Know the critical challenges of recruitment in financial services, such as low retention and high skill gap, and learn how to solve them for your organization. FinTech combines finance and technology that refers to software, mobile applications, and other technologies to automate traditional financial services for businesses and consumers. A few examples are mobile banking, peer-to-peer payment apps, online trading platforms, etc.
FinTech has existed for quite a long time since before 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 the following:
WORKFORCE GENDER DIVERSITY
As per a Deloitte report, only 30% of the Fintech workforce is female, and women hold only 17% of senior roles in the FinTech industry. In addition, only 5% of female founders prevail in the FinTech industry. In order to have a specialized FinTech workforce, it is imperative to have a diverse team in the workplace. Therefore, diversity hiring policies should also be enforced within the FinTech talent pool, including financial professionals, technical experts, marketers, lawyers, etc.
SOLUTION:
- Offer flexibility
- Paid leave
- Introduce internship 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 have been visible on LinkedIn sites. 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 providers to get qualified candidates within a short period
- 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, and it is based on three main factors – the right mindset, the right skill set, and the 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. A 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 full-time or part-time people 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. Instead, 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 top talent and fetches 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 finds the right candidate for your requirement.
