Oct 9th 2019
Tips on attracting and hiring top FinTech candidates
The UK, with its forward-thinking regulation, has become a global hub for scaling FinTechs. But a recent study of 900 workers and employers in the UK found that 61% of companies say they’re facing a moderate to extreme FinTech-related skills shortage. In this rapidly growing sector the war on talent is fierce. How can FinTechs, particularly those in the earlier stages of growth, ensure they attract top candidates and remain competitive?
Read closely, we have some tips for you…
1. Identify the talent
FinTechs require a team with a broad set of skills. As a result, you need to hire a team that reflects the skill sets required to build a successful team. The FinTech sector is also fast-paced, requiring candidates with advanced technical skills and forward-thinking mindsets.
Working in FinTech requires candidates that recognise they are working in a regulated industry. They need to respect and embrace this regulation rather than seeing it as a challenge or accessory in order to innovate effectively in the FinTech market. Identify exactly who you need to hire to create the strongest team. Consider talent from other sectors where skill sets can be applied to tackle your business challenges. Once you’ve pinpointed the right candidates for the role, you can then devise the most effective strategy to attract and hire them.
2. Define your recruitment methods
Due to the breadth of skills required to build the most effective teams, companies should open up their recruitment methods and create a strategy that assesses the skills required for the role. CVs and cover letters may not be the best indicator of a candidate’s skill set. By using alternative recruitment methods like assessment centres or psychometric tests, you can open up your candidate pool and enable access to a wider breadth of talent to build more effective teams.
Recruitment methods that focus on the wrong attributes will result in inefficient hiring processes and sky high costs per acquisition. More concerningly, it will increase the likelihood of hiring the wrong talent, which is a critical problem for businesses, particularly at the earlier stages of growth.
3. Convince candidates of your opportunity over others
In a growing sector where the roles available for top candidates will be plenty, it is key to convince the ideal candidate to choose your opportunity over others.
You must understand what the candidate wants over and above the role description. Does your company offer learning and development opportunities as well as clear progression? Include additional perks and benefits such as flexible working, or onsite mental health coaching. For Millennials and Gen Zers these benefits are crucial when considering job opportunities. Communicate these benefits via channels that are used by your target candidates i.e. vlogs and social media.
It doesn’t stop at the hiring stage…
Attaining top candidates doesn’t stop at hiring, you must now keep them! All the commitments you make at the point of hire must be kept throughout the experience the candidate has within your company, this includes the experience of your internal culture.
Aritra Chakravarty, CEO of Dozens, states transparency as the key to creating a strong internal culture. He recommends being open about what salary bracket staff are in and encouraging people to stop him in the corridor for open, honest conversations creating an approachable culture.
All your recruitment efforts will be for nothing if you don’t retain these candidates. Looking at hiring and retention methods should go hand in hand when considering your talent attraction strategy.
Read more here on how you can make sure your hiring process is connecting you with top candidates.