Despite a slowdown in other industries, the FinTech industry is booming. For those of you who don’t already know, FinTech is a relatively new industry which covers everything from cryptocurrency investing to digital banking. According to KPMG, there are over 2,500 FinTech companies in the UK alone.
The term ‘FinTech’ refers to financial technology, including all companies which use technology to modify, improve or automate financial services. Think Venmo, Revolut, cryptocurrency trading apps or even your bank’s mobile banking feature. FinTech is one of the main industries to actually grow in the last few years, especially in the UK. Innovate Finance, the industry body representing the FinTech community in the UK, noted that the UK experienced a 24% yearly rise in FinTech investments in the first half of 2022, despite a global slowdown in other industries. Janine Hirt, CEO of Innovate Finance, commented that: ‘The UK is currently receiving more investment in fintech than all of Europe, second only in the world to the US’ and, indeed, according to Finance Monthly, nearly 46% of all jobs in UK banks are now related to technology.
In terms of recruitment, this means that demand for Software Engineers, Operations and Data and Analytics roles is high and continuing to soar. But an increase in job opportunities in FinTech companies means more competition for companies to attract the best candidates for job roles. So how can you secure the right talent amongst the competition? The answer is knowing what to look for in a talent acquisition team, whether you use an in-house team, a recruitment agency or an embedded recruitment model like Troi. Here are our top tips for choosing a FinTech talent team:
- Make sure your hiring process is quick and seamless
FinTech professionals are inundated with employment offers in the current market, so one of the key things to look out for in a talent acquisition team is one which can move quickly for you. Unfortunately, candidates find it difficult to hold on for companies which take their time in the recruitment process and a slow recruitment could mean losing out on exceptional talent to another company. Moreover, many companies in the FinTech industry have streamlined their hiring processes with new technology, using programmes such as SignalHire to automate parts of the talent search, making time more and more of the essence. A quick hiring process is one which is seamless and organised. At Troi, we offer a full end-to-end service of recruitment process design and implementation, checking in on the candidate experience throughout. Our ‘Plug and Play’ solutions include everything you need to deliver your hiring project, including our expert team, tools, media, knowledge and network.
- Make sure your talent acquisition team works globally
By its nature, FinTech is a global industry. The UK is one of many growing FinTech hubs with Singapore, for instance, ranking 4th in the world and other South-Asian companies also rapidly growing. During the pandemic, the increase in home-working removed boundaries from the hiring process, allowing candidates to accept jobs from all over the world.
If you want to attract the best FinTech professionals to your company and grow in this global field, you need to work with a talent acquisition team which crosses borders, time zones and who has contacts in these different markets.
- Make sure your talent acquisition team understands the FinTech industry
The FinTech industry is relatively new, so many talent acquisition teams will lack the relevant expertise to truly hire the best talent for your company. By missing key recruitment trends or not being able to move in an agile way alongside peaks and troughs in the industry, an inexperienced talent acquisition team can lead to missed opportunities and alienate potential candidates. With over 5 years of experience delivering an embedded recruitment model and with individual experience across FinTech and a range of related industries, our recruitment teams at Troi are committed to understanding and keeping up to date with the latest FinTech developments. Plus, our subscription-based services mean we can upscale or downsize your recruitment plan whenever necessary, moving with changes in the FinTech industry.
- Make sure your talent acquisition team understands your core values
According to Finance Monthly, one of the most important things to candidates in the FinTech industry when deciding which role to take is actually the core values of the company: ‘Before, candidates could look into and research the company they are applying for and track its records. They have also started caring more about the things they discover’.
Indeed, candidates are putting an increased emphasis on working for a company whose values they agree with, so it’s important to work with a talent acquisition team which understands your company’s core values and can communicate them effectively to potential candidates. Whilst external talent acquisition teams or recruitment agencies might be lacking in this area, Troi’s embedded recruitment model means that we’re always up to speed with what your company stands for because we are embedded into your company like your own personal in-house talent acquisition team (at a fraction of the cost).
- Make sure your talent acquisition team keeps the candidate engaged
With the number of offers FinTech talent are getting at the moment, an employment deal certainly isn’t done and dusted until it’s been signed and even then, candidates can be poached by other companies in the early stages of their contract. With an industry which moves this quickly, keeping a candidate engaged throughout the hiring and onboarding process is key to acquiring and maintaining happy talent. At Troi, we put a strong emphasis on the candidate experience, involving them every step of the way. Our end-to-end service includes building excitement for their new role and quickly onboarding new hires, making them feel welcome and part of the team before they even begin.
So there you have it! 5 key steps to choosing the perfect talent acquisition team to help you ride the wave of the exciting FinTech industry. Want to learn more about Troi and how we can help you grow your FinTech team with our embedded recruitment model? Click here or book a call with us here.