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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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    • 125 Shares169 Views

      in Talent Acquisition

      Hired Candidate Spotlight: Eugene Matvejev, Tech Lead at Discovery Inc.

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      We’re excited to spotlight Eugene Matvejev, who recently secured a role at Discovery Inc. through the Hired platform. Let’s get to know a little bit about his diverse background and career journey. Hi Eugene! Please share a little bit about about your educational background I went into ‘gymnasium’ back in my homeland of Latvia, which […] More

    • 88 Shares189 Views

      in Employer

      Leading Employer Brand in a Tech Company

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      Thanks to media and the headline-grabbing office quirks of industry giants like Google, tech culture’s reputation precedes it. Jobseekers perceive tech companies as fast-paced, innovative places to work, and many assume a “work hard, play hard” attitude is a necessity. These preconceptions have a major impact on employer brand, as Klook’s Marilyn Yee knows well.
      Yee serves as Senior Manager of Global Employer Branding and People Communications at Klook, a travel tech company. With over 10 years of experience in the industry, she’s an expert on what tech demands from leadership. Employer branding, Yee reminds us, is a long game—even in a field that embraces rapid growth.
      Tech culture isn’t a monolith, but there are a few characteristics that unite most tech workplaces. These characteristics inform employer brand, what being a “culture fit” means at a particular company, and who self-selects to apply.
      Moving fast is one of those characteristics. “If you’re someone who gets bored easily, or you love a challenge, consider a career in tech,” Yee says. “Change is the only constant. It’s like an organized mess every day.”
      Another is the tendency for teams to skew young. At many top tech companies, the median age of employees falls in the late 20s. While those in management positions tend to be slightly older, tech employees above the age of 50 are in the minority.
      Tech also has a different relationship to diversity. According to Yee, a diverse team is a must-have, rather than a nice-to-have. “If you’re building global products,” she says, “you need diversity of perspective.”

      Listen on Apple Podcasts, Spotify, Stitcher, or Soundcloud.
      To follow Marilyn’s work in employer brand, follow her on LinkedIn. If you want to know how your employer brand measures up to others in your industry, talk to us about the Employer Brand Index.

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      in Employer

      A Guide to Remote Employer Branding

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      For years, we’ve framed the virtual workplace as “the future of work”—a distant vision, and one many employer brand managers overlooked, despite the fact that more than half of workers worldwide were spending at least half their workweek telecommuting. However, as HubSpot’s Senior Manager of Employer Brand Hannah Fleishman reminds us, “The future is here.”
      COVID-19 has forced companies with little experience supporting a remote workforce to embrace working from home. Some were better equipped to make this transition in stride. Before COVID-19 closed offices around the world, HubSpot was already positioning itself as a leader in remote employee experience. Of its 3,500 employees around the world, 400 were full-time remote, making HubSpot’s remote workforce its third-largest “office.” That success wasn’t an accident—a major component of its success was its commitment to remote employer brand.

      Listen on Apple Podcasts, Spotify, Stitcher, or Soundcloud.
      If employer brand describes how your values and culture differentiate you competitively, then remote employer brand describes your remote workforce’s place in that culture, as well as the competitive advantage you offer to remote candidates. As Fleishman puts it, “How you market and position your company, not only as a great place to work but a great place to work remotely, is really important as that becomes more competitive.”
      Before 2020, the remote employee experience was an afterthought at many companies. For years, HubSpot was no exception. Framing remote work as “the future of work” allowed companies to deprioritize it in favor of more immediate goals and concerns.
      However, supporting remote employees is becoming increasingly urgent as more and more job seekers opt to work from home for health and safety reasons. “Because of this pandemic, we can expect that candidates are going to expect more remote work opportunities.”
      Employers shouldn’t expect the importance of remote employer brand to subside as the pandemic subsides, either. According to Fleishman, an internal survey revealed that 61% of HubSpot employees are planning to work remotely more even after in-person office life resumes.
      To follow Hannah Fleishman’s work on remote employer brand, follow her on LinkedIn. You may also want to check out her previous interview Inbound Recruiting: HubSpot’s Approach to Employer Branding. For help creating data-driven, actionable strategies you can use to make real change in your company, talk to us.

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    • 75 Shares149 Views

      in Talent Acquisition

      How to Hire a Data Engineer

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      Data Engineering is one of the fastest-growing job roles in the tech industry with LinkedIn Talent Insights categorizing demand for these roles as ‘very high’. This means that it’s harder than ever for firms to attract and retain talent in this pivotal role. Estimates on the number of unfilled positions last year range from as much as 33-50%.
      One of the reasons for the shortage is the rate at which the discipline is moving, with tools and technologies emerging and evolving rapidly. This leads to the absence of a standardized toolset and means that the definition of the role can be dramatically different across companies.
      Based on research with 50 Data Engineers, and in conversation with Dani Solà Lagares (Director of Data at Simply Business) research from technology recruiting firm Stott and May reveals what Data Engineers are looking for, and what potential employers can be doing to increase their chances of snagging top talent. Here are the four top tips to come out of the research.
      1. Give them a clearly defined role.
      When looking for a new role, Data Engineers need to see a detailed and realistic job description. 72% testified that this was the most important factor in whether or not they will apply. If an employer doesn’t have this nailed down, then Data Engineers will pass up the opportunity in favor of an employer who has a clear idea of what needs to be done. ‘Give candidates a sense of the projects they will be working on and the stakeholders they will be engaging with,’ says Dani Sola. ‘Even more importantly, provide some narrative on the type of impact you expect key initiatives to make.’
      2. Provide the right technology stack.
      48% of Data Engineers stated that the technology stack they will be working with is the most important consideration in accepting a role. Because the technology stack has so much to do with what their day-to-day work will look like, it’s important that the fit is right. ‘Technical skillsets could vary dramatically from Kafka, Kafka Streams, Scala, Kotlin knowledge, advanced SQL, data warehousing skills, Python, the list goes on,’ says Dani. ‘It is important, however, to paint a picture of your requirements without asking candidates to tick every skillset that’s ever existed in data engineering.’
      3. Benchmark to ensure you’re offering a competitive salary.
      According to the research, 42% of Data Engineers say they are most likely to jump ship because their salary and benefits are below market rate. It’s important to make sure you are benchmarking your salaries against your competitors, and offering a competitive compensation package if you want to retain in-demand talent. ‘In my view, one of the major reasons engineers move on is that the initial value proposition of the role in that organization has not lived up to expectations,’ says Dani. ‘Don’t sell a dream and deliver a nightmare. If you’re authentic and invest in your team’s personal development that can go a long way.’
      4. Don’t wear them out with excessive interview steps.
      Data Engineers’ time is very important, so if they are being asked to jump through too many hoops, they are liable to simply look elsewhere. If you’re looking to recruit a Data Engineer, try to streamline the recruitment process as much as possible so that you can make an assessment of their fit without losing momentum. ‘Keep talent engaged during the hiring process,’ says Dani. ‘Create a sense of your culture and values. Make great first impressions as a potential employer. Interviewing should be about making the candidate feel at ease and creating an environment where they can show themselves at their best.’
      David Struth is Head of Marketing at Stott and May.

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