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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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    • 75 Shares149 Views

      in Talent Acquisition

      How to Secure the ‘Passive’ Candidate

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      Thanks to the sudden shift from a client-driven market to a candidate-driven market, recruiters and employers across all industries, including accountancy and finance, are having to change tact to source and secure top talent.
      With many of the most desirable candidates having already been snapped up by the competition, knowing how to target the ‘passive’ candidate is more important than ever. Passive candidates are not on job boards or #OpenToWork on LinkedIn. Basically, they are not actively looking for new employment. But that does not mean they are not interested…
      What is in it for them?
      Passive recruiting is all about showing suitable candidates why a position within your company is the best possible fit for them.
      But how do you convince them to leave the comfort of their current role to join your team? Simple (sort of) — give them an offer they cannot refuse. When recruiting passive candidates, you are trying to convince them that the grass really is greener on the other side.
      So, what are the primary things you should focus on as an employer to impress your ideal candidate and sway them towards your business? There are several ways for companies to stand out against the competition and secure the best fit for the job when actively seeking passive candidates…
      Do your research

      How long have they been in their current position?
      What could you offer them that their current employer cannot?
      What is their experience, and why does it make them a perfect fit for this role?

      To make extra sure you are right to invest your time and energy into attempting to recruit a person not actively looking for a new job, it is essential to establish what it is about them that makes them ideally suited to this opportunity. This will make your communications with them more personalized and targeted from the first contact.
      Offer a competitive salary
      Unfortunately, it is not enough to slap a high salary on the offer and expect it to do all the talking. But although it is by no means the sole deciding factor for job seekers these days, salary will always remain an important draw for candidates. With both starting salaries and temp pay expanding at a sharp rate, it is imperative that the salary you are offering is attractive when reaching out to prospective candidates — and in line with industry benchmarks.
      Consider flexible working
      A recent survey found that 34% of UK workers said they would resign from their current position if their employer failed to offer flexible working options. In the new age of hybrid working, this will continue to be an important factor for candidates to consider. Employers must seamlessly incorporate and facilitate the new style of working if they want to secure — and retain — new talent, from early recruitment and onboarding procedures to long-term, flexible working policies.
      Demonstrate company culture and values
      Ensuring your company’s brand and values are consistently represented across all channels and communications is integral to making you stand out in the industry. Many candidates are growing increasingly aware of company values and how they are being implemented — both in policy and the workplace. This could refer to diversity and inclusion programs, gender equality initiatives, emphasis on work-life balance, or any other aspects of your company’s culture that make it a desirable place to work.
      Build a good reputation with existing staff
      Your current employees could become one of your greatest assets in the hunt for passive candidates. A positive review can make all the difference to a candidate weighing up whether or not to take up an offer. If past and existing staff speak highly of a company, it will create a positive overall impression and provide all the evidence needed to reinforce any claims about why a candidate should leave their role for a different one.
      By Julie Mott, Managing Director at Howett Thorpe. Julie is a highly respected and well-connected recruitment individual with over 20 years of experience working in the ever-changing industry.
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    • 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

    • 150 Shares149 Views

      in Workplace

      When Is It Okay to Quit a Job on the First Day?

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      For new employees, the first day of work is always full of surprises. Unless you’re a “boomerang” who has worked for the company in the past, it’s impossible to know what to expect from a new role and employer. Unfortunately, some may find there are more bad surprises than good when starting a new job. Those who feel pressured to accept an offer due to prolonged unemployment or financial need could find their rush to reenter the workforce results in accepting a job that is less than ideal and leaves them feeling regretful or overwhelmed. For others who take their time and do their due diligence, sometimes it’s just obvious things won’t work out right from the start.
      Most employees know that under normal circumstances, quitting a job during or after the first day of work is a huge career misstep. According to the U.S. Department of Labor, an unsuccessful hire can cost an employer up to 30 percent of the employee’s salary, not to mention the time required to restart the recruiting process from scratch. In addition, employees who decide to quit on their first day appear unreliable, indifferent to employers’ needs, and unconcerned about burning bridges in their career.
      However, there are always exceptions, and though it should be a last resort and worst-case scenario, there are times when leaving after one day on the job is a better decision than sticking it out. Let’s look at a few reasons why an employee’s first day should also be the last.
      Ethics
      In a perfect world, employers should lead by example, particularly when onboarding new hires. Unfortunately, some employers prioritize high profits over high morals. This could be due to widespread corruption in the company, or simply one rogue manager with misplaced priorities. Either way, if employees are asked to do something illegal or dishonest on their first day, it’s likely just the tip of the iceberg, and the chances of things improving and leading to a long and successful career with the organization are slim. Employees should never be asked to compromise their ethics by an employer, and any future employers that question their reason for leaving should understand and respect their integrity for doing so.
      False Advertising
      It’s understandable that a new job might include a few duties that the employee wasn’t expecting, just as responsibilities may be added as the employee adjusts and the role grows. However, for some jobs that may be unpleasant, difficult to fill or may experience high turnover, employers could be inclined to advertise the role as something it’s not in order to boost candidate response or avoid paying an appropriate salary. Employees who fall victim to this “bait and switch” should not feel obligated to remain in a role that was misrepresented, and should be wary of working for an employer that relies on dishonest recruiting practices to fill open positions.
      Money Issues
      Just as an employer may be tempted to misrepresent job responsibilities in order to make the recruiting process a little easier, so too might they be inclined to misrepresent a job’s salary. By reducing the salary, an employer may hope to get more for less by taking advantage of new hires who can’t afford to restart their job search. Another tactic is to charge new employees for training. While some states allow employers to require workers to pay for training, job scammers posing as legitimate businesses may charge unsuspecting new hires for training for jobs that don’t actually exist, or simply to make money off of training fees. Employees who are asked to pay for training immediately when starting a job should exercise extreme caution.
      Toxic Environment
      The most obvious reason to leave a job without looking back is if the work environment is so toxic it poses a threat to employees’ mental or physical health. Usually, the effects of working in a toxic environment build up over time until eventually, employees feel they can no longer take it and begin a new job search. In the case that the company’s toxic culture is evident on the first day, employees should trust their instincts and leave. Toxic work environments often get worse before they get better, and those that get better may take years. Employees’ time is much better spent looking for a job where they will be truly happy than hoping one that makes them miserable will improve.
      Most employees know that when starting a new job, they should approach it with a sense of commitment and not just as a trial to determine whether it’s worth staying. However, even those who do everything right in their job search may land in a role that’s not a good fit, and leaving immediately is the best option. Those employees should take comfort in knowing that it’s not necessary to list a position on their resume that they only worked for one day, and leaving after several months would be much more difficult to explain to future employers. Everyone is entitled to an occasional misstep in their career path. As long as it doesn’t become a pattern, it’s better to remain a job seeker for a few weeks or months than to remain an unhappy employee for years.
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      in Talent Acquisition

      Here’s What Motivates Your Candidates in 2021 

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      As hiring activity across many industries slowed in the wake of the pandemic, we experienced several unique challenges in the recruitment sector. However, as we step into 2021, the new year has brought with it a renewed optimism! Not only is the vaccine roll-out in full swing; the Brexit trade deal and US election result have also delivered a level of certainty businesses have been craving for a number of years.
      As these global events start to influence the market in a positive direction, identifying and understanding your candidates’ motivations throughout this period is essential to being able to guide your clients in attracting the best talent.
      At Tiger, we’ve just released our Salary and Benefits Review 2021, a comprehensive report which collates data from over 2,700 workers and jobseekers. We asked them about their priorities and anxieties, as well as the benefits they’d look for in their next role. The information below will help guide conversations with your clients moving forward, allowing you to provide reassurance where needed.
      Candidate priorities
      The top priority for job seekers in 2021 will be securing a competitive salary, followed by job security and, thirdly, work/life balance. This is likely a reaction to the uncertain financial situation many workers experienced throughout 2020. Despite this, salaries have remained relatively stable (with a nominal increase in some cases) and 46% of our surveyed respondents expect a pay rise in the next 12 months. Therefore, if your clients are in the position to offer a competitive, regularly-reviewed salary package, this will help them attract top talent in the market.
      Flexible working is another huge priority for candidates, with 49% reporting this as the number one positive aspect to come out of the pandemic. When taking into account the money saved on commuting and the time this has given back to workers, their reluctance to give up this new-found flexibility is logical. As such, it’s essential that employers continue to offer some form of flexible working in 2021, whether through an ad-hoc or hybrid scheme or by allowing employees to work from home indefinitely.
      Candidate anxieties
      The majority of our respondents (73%) reported that their main anxiety concerned their career, rather than their health. In fact, just 35% are worried about catching the virus – it doesn’t even register in their top five concerns. This suggests that employees value the security of their job above anything else. It follows that roles that offer longer-term stability will be highly valued by top candidates. Therefore, it’s essential that clients are prepared to answer candidate questions about personal development and career progression, regardless of the role. This will ensure workers are reassured about their value and future prospects, which in turn will increase productivity.
      According to our survey, 38% of workers are worried that the pandemic will have changed the office culture. This may be rooted in a shift to home working, or social-distancing restrictions in offices. Other cultural influences, such as team lunches, after-work drinks, or similar bonding activities may also be affected. This is then another important aspect for your clients to keep in mind – any extra steps they can take to foster a positive working environment will be beneficial to their attraction and retention in the long run.
      Top benefits for candidates
      A good benefits package remains absolutely integral in attracting candidates, and businesses should adapt what they offer to reflect the changing times. For employers to truly stand out, benefits should take a tailored approach. Whether this is in the form of encouraging flexible hours for those who have caring responsibilities or organizing private transport to prevent commuting, it’s essential your clients understand the power of offering these types of benefits.
      The best examples we’ve seen of adapted benefits include the provision of ergonomic workplace equipment for home working, along with online access to mental health support and subsidized health-related subscriptions. The majority of employees (67%) believe their employer is adequately supporting their mental health and wellbeing, which is essential as we continue to work through uncertain times.
      In summary, while candidates may be more cautious about finding a new role this year, there are many tools your clients can utilize to encourage the best talent to move. At Tiger, we believe 2021 will bring with it an extremely positive change, and, as such, recruiters should be standing by!

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      in Talent Acquisition

      Why you should seek accurate salary data to land the salary you deserve

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      Discussing salary or going into a salary negotiation conversation can be nerve wrecking for many reasons — and you’re not alone. Some may feel like they lack enough (of the right) data to discuss numbers, while others might not feel confident in the actual words to use when approaching a salary conversation to appear fair while achieving a salary they deserve. Both instances can cause unnecessary anxiety for job seekers, and can prove especially difficult for candidates of underrepresented communities, even though it continues to be the top motivator for tech candidates to look for and accept a new role.
      Leveraging salary data can help empower job seekers to not only ask for the compensation they deserve, but also expect it. In our webinar, “Staying Empowered With Data: Knowing & Asking For The Compensation You Deserve,” I had the opportunity to discuss with our guest speaker, Virgginnia Buccioni-Hillman — an experienced D&I recruiter, HR professional, and DE&I Program Manager at Tile — about why it is important to seek pay equity, how to uncover accurate data sources, and approach salary discussions.
      Empower yourself with accurate salary data
      With a wide variety of resources available online, job seekers must be keen to know where their salary data is coming from. Salary information can be presented as base salary or total compensation, which may include equity, stock options, and bonuses. In addition, salary data can be characterized as employer-reported or self-reported data, the difference being that self-reported data cannot be confirmed by employers. While both types of data sources can be helpful for research purposes, this is what can confuse job seekers and make salary discussions more intimidating and possibly misleading.
      For technical candidates, there are various factors that should be considered when researching salary data and defining a target salary range, including the career field and role you are in or interviewing for, your current city, the location of the prospective role (if it differs from where you live), your core skill-set, and your years of experience (i.e. overall, within a role, coding in a particular language/framework). In her recruiting experience, Buccioni-Hillman shares that this is how different salary bands are developed and how candidates are evaluated for starting salary within the interview funnel.
      Using your research to discuss salary
      On Hired, we encourage a type of salary discussion at the first introduction between a candidate and recruiter to establish a preferred base salary on both ends. While this is not set in stone until a final offer is extended, it elicits a conversation around this early on to ensure there are no surprises or time wasted for both parties. It can also be common for salary discussions to happen as the process approaches an onsite interview.
      Job seekers should invest themselves into the role and team you are interviewing with and lean into these conversations. When asked what your target compensation range is, you can lean on the data you’ve gathered and share your preferred base salary range based on the market research you’ve done. Likewise, Buccioni-Hillman encourages candidates to feel comfortable asking what the base salary range is for the role and level you are interviewing for. By having an open dialogue early on with the recruiter and hiring manager, it can be an ongoing conversation as you proceed through the interview process.
      After doing research into salary data, it is also important to take stock of what is most important to you in a total compensation package, including stock, equity, bonuses, and benefits. Especially in a remote world, examples can include additional vacation time, flexible work schedules, professional development budgets, technology allowances or incorporating a compensation adjustment with a performance review after 6 months and other perks. In an instance of negotiating salary, candidates might shy away from countering to not appear greedy or ungrateful for the opportunity. Companies won’t retract their offer because you would like to negotiate — if anything, they expect you too so don’t be shy. 
      Displaying confidence in your pitch
      If a company has extended a job offer, they believe that you would be a great addition to the team. Displaying gratitude and humility for the opportunity is great but Buccioni-Hillman challenges job seekers to strike a balance between that and ensuring that you aren’t leaving money on the table. Buccioni-Hillman shares that candidates should remember to do the following in salary discussions or negotiations:
      Display confidence in your ability to perform the job successfully
      Focus on the value you can bring to the role and team
      Reiterate your commitment and motivations
      Confidence starts within yourself. When you know your worth, it isn’t boastful to ask for what you are valued. Buccioni-Hillman explains how, while there are systems that may work in favor of some more than others, it shouldn’t stop people from believing in themselves. Gaining visibility and a seat at the table starts with asking for help, gaining mentors, and surrounding yourself with like-minded people that you aspire to be like. While it might feel like it, success doesn’t have to be a lonely road. You can go much further in community with others.
      Additional Resources:
      If you are looking for employer-reported resources and tools to seek accurate salary data, we recommend the following:
      Hired’s Salary Calculator: Discover tech role salaries for specific markets, roles, and years of experience based on real offers extended to candidates by companies on Hired.
      Hired’s 2020 State of Salaries Report: Understand tech role salaries and compensation trends by market, over time, and across different demographic groups, especially in the rapidly changing world we live in today.
      SalaryList: Online tool with real salary data collected from government and companies – annual starting salaries, average salaries, payscale by company, job title, and city. More