The fintech world is changing fast, and finding skilled workers is a big challenge. Fintech companies are up against tech giants, traditional banks, and others for a small number of top candidates. So, how can fintech firms find the right people and grow their teams worldwide?
The answer is to use a global recruitment plan. This plan helps find talent from all over, uses remote work, and new hiring tech. By looking beyond their usual spots, fintech companies can get the skills they need to succeed.
Key Takeaways
- Fintech companies face intense competition for skilled talent, with 73% of executives in the financial services sector reporting difficulties in sourcing capable talent.
- The rise of remote work has enabled fintech companies to expand their talent search globally, accessing a wider pool of specialized skills and expertise.
- Leveraging advanced hiring technologies, such as AI-powered recruitment platforms, can streamline the talent acquisition process and improve the quality of hires.
- Developing a comprehensive global recruitment strategy is crucial for fintech companies to bridge the talent gap and scale their workforce effectively.
- Collaboration with educational institutions and upskilling programs can help develop a pipeline of future fintech talent, addressing the long-term skills shortage.
Understanding the Fintech Skills Gap
The financial services industry has seen a big change with digital technology. Before the 2000s, finance was not much affected by tech changes. But, the 2008 crisis changed everything, leading to a lot of new fintech ideas. The COVID-19 pandemic made things even faster, with more people using fintech and big companies changing how they work.
This fast change has brought new jobs and changed old ones. It also means people need new skills, even those in their early 30s. The SHIME framework, made by CFTE, helps find the right skills for fintech jobs. It looks at soft skills, hard skills, industry knowledge, mindset, and experience.
Reasons Behind the Skills Gap
- Rapid technological advancements creating demand for new skills
- An aging workforce with experienced employees retiring
- Educational gaps where graduates lack industry-needed skills
- Changing job roles with new positions emerging
The SHIME Skills Framework
The SHIME framework, created by CFTE, is a tool for checking skills in five areas:
- Soft Skills: Communication, collaboration, problem-solving, and critical thinking
- Hard Skills: Technical skills like programming, data analysis, and project management
- Industry Knowledge: Knowing the financial services sector and new trends
- Mindset: Being adaptable, curious, and open to learning
- Experience: Real-world experience in the industry
CFTE has a SHIME FinTech assessment. It helps people see their skills and learn more for the future.
“SHIME spawns advantages for different stakeholders of the digital finance industry, and CFTE has developed a SHIME FinTech assessment to help individuals evaluate their competencies and upskill for the jobs of the future.”
Strategies to Tackle the Fintech Skills Challenge
The fintech industry is growing fast, and finding the right skills is key. Businesses need to tackle this challenge head-on. They must identify skills gaps, promote talent movement, and focus on hiring based on skills.
Identify and Analyze Skills Gaps
Understanding your team’s skills and what’s needed for the future is crucial. Use tools like skills matrices, surveys, and reviews to find out. This helps you plan how to improve your team’s skills.
Promote Talent Mobility and Skills-First Hiring
Encourage your team to move into new roles. This boosts innovation and teamwork. It also helps in sharing and learning new skills.
Focus on hiring based on skills, not just credentials. This way, you build a team that fits your business needs.
Use online courses and virtual training to help your team grow. Working with schools and experts can also help. This way, you can offer training that meets real-world needs.
By using these strategies, you can overcome the fintech skills gap. This will help you build a strong, adaptable team. They will be ready to lead in the fast-changing fintech world.
Global Fintech Hiring – Bridge Talent Gaps with a Global Recruitment Strategy
The fintech industry is growing fast, but finding the right talent is hard. Employers need to use fintech hiring strategies that reach across borders. This way, they can build a cross-border talent pool and a diverse team.
Using remote fintech workforce solutions helps companies find the skills they need. They can hire people from all over without being tied down. This approach brings in new ideas and helps companies grow.
Recruitment agencies like VadarMoss are key in matching fintech companies with the best candidates. They make sure the hiring process works well for everyone involved.
For fintech companies, a global recruitment strategy is essential. It lets them stay ahead and grow by using a remote workforce. This way, they can keep up with the fast pace of the industry.
Why Background Screening is Critical for Fintech
In the fast-paced fintech world, where money and data are at risk, background checks are key. They help companies avoid fraud, follow rules, and keep their good name safe.
Key Checks for Fintech Hiring
Fintech firms need to check candidates well to protect their work. Veremark found the top five checks are:
- Global sanctions checks (18.38%)
- Criminal record checks (13.25%)
- Adverse financial history checks (12.98%)
- Employment checks (12.53%)
- Employment gap checks (10.52%)
The biggest issues found in checks are:
- CV gap check (25.00%)
- Employment check (13.64%)
- Civil check (13.31%)
- Director/conflict of interest (7.41%)
- Criminal record (6.28%)
This shows fintech companies must check candidates well. This helps avoid hiring people with bad backgrounds or money issues. Such issues could harm their business.
| Background Check Type | Percentage Requested |
|---|---|
| Global sanctions | 18.38% |
| Criminal record | 13.25% |
| Adverse financial history | 12.98% |
| Employment checks | 12.53% |
| Employment gap checks | 10.52% |
With a solid background check plan, fintech firms can lower risks. They can protect their work and build a reliable team. This is crucial in today’s competitive market.
Conclusion
Fintech innovation needs a skilled team, but finding the right people is tough. Companies face stiff competition from tech and finance giants. To solve this, adopt a global hiring plan that uses remote work and partnerships.
Also, use new hiring methods like skills tests. It’s vital to check backgrounds well to keep your team safe and reliable.
By getting talent right and doing thorough checks, fintech firms can build a strong team. This team will help shape the future of digital finance. A smart hiring and talent management plan will make your company stand out in this fast-changing field.
Success in fintech talent comes from knowing who to hire and keeping them. Stay ahead and invest in your team. This will let your fintech business thrive and lead in the finance world.
FAQ
What is driving fintech innovation?
Fintech innovation comes from tech talent like developers and data scientists. They work to shape the future of banking and finance.
What challenges do fintech companies face in hiring talent?
Fintech firms face stiff competition for top talent. They must battle with tech giants and traditional banks for skilled workers. For instance, Capital One had a surge in tech job ads in June 2022. They aimed to hire over 3,000 software engineers that year.
What is contributing to the widening skills gap in the fintech industry?
The fintech skills gap widens due to several factors. Rapid tech changes demand new skills. An aging workforce and educational gaps also play a role. New job roles add to the challenge.
How can companies address workforce skills challenges in fintech?
To tackle skills gaps, HR leaders must focus on skills in all decisions. They need to understand both the skills available and those needed. Tools like skills matrices help in this process.
Promoting talent mobility within the company boosts collaboration. This leads to a more innovative and cohesive work environment.
What innovative talent engagement strategies can fintech companies explore?
Fintech firms need to think outside the box to attract talent. A blended workforce model can help. It combines full-time employees with contingent workers.
This approach allows fintech companies to access a wider range of skills. It helps them adapt to changing needs and leverage expertise without long-term commitments.
By hiring remote workers globally, fintech companies can bridge talent gaps. They can also lower costs and increase diversity in their workforce.
Why is background screening critical for fintech hiring?
Background screening is crucial in fintech due to the sensitive nature of data and investments. A strong screening program protects companies and their resources.
It helps prevent criminal activities and violations of regulations. This is especially important in the fintech sector.