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      in Talent Acquisition

      Why Fintech Firms Struggle to Hire Top Talent

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      Fintech is the future of finance. But, with that comes unique challenges when trying to find top talent, especially given how much competition there is in this space.
      Trying to find the right talent is one of the most important tasks for any company, but it is especially difficult given that fintech is a relatively new field. Even though fintech is still in its early stages, it has already redefined every major industry. What challenges is the industry facing?
      Gender diversity remains low
      As a fast-growing, high-growth industry, fintech is expected to transform the global ecosystem, especially the financial sector. The industry currently has a shortage of qualified candidates who possess the right skills and experience to help it continue growing.
      According to statistics from recruitment platform Ward.co, this lack of diversity is even greater among the top teams at fintech firms with major yearly revenue. There are fewer females than males in these companies, which also have fewer female leaders.
      The gender gap is one of the most pressing problems in the financial sector. While many women want to work for fintech companies, far too few are able to get hired.
      Drawing from a diminishing tech talent pool
      Despite this shortcoming, fintech still has made some progress. The industry has managed to draw on resources from other industries like IT and marketing, which are currently facing similar issues.
      One example is how machine learning can play a role in hiring. Fintech firms are currently looking at ways to use this when hiring new employees. This method involves using computer algorithms in order to sift through candidates’ profiles and test their skills, in order to select the most suitable candidates for the job.
      With this technology, it is possible for fintech companies to hire the right people faster than before, particularly the right candidates with the right experience. It is up to them to look for them among the existing pool of candidates available.
      How can fintechs hire top talent?
      Hiring top talent is a challenge that fintech firms must overcome. The industry is still in its early stages, and growth will need to continue as they become more influential in the global financial sector. We’ll discuss three main areas you can optimize in your fintech business to attract the best talent.
      Hiring process
      Fintech companies and employees would benefit from looking for ways to improve their hiring process. This can be done by trying out new technology and drawing from the knowledge of other industries.
      Human resource executives at banks and other financial institutions are grasping for ways to lure their best talent as the sector goes through a high-profile makeover. But as firms race to implement fintech innovations like robo-advisors, blockchain, and machine learning, they may be overlooking important changes in recruiting.
      In the fintech sector as a whole, employers are competing for talent from a growing population of graduates who have been trained in data science and computer programming. It’s a supply-and-demand situation that analysts say has created a “gold rush” for candidates.
      The right kind of training
      The employees who are well trained at your fintech company will do fantastic work, love coming into the office every day, and be the envy of competitors.
      Most people consider training to be something that is done when someone just starts at a new job, and then it ends. However, the truth is that training should be ongoing at your fintech company. The best companies never stop learning and growing, and they bring in new technologies and strategies constantly.
      When you make training a continuous process, not only will your employees come to appreciate it and be more engaged. But it also helps you to stay relevant and up to date with innovation in the world of finance.
      There are many ways that you can use training at your fintech business to attract top talent. Employees want interesting work projects and they also want access to the greatest training resources available in order to do great work for your company. To attract the best candidates, you need to have several training opportunities available for them to participate in. This includes both computer-based training, online training courses, and in-person training programs.
      Competitive salary
      We all know that tech talent is scarce and expensive. More than ever, tech companies are relying on top engineering and tech talent to provide a competitive edge in a crowded market. However, most recruiting professionals agree that offering a competitive salary is a highly effective way of attracting the best and brightest.
      Competitive salaries can be defined in different ways. Factors such as location, experience level, and the employee’s past salary history all affect how competitive your salary offer will be. For some companies, a competitive salary is defined as the highest amount paid by fellow tech companies in a specific area. For other businesses, it can be tied to the median income numbers for a given city or the middle point between the highest and lowest offers from other companies.
      You can attract top tech talent by being transparent with salaries from the start. Many startups make the mistake of keeping salaries confidential which can put workers off from applying for open roles. If you want top talent, you’ll have to pay for it. If you are not able to offer the highest salary in your area, then consider offering benefits that help you remain competitive with similar companies.
      By Carl Poxon of Caspianone Fintech.
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    • 113 Shares99 Views

      in Employer

      Checklist: How To Stay Accountable With Your DEI Goals

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      Diversity is a journey, not a destination. Improving representation of diverse groups in the workplace is a challenging endeavor and it can take years to achieve. It is essential to tailor your diversity, equity, and inclusion (DEI) initiatives to meet your specific business needs, company culture, and local regulations. Below are ten practical steps, with […] More

    • 88 Shares179 Views

      in Talent Acquisition

      Disclosing a Disability During Your Job Search

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      Searching for a new job can be a stressful, anxiety-inducing process for anyone. If you’re one of the 61 million U.S. adults (26% of the population) who suffers from a disability, a job search can be even more complex and worrisome. Are you legally required to share information about your disability in the first place? […] More

    • 163 Shares99 Views

      in Talent Acquisition

      Ageism in the Workplace: What it Is and What to Do About It

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      In recent years, organizations across all industries have made strides when it comes to building diverse and inclusive teams. In fact, companies are increasingly hiring and promoting employees from historically underrepresented groups, and they’re also extending offers to more and more women, who now make up the bulk of the U.S. workforce. But despite this […] More

    • 88 Shares119 Views

      in Talent Acquisition

      Combating Pregnancy Discrimination in the Hiring Process

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      Three-fourths of American women will carry a pregnancy at least once while employed, according to a recent study. With as many as 64% of Americans looking for or considering a new job, it’s reasonable to assume many women will go through the application and hiring process while pregnant.  One concern of expectant mothers is that […] More

    • 38 Shares149 Views

      in Talent Acquisition

      Combating Imposter Syndrome

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      Have you ever felt like you’re in way over your head in your career? Or maybe read a job description and thought, ‘there’s no way I’m qualified for that’? If so, you may be experiencing imposter syndrome.  Imposter syndrome is the appearance of anxious thoughts and feelings that lead you to believe you’re out of […] More

    • 125 Shares199 Views

      in Talent Acquisition

      How Recruiters Can Adapt to Major Shifts in Candidate Attitudes

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      This past year has greatly altered the dynamics of the U.S. labor market, including job seekers’ expectations of employers, according to a new 2021 Job Seeker Nation Report from Jobvite. It is predicted that many of the changes experienced will be here to stay, bringing about what many believe to be the rise of the optimized workforce. As a result, talent leaders and recruiters must understand how to adjust efforts for the job market today and into the future.
      Remote work & company culture.
      The pandemic has created profound changes in workplace preferences for job seekers, including the desire for remote work. Per the Job Seeker Nation Report, 35% have declined or would decline a job offer that required them to work full time on location, in an office, or at a worksite, and 100% remote work is preferred by 33% of workers.
      Despite an increasing number of employees working remotely, the importance of company culture in applying for a job has continued to rebound. Nearly half of workers believe company culture is very important in their decision to accept or reject a job – a 21% increase since 2019.
      Employers need to implement a hybrid and culture-centric work environment to lure top-quality talent. Likewise, talent leaders must incorporate these company values into the hiring process. This can be accomplished by implementing a cohesive recruitment marketing strategy that includes social media, as more than 33% of job seekers use social media networks to learn about an employer’s culture.
      Diversity hiring is vital.
      With this year prompting many Americans to reflect on what is important to them, it is fitting that those beliefs and priorities are being brought into the job search. This year’s report found a significant number of workers (42%) would turn down a job if the company lacked diversity in its workforce or had no clear goals for improving diversity in hiring.
      Separately, 49% have inquired about employer’s goals and efforts around improving diversity in the workplace during interviews. Based on these results, it’s evident that recruiters need to embrace diversity initiatives, as it significantly influences workers’ decisions to apply, accept, or even reject a job.
      To do this, recruiters must create employment opportunities for all regardless of race, religion, color, gender, identity, age, ability, location, or creed by mitigating challenges in the job-seeking process due to unconscious bias. This can manifest itself in how a job description is written, how a job opening is marketed, what schools an organization recruits candidates from, how a candidate is interviewed, and much more.
      Balance in today’s always-on workforce.
      The majority of surveyed workers report increased stress levels since the onset of the pandemic. In today’s world of competing priorities and unexpected distractions, remote workers are also struggling to transition between “work time” and “home life.” In 2021, 42% of surveyed workers said they are working longer hours compared to the year before.
      Employers must deliver a more thoughtful approach to helping employees achieve a more balanced life based on workers’ individual needs. Talent leaders can then highlight how the company supports its employees through these practices, both now and into the future. This can be delivered through information and videos on the employer’s career site, which continues to be one of the most powerful recruiting assets.
      Interviewing tactics & preferences.
      Here’s the good news for recruiters. Over the past year, an overwhelming majority of surveyed workers consider their most recent candidate experience to be primarily positive. Excellent communication from recruiters, ease of scheduling, and easy job application process were the top reasons for positive candidate experiences.
      A preference for texting is also on the rise. This year’s report found that a majority of job seekers prefer texting for scheduling interviews in comparison to email or phone. This is especially true for workers with children, as 30% are comfortable participating in an interview via texting. Like consumer behavior, candidates have renewed expectations of their job-seeking experience, especially while on a mobile device.
      However, lack of access to adequate technology or Wi-Fi has negatively impacted 35% of job seekers’ ability to participate in a video interview. Recruiters need to consider how this may affect a candidate’s participation and outline strategies to overcome this challenge, as virtual interviews continue to be leveraged in the recruiting process.
      The Rise of the Optimized Workforce.
      The expectations of job seekers and employees have changed forever. As a result, recruiters need a complete understanding of how to adjust efforts to meet the demands of varied realities for today’s workers. To do this, talent leaders must equip themselves with the right skills, knowledge, and strategies to effectively navigate the current reality and engage high-quality talent.
      Kurt Jones is a Senior Manager of Product Marketing at Jobvite, a leading end-to-end talent acquisition suite provider that serves thousands of customers across a wide range of industries.
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    • 188 Shares159 Views

      in Employer

      The Hiring Toolkit: How to Use Technology to Drive DEI in Each Stage of Recruiting

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      Hidden biases are everywhere—the hiring world being no exception.  As humans, we’re not always capable of recognizing our prejudices in the moment. Fortunately, modern technology is here to fill in that gap: empowering teams to build more equitable talent pipelines and pave pathways for previously overlooked talent.  At Hired, we envision a world where all […] More