Fintech is the financial industry’s future. However, this comes with its own set of hurdles in regards to attracting top talent, especially given the level of competition in this field.
Finding quality talent is one of the most crucial responsibilities for any company, but it is tougher in the fintech industry, which is still quite new. Even though fintech is still in its early phases, it has already transformed every major business.
Here are some of the issues that fintech firms are facing when it comes to recruiting and retaining top talent:
Low Gender Diversity
Fintech is predicted to revolutionize the global ecosystem, particularly the financial sector, as a high-growth business.
There is currently a shortage of talent with the necessary skills and expertise to enable the industry to continue to expand.
One of the most urgent issues in the financial sector is the gender gap. While many women have a desire to work for fintech firms, far too few are hired.
According to Nordigan, this lack of diversity is even more pronounced among the top teams of fintech organizations with significant annual revenue. In these companies, there are fewer females than males, and there are also fewer female bosses.
Diminishing Tech Talent Pools
Despite this disadvantage, fintech has made significant headway. The industry has been able to draw resources from other areas, such as IT and marketing, which are also dealing with similar challenges.
One example is how machine learning and applicant tracking software (ATS) may help with hiring. Fintech companies are currently investigating how to leverage this when hiring new personnel.
This strategy entails the use of computer algorithms to sift through candidate profiles and assess their skills in order to identify the best candidates for the job.
With ATS technology, financial companies can employ the right people faster than ever before, especially the most qualified candidates with the right experience. It is up to recruiters to find them within the existing pool of candidates and using ATS and machine learning makes this task easier.
How Can Fintech Recruiters Find and Hire Top Talent?
Hiring top talent is a hurdle that fintech companies must confront. The industry is still in its early phases, and expansion will be required as companies gain greater clout in the global financial system. We’ll go through three key areas in your fintech firm that you can improve and recruit the top personnel.
Streamline Your Hiring Process
Looking for ways to streamline the hiring process would benefit both fintech companies and employees. This can be accomplished by experimenting with innovative technology and relying on knowledge of other sectors.
Human resource directors at banks and other financial institutions are scrambling to find new strategies to attract top personnel as the industry undergoes a high-profile transformation. However, as companies rush to embrace fintech advances such as robo-advisors, blockchain, and machine intelligence, they may neglect significant shifts in hiring.
Employers in the fintech sector as a whole are fighting for talent from a growing population of graduates skilled in data science and computer programming. Analysts claim the supply-and-demand imbalance has resulted in a “gold rush” for applicants.
Streamlining your hiring process is easy when you find quality niche candidates from YM Careers Network. Reach out to a recruitment specialist to learn more.
Invest in Constant Training
Employees that have received proper training at your fintech firm will produce excellent results, enjoy coming to work every day, and be the envy of their peers.
Most people think of training as something that only lasts within the first few weeks of someone starting a new job. The truth, though, is that training should be continual within your fintech organization. The finest firms never stop learning and expanding, and they are always introducing new technologies and strategies.
When you make training a continual process, your employees will not only appreciate it but become more engaged as well. Additionally, it assists you in being current and up to date with financial innovation.
There are numerous methods to use training to attract top personnel at your fintech company. Employees demand exciting work assignments as well as access to the best training tools available in order to complete great work for your firm. To attract the top applicants, you should provide a variety of training possibilities for them to participate in. Computer-based training, online training courses, and in-person training programs are all examples of good training methods.
YM Careers Network partners with more than 3,000 associations & organizations, many of which provide ongoing training for their members. Learn how to leverage these members and fill your talent pipeline with ease.
Offer a Competitive Salary
We’re all aware that tech talent is scarce and costly. More than ever, technology organizations rely on top engineering and IT expertise to maintain a competitive edge in a congested market. Most recruiting specialists, however, agree that paying a competitive salary is a very successful way of attracting the best and brightest talent available.
Competitive pay can be characterized in a variety of ways. Location, experience level, and the employee’s previous compensation history all have an impact on how competitive your salary offer will be. A competitive pay is defined by some companies as the greatest amount paid by other tech companies in a certain location. For other enterprises, it may be connected to a city’s median income or the midpoint between the two.
You can attract top tech talent by being upfront about pay from the start. Many businesses make the mistake of keeping pay private, which discourages workers from applying for open positions. You’ll have to pay for great talent if you want it. If you are unable to provide the highest compensation in your area, consider providing benefits that will allow you to compete with similar companies.
While fintech is a relatively new and rapidly growing industry, traditional and modern recruiting techniques work just as well for candidates in the fintech industry as other industries. By recognizing the gender gap, offering competitive pay, and leveraging robust training courses, recruiters can be confident they can recruit the best in the field.