Talent Sourcing Strategies for Fintech Companies: A Management Staffing Approach
The financial sector has had difficulties over the past few years resulting from supply chain interruptions, increased interest rates, global pandemic, inflation, etc. Despite all that, the industry has shown incredible resilience. The year 2022, for instance, saw one of the best progress– exhibiting a 14-year high robust sales and profitable growth. However, the BFSI industry may have to work harder to overcome rocky bumps this year. Grappling with APP fraud, high-profile bank failures, talent shortage, high employee turnover, and more— it has been a rough start for the banking and financial sectors, according to insights.
Current Challenges In the Banking Industry
A significant problem for the banking industry is the need for more skilled personnel. Nearly 9 out of 10 banks face difficulties in attracting or retaining staff despite the availability of talent from the "Great Resignation" wave experienced across Fintech and big-tech firms roughly two years ago.
Many candidates seek environments that offer more entrepreneurial opportunities or quick financial gains, which traditional banking struggles to provide. This necessitates a complete overhaul in how financial institutions source their talents. The Bureau of Labor Statistics predicts rapid expansion of business and financial occupations between 2021 and 2032, with around 911 400 new jobs expected to be created annually on average. However, the number considers the number of replacements for those leaving their roles, leading to a shortage.
Job security is another top concern for workers in the financial sector. In a survey of 35,000 respondents, around 52% expressed worries about job security due to economic uncertainty, while 37% were concerned about layoffs.
The Way Forward– Implementing Effective Targeted Talent Sourcing Strategy
Digital transformation has led to fierce competition for talent across all sectors. Employees with the right financial and digital skills are in high demand. Financial organizations must think outside the box regarding recruitment processes to attract and keep talent. This includes partnering with a management staffing agency specializing in sourcing top talents with the required skills and experience.
Maximizing Talent Acquisition in Fintech With Management Staffing Agency
Implementing an effective, targeted talent sourcing strategy with a management staffing agency can be crucial for securing top talent in this competitive industry.
Stay Updated With Latest Fintech Landscape:
Keep updated with Fintech trends such as central bank digital currencies, which are on the brink of widespread adoption, AI-powered personalized financial services, etc. In other words, you can tap into individuals with relevant knowledge about emerging technologies through a strategic management staffing approach, enabling your organization to adapt quickly and take advantage of new opportunities.
Tap into Niche Communities:
Interact with niche online communities, forums, or events related to Fintech to identify potential applicants. Management staffing agencies possess candidate trends, salary data, and market insights to identify suitable individuals. It's no wonder that 82% of companies believe data-driven recruiting improves the quality of hire.
Highlight Innovation and Impact:
A management staffing agency can elevate your organization's innovation and impact by effectively conveying its culture, values, and achievements. Research by Deloitte shows that 88% of millennials believe their organization's culture influences business success. With access to extensive talent networks, these agencies can connect you with candidates who resonate with your ethos. They also offer market insights and strategic branding expertise to position your organization as an innovation leader, enhancing its appeal to top talent.
Streamline Recruitment Processes:
The best recruitment processes are efficiency and transparency to provide a positive candidate experience. A survey found that 60% of job seekers have had a poor candidate experience, leading them to change their opinion about a role or company. Through a strategic management staffing approach, organizations can improve their recruitment processes. It encompasses utilizing technology and data analytics to automate routine tasks, provide timely feedback to applicants, and maintain clear communication throughout the talent acquisition.
Conclusion
In summary, recruiting new talent in the fintech sector is highly dynamic. Organizations that embrace change and diversity and steer their strategies to align with the fluctuating demands of the job market will be counted among employers of choice. Such organizations will attract top talents and build a platform for long-term growth and innovation in this vast world of the BFSI industry. Contact us today to learn more about how IDC Technologies can help your organization attract and retain top talent.
