staying quiet might encourage otherwise happy employees to look elsewhere.
- Dig into motivation
Though it may seem like there are a lot of candidates around, we’re seeing a rise in the “just-in-case” job hunters who dip their toe in the interview process as a safety net just in case they’re made redundant.
Many candidates are weighing up a whole range of options, including staying with their current company.
If a candidate’s main or only reason for leaving their current role is money, they’re unlikely to make the jump and take on the upheaval and risk of a new role.
Partner with a recruitment firm you trust to make sure candidate motivations are properly explored prior to shortlisting and that you’re only spending time talking to people who are really invested in your business and the role.
- Act quickly
With fewer opportunities around, candidates are often involved in many application processes, and top talent can end up getting snapped up by the competition if you move too slowly.
According to the Jobvite Employ Quarterly Insights Report, the average time-to-hire is four weeks or less. Be flexible and be prepared to respond quickly when you talk to someone that’s perfect for your firm.
Finding the right person is hard. Finding the right person at the right time is even harder. It’s why we maintain and nurture a network of top Fintech talent, often drawing passive candidates into the process when we see it’s a great match.
If you’re getting more quantity than quality applications and want to make sure you’re spending your time on the most promising candidates, get in touch with our team today to tell us about your brief and to start the process of finding your dream candidate.
