Why are most FinTech businesses struggling to recruit talent?
The biggest challenge for FinTech these days is ‘attracting talent’ according to the Innovate Finance for the Department of International Trade Report, 60% of FinTech businesses expressed that concern. Let’s look at some of the reasons below: Educational mindset - this is the most important part. Educational systems and even workplaces have to invest in upskilling via the right programs in a convenient manner. They need to tap the two mindsets as well that are applying for jobs - those who are guided by stability and money, and those who are motivated by the ability to disrupt.
FinTech is currently less diverse than would be expected of an innovative, forward- thinking sector. It is still a male-dominated sector, and women aren’t a big part of the industry yet. Employers should market this area well for this segment, and offer an array of benefits that are typically attractive to women. These can include remote working, flexibility, and the chance to move seamlessly within companies and adopt different roles. Another point is the new roles at are emerging within the sector. These are called “emerging roles” such as data analysts, AI and machine learning specialists, designers, and more. The tricky part is that these roles keep changing as well - we need to monitor these roles, and see how we can upskill in each bracket.
We are still using traditional recruitment techniques, and that doesn’t work to find the right talented people with these skill sets. Companies can’t rely on these traditional recruiting agencies but they should host networking sessions, share on what they are looking for on their platforms and use their current employees to search within their networks as well.