Know the key challenges of recruitment in financial services such as low retention and high skill gap and learn how you can solve them for your organization
FinTech is a combination of finance and technology that refers to software, mobile applications, and other technologies to automate traditional forms of financial services for businesses and consumers. A few examples are mobile banking, peer-to-peer payment apps, online trading platforms, etc.
The concept of FinTech has existed for quite a long time since early credit cards were introduced to people to avoid carrying physical currency in their day-to-day lives. Since then FinTech has evolved with the development of mobile technology (mobile payment apps), data encryption, and social media.
Hiring Challenges in FinTech Industry
As far as the Fintech industry is concerned hiring managers may face some challenges in finding the right candidate for their business who suits the needs and goals of their brand. Some of the common hiring challenges faced in the FinTech industry include:
WORKFORCE GENDER DIVERSITY
As per a Deloitte report, only 30% of the Fintech workforce are female and only 17% of senior roles in the FinTech industry are held by women. In addition, only 5% of female founders are prevailing in the FinTech industry. To have a specialized workforce in the FinTech industry it is imperative to have diversity in the workplace. Diversity should also be enforced within the FinTech talent pool including financial professionals, technical experts, marketers, lawyers, etc.
SOLUTION:
- Offer flexibility
- Paid leave
- Introduce return ship programs
- Maintain remote work options
- Ensure Salary and Benefits are equitable.
HIGH SKILL GAP
There is a growing demand for blockchain experts due to the advancement in FinTech industries including cryptocurrency, cash payments, and commercial payments. Since 2016, blockchain job postings were seen on job sites like LinkedIn. Some FinTech firms seek 2 to 4 years of experience in Blockchain technology, but they often struggle to get the right qualified professionals. Highly skilled programmers who are specialized in Java, JavaScript, C++, C#, Python, and SQL are in high demand in the FinTech job market. Machine learning, AI, and Cybersecurity are the other technologies where the FinTech industry faces a hiring challenge in acquiring the right candidate.
SOLUTION:
- Partner with third party FinTech staffing provider to get qualified candidate within a short span of time
- Introduce upskilling and reskilling programs to the employees
- Increase focus on retention
- Offer better compensation and benefits
ATTRACTING AND RETAINING THE BEST TALENT
Attracting talent for FinTech is a challenging task which is based on three main factors – the right mindset, right skillset, and competitive market. An increase in competition to acquire talent creates an imbalance in the demand supply ratio. Innovate Finance research suggests there will be 30,000 new fintech jobs by 2030. Hence a better and more effective strategy is needed to attract and retain the best talent.
SOLUTION
- Work on building a faster recruitment approach
- Provide L&D programs to your employees
- Provide continuous feedback to employees. Recent Clutch HR Employee Feedback Survey found that 72% of millennials who consistently receive accurate feedback from their managers find satisfaction in the workplace.
- Encourage employees to work on a job-sharing basis. It occurs when a firm hires two people on a full-time or part-time basis to share the workload.
LONG TERM MANUAL HIRING PROCESS
The candidates of today’s world do not wait for hours or days to check the status of their recruitment process they would prefer to drop off in the middle of the process and try to seek other opportunities.
SOLUTION
- Automate the hiring process by investing in recruitment automation tools or software.
- Try to implement an AI chatbot on your website so that candidates can reach out for any queries at any time.
- Provide a great candidate experience that attracts the top talent and fetch a better ROI for the FinTech industry.
One of the effective ways to overcome the FinTech hiring challenges is to partner with a recruiting firm that understands the market and find the right candidate for your requirement.
