How To Attract & Retain (FinTech)Talent?
Despite the potential FinTechs have, access to – and retention of best-in-class talent is a growing concern. Recruitment is an ongoing challenge, skills shortage means it is even more crucial for employers to understand what motivates their workforce if they are to attract, develop, and retain employees.
In today’s employment landscape; packages, perks, and flexible working practices are highly competitive from company to company. However, companies & executives tend to forget that for i.e. Generation Z it is more important to develop themselves, have a clear growth path, and make an impact.
What can FinTechs do to overcome the skills shortage?
FinTech businesses must continue to embrace collaborations with educational institutions, as a way of fostering learning and building awareness among the next generation of FinTech talent. Universities around the world are promoting programs for students and bespoke FinTech education for adult learning. By working hand-in-hand, FinTechs will establish a platform to attract future employees who are passionate about the industry. Examples of involvements;
- establishing a presence in schools and university career fairs
- hosting talks,
- lectures and interactive workshops for students
- providing placements for internships and apprenticeship schemes.
Incubators and seed accelerator programs are being fostered by the industry, to help accelerate ventures by providing incubation services with a focus on education and mentoring. This is good for those who have a passion already, but what about people who aren’t aware of the opportunities that FinTech brings? The development of online education programmes for FinTech related skills is helping to hone FinTech technical skills for the future. FinTechs are utilizing event networks to promote their companies to students and professionals. Through co-hosting, sponsoring, and attending events that celebrate the industry, businesses will be able to sound out future employment prospects.
Government and Policy interventions
These bodies play a vital role in incentivizing FinTechs and helping to overcome regulatory hurdles to access talent. A range of programs and services can help to make it easier for FinTechs to get off the ground quickly.
Establishing a culture of innovation
If companies have a culture that supports innovation in-house it will help to attract highly talented, curious, motivated, and innovative employees. At the same time, up-skilling the existing workforces to develop technical skills through appropriate training programs, will equip them with new capabilities to help drive efficiency and improve productivity across the business. This will help future-proof FinTechs for bringing in the right talent for long-term success.