The FinTech industry is on a high. Globally, the sector attracted investments of more than $24 billion last year. With the exponential growth in sight, investors and founders expect big things from their people. Even large financial services companies are adopting Fintech in a big way and seeking to expand their tech teams. Getting the right talent to support the growth of this sector is challenging yet critical. How can fast-growing FinTech companies ensure that they get the most suitable resources onboard? Here are a few tips.
Have total clarity on the type of candidate you wish to hire: Fintech is a fast-growing sector with tight deadlines and there is a high probability that CEO or HR head lacks the time to think about the person he needs to recruit. It is extremely critical to gain clarity on your requirements so that the whole process becomes efficient and does not result in a bad hire. The ideal approach is to seek the problem that the new recruit is going to solve. Once you have an understanding of the problem, then it is easier to visualize the candidate who will fit in. Think through and document the skills and values that are necessary to succeed in the role. Also, envisage how the profile will complement the existing team.
Highlight huge opportunity for the candidate in the Job description: Fintech is a booming industry and it is important to tell prospective candidates that working in your company will give them an opportunity of wonderful growth in their careers. If you are planning to hire talent from large corporate, your JD should be exciting and compelling enough to generate interest. They are in stable jobs and could be hesitant to join a new Startup. Highlight the profile of founders, investors, equity option and company’s growth in the last few months. Treat your candidates as clients and be clear about your unique value proposition and why would anyone choose you over other organizations.
Look for cultural fit: It is one of the most important attributes to check. A person could be very well meeting your expectations in terms of skill set and experience but if he doesn’t have the attitude of working in a fast paced environment of a Fintech company, then he will end up as a non-performing resource. Initial few employees have a huge impact on the company’s culture and it is critical that you recruit people who have similar values and working style.
The cost of a bad hire in the FinTech industry is not just monetary. Besides the money lost in salary and recruitment process, an employee leaving after a short stint can have a demoralizing effect on other team members. More than 90% of HR managers say that they find it difficult to find professionals with the right skills and values for their company. Here is when a recruitment consultant becomes an important partner in the hiring process. An experienced recruiter in the FinTech space like Silverpeople reduces the chances of a bad hire to the minimal and improves the overall efficiency of the process. They have a huge proprietary database of candidates and a team of highly skilled domain consultants that ensure a hit rate of more than 80%. Taking the services of an expert consultant in the hiring space is cost effective as well.
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