It’s no secret that we are in a tight, competitive job market that puts pressure on employers to secure top talent. Nowhere is this more intense than in the red hot fintech space, where there is a recruitment war to attract personnel with both technical and financial skills. Global investments in the fintech industry show no signs of slowing, which makes handsomely rewarding the best and brightest candidates possible. The question becomes what resonates most with those looking to land a job in this sector and how best to appeal to them.
Perks Are Overrated
In an attempt to lure tech workers away from Silicon Valley giants like Facebook and Apple, fintech companies have mistakenly believed that perks matter more than they actually do. Companies that offer on-site wine and beer kegerators or classes with a certified trainer may make for good clickbait, but compensation is still what moves fintech workers the most. Statistics among a particularly important group within fintech ventures—programmers—bears this out. In the 2018 Developer Skills Report by HackerRank, only 9.9% of programmers said perks were a strong motivator for taking a job. In the same report, 45.4% responded that compensation affects their decision the most.
Traditional financial institutions are scrambling to develop emerging technologies in order to keep up with fintech startups. To successfully achieve this involves competing for top talent. And in order for banks to win the personnel battle, they need to put forth compelling messaging about their companies. Old school employers often make the mistake of thinking candidates will be wooed by their prestigious brands, but that’s not what attracts employees to fintech endeavors. Potential employees want to know about the exciting things your company is building, how those programs or tools will impact consumers, and how their skillset fits into your vision. Candidates also respond to employers who can speak their language. If a company wants to recruit engineers, they should connect and converse with developers through online communities and meetups. This will lead to increased visibility and credibility, which goes a long way in convincing candidates to join their ranks.
A Dynamic Culture
In an industry where job hopping is prevalent, what can employers do to keep their employees content? The focus should be on fostering an environment that makes coming to work a joyful experience. The optimal way to achieve this is by providing employees with challenging and meaningful work that becomes bigger than their personal interests. Countless studies show that this, more than anything else, is the key to keeping employees engaged. The 2018 Developer Skills Report found that 43.3% of developer candidates chose solving interesting problems as their top criteria when searching for a job. Adding to this, fintech companies that rank as the most desirable to work for are ones that give their workers a strong sense of being cared for. This means doing simple things like offering recognition for a job well done or communicating company changes before there are implemented.
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