Technology (tech) continues to change at a rapid pace. This includes financial technology (FinTech), which comprises software and strategies for improving and automating financial services.
The nature of the FinTech industry makes the FinTech recruitment process a challenging task — top talent always seems to be in short supply due to economical influences and a large percentage of passive candidates.
Fortunately, there is a FinTech recruitment solution — recruitment agencies, or FinTech recruiting firms. This post discusses the advantages and benefits of working with FinTech recruiters.
1. Cost Savings
Your financial institution may already have an internal team to handle its recruitment efforts. But this team might be spread a little thin from juggling many tasks. As a result, you may see a poor return on investment (ROI) for their marketing efforts, as job openings remain vacant. The fact is that unfilled positions cost businesses roughly $100 per day.
To decrease the time you spend filling job openings and reducing costs, consider outsourcing your recruitment tasks to a FinTech recruiting agency. It will likely match you with a dedicated account manager and a team of specialized FinTech recruiters.
This team will be an extension of your internal recruitment team. They’ll work with your people to come up with a proactive recruiting strategy to solve current staffing issues and serve future hiring needs. This may also improve your marketing efficiency and help you save on costs.
2. Employer Branding
In general, there seems to be a perpetually high demand for top talent in FinTech but only a small pool of candidates. In this job market, candidates have plenty of options when it comes to FinTech companies. So, the FinTech recruitment solution is to stand out from competing financial institutions.
FinTech recruiters possess specialized knowledge about what candidates value in potential employers. By using this knowledge, you may improve your brand as an employer and promote it with a number of marketing tools, such as social media platforms (e.g., LinkedIn, etc.). This could nudge some high-quality passive candidates to actively look for new positions within your FinTech company.
3. Large Talent Network
FinTech recruiters offer many benefits. In addition to an extensive network, they also come with a database of candidates. You may access this database to quickly grow your talent pool.
Also, artificial intelligence (AI) sourcing technology may help with your FinTech executive search. But without a clear strategy, any technology to find candidates is useless. In fact, it might ultimately result in an overwhelming number of candidates for you to sift through.
Thankfully, your FinTech recruiters will assist you with your FinTech executive search. By mapping out a specific sector, the AI sourcing technology may also help you find top senior-level personnel with highly specialized skills — and maybe even global FinTech talent.
4. Quality Control
When it comes to providing recruitment services, FinTech recruiters are detail-oriented. They also have the technical communication skills to thoroughly understand all of the lingo you use in technical job descriptions. And they will use their expert knowledge to determine the best candidates for your FinTech openings during pre-screening activities.
5. Access to Recruitment Technologies
The best FinTech recruiting firms use great technical recruiting tools. In addition to the AI sourcing technology, your FinTech recruiters may help you maximize the usefulness of other automation tools. For example, you may enjoy access to an assessment platform. If so, you can use it to evaluate candidates for cognitive skills and other qualities to make sure they’ll be a good fit.
There’s also a candidate comparison tool that you may use after interviews. This tool can help you feel more confident in your hiring decisions. It simplifies the evaluation process and provides a breakdown of each candidate so you can prioritize the skills most important to you in a new hire.
Top FinTech recruiting firms will also want to be transparent. They’ll likely give you access to specific reports, which will provide insight into the cost, efficiency, and quality of the recruitment process. Some of these reports might be more familiar to you than others. But don’t worry; your FinTech recruiters will teach you how to interpret them so you can use the information for recruiting decisions.
6. Fantastic Candidate Experience
Aside from the pre-screening activities, your team of specialized recruiters can also walk you through the rest of the hiring process. To prevent declining interest in candidates with top talent, your FinTech recruiters will make sure that the whole process is fast and efficient — especially when compared to other financial institutions.
Your FinTech recruiters may also ensure a fantastic candidate experience by keeping candidates engaged. They can limit large communication gaps between various pre-hiring activities, such as background checks and drug screenings. This will likely decrease your candidate “fall-off” rate.
7. Low Turnover Rates
With FinTech recruitment services, you can successfully hire top talent faster than other financial institutions. But once you've accomplished that mission, you’ll want to be able to retain your talent. One way to do this is by investing in your employees. Your FinTech recruiters may recommend recruitment services that focus on leadership, career, and team development.
Your recruiters may also help you manage talent and ensure an amazing FinTech company culture. All of these things can help you reduce employee churn.
Work With the Best FinTech Recruiting Firm
The FinTech recruitment process can be resource intensive. This already challenging task often becomes more difficult with a FinTech executive search. If you'd like assistance with this, reach out to a FinTech recruiting firm — like Kinetix. We can match you with recruiters who specialize in addressing your FinTech recruitment concerns.
While our FinTech recruiters have a lot to offer on their own, they’re willing to adapt to your needs. Based on your talent acquisition requirements, they’ll develop a flexible and customized FinTech recruitment solution. And — at your request — Kinetix FinTech recruiters can scale to do more of the heavy lifting or take a step back.
Want to know more? Let’s have a conversation.