The Beginners’ Guide to FinTech Recruitment
Recruiting is a crucial part of running a successful business in any industry, but FinTech is a new and innovative sector which requires a more specialised approach. So here’s a beginner’s guide to help you!
The FinTech industry has enjoyed a great deal of success and immense growth thanks to the influx of advanced technology and systems throughout the digital age. But just like any other industry, the people behind the technology are the beating heart that shapes its future — so it’s vital for your firm to recruit the most suitable and skilled candidates.
In this post, we’ll provide a beginners guide to recruiting within the FinTech industry and why it’s an aspect of your business that should always be a top priority.
What Does FinTech Mean?
‘What is FinTech?’ is undoubtedly a question that people still ask every day and type into search engines. FinTech means ‘Financial Technology’, which previously simply referred to the technology used in everyday financial processes. But today, it stands for a lot more. Over recent years, the advances and evolutions of modern technology opened the door for an industry to be born, and brand new financial services such as blockchains and cryptocurrency to be implemented.
The FinTech definition is the integration of technology which allows companies to improve their use and delivery of financial services to consumers. At its core, FinTech is used to help companies, business owners and consumers manage financial operations, processes, and daily lives more efficiently with specialised software and algorithms. And, thanks to the brilliance of modern tech, you can use FinTech with ease on computers and smartphones. So there, the next time someone asks you, simply repeat this to define FinTech!
‘What is a FinTech company?’ I hear you ask! Well, FinTech companies are the brains behind the innovative and ever-changing industry. They provide the financial sector with the various technologies that are used to provide, improve and revolutionise the way we send, receive and handle our finances. FinTech is used for everything from everyday transactions to the highest of the high organisations in the financial world. So, as you can imagine, ensuring that a FinTech company has the best talent on board is a pretty big deal for efficiency and brand growth.
Recruiting for the FinTech Industry
Recruiting in any industry is a vital and often complex endeavour, and particularly in FinTech, hiring managers may face some unique challenges. There are many roles to fill within a FinTech company, and of course there’s the substantial appeal of such an innovative, creative and lucrative industry. Therefore, there will be many experienced and up-and-coming candidates who could add value to your business. As a FinTech firm, at any point, you could be recruiting for any of the following:
- Software engineers
As you can see, the roles and responsibilities of the above vary significantly, and candidates can emerge from a whole host of different backgrounds and industries. To recruit individuals for the FinTech industry, you will need to carry out a comprehensive, expansive recruiting process to seek out high-tier candidates. Candidates from the financial sector, tech-based sectors as well as those from other backgrounds who possess desirable skills such as HR, marketing and sales. For the latter, we just happen to have written a fantastic guide for recruiting for sales in FinTech.
Also, due to the advanced nature of the technology involved with FinTech, younger candidates such as graduates are always of interest to FinTech companies, and it’s no secret that hiring young talent is an option that should always be explored. The paradox of needing experience to get a job, but needing a job to get experience will likely be around until the end of time — but in FinTech, this doesn’t have to be the case.
With so many young, hungry and skilled professionals looking for their place in the FinTech industry, it’s crucial to consider their potential rather than disregarding them because of a lack of experience. Younger people have literally grown up with today’s technology and have a natural ability to utilise it, which, when combined with efficient on-the-job training, could allow you to craft a brilliant addition to your team.
Finding the Right Candidates
Another crucial factor of recruitment to consider is finding the right candidates, not necessarily the best, but always those who suit your needs, goals and your brand. Of course, you will learn a lot of this during the interview process, but you can also learn a lot from their CV and some background research. Every company is unique and therefore will have their own approach and ideologies, so it’s crucial to recruit candidates who align with your brand and will be a nice fit. Doing so will ensure that they can hit the ground running and help to accelerate your company’s growth.
Finding the right candidates can be a particularly challenging task in the FinTech industry, not because there is a lack of suitable candidates, but because there is such a deep pool of talent. This is where FinTech companies truly benefit from the professional assistance of a specialist recruitment firm.
At iopa Solutions, we have spent many years developing a highly-screened network of candidates and clients. With this network at your disposal, you will be able to narrow your search and have a laser-focus on those candidates who truly meet your requirements. Poor recruitment can have severe consequences on the efficiency, productivity and success of a business, so it’s always a good idea to seek the advice and guidance of an expert.
Rather than acting as a quick-stop job search resource, at iopa Solutions we prefer to partner with our clients to develop a more personalised and comprehensive approach. This allows our team to get to know your business better and establish a clearer idea of what you want and need from a candidate. With this information, we can adapt the recruitment strategies that provide you with exactly what you need. Not only this, but with the partnered approach, we can continue to work with you for years to come and consistently deliver high-calibre candidates as your firm grows.