The cycle of technology is running faster than ever. Each business to align with the speed of innovation has evolved somehow. When it comes to talking about money and the financial effect of the era of technology, the first expression that will pass through your mind is Fintech.
The future of finance is Fintech, with a predicted CAGR that can reach 13.7% in the next five years. These numbers raised the predicted investment directions in various businesses to be part of this future, especially in the MENA region. Hence, Fintech is reported as the leading sector for venture capital investments made in 2021.
It really seems to be an interesting scene with valuable opportunities for many firms in the financial sector. Despite these opportunities, there are many challenges Fintech firms need to overcome. Although the futuristic and technological view, the human element is the most challenging part of any Fintech company’s story. As each Fintech firm needs an efficient team of software developers and a full technical team of experts who can understand the financial background of each project and handle any potential risks. If you are still asking why, let me explain more.
Why Fintech firm needs specialized IT experts?
Fintech is obviously changing the whole face of financial services. This change redirects the focus to new digital subjects like the customer experience, data privacy, and cyber security systems. Hence, fintech firms became in a situation that needs an expert to align with these changes and leverage every opportunity to step up with the business. However, artificial intelligence (AI) can offer a better experience in some cases of customer experience, depending on a skilled IT team guarantees better cyber security, risk analysis, and resource optimization and also increases development and implementation efficiency.
In such a competitive market, your recruiting strategy needs to be evolved to align with hiring IT team challenges for your Fintech firm.
4 Challenges you will face in hiring IT team for Fintech firms
While you are analyzing the potential opportunities to thrive in a competitive market, you may fall in the gap of lack of efficient IT experts. Just remember! You don’t need just a technical team to deal with some tasks, but you need a specialized tech team to reduce the potential risks and build secured growth steps. This makes your mission harder but understanding what you are about to face will give you a hint on how to deal with it.
- Growing sector needs much effort.
- Training for constant growth.
- Competitive salary.
- Niche specialization.
Now let’s go with more details about these challenges to discover the top tips to deal with them.
- Growing sector needs much effort
The Fintech industry is still in its early stages. It means growth needs to be continued with stable rates to keep going as an influential sector in global finance. This reflects directly on how you, as a manager of a Fintech firm, define your plans and the needed steps to get closer to your business goals. This stage plays a main role in your recruiting process. It clearly affects how you prioritize the requirements of each position to hire top tech talents for your firm.
With the lack of skilled IT top talents, you need more effort to find suitable talents that align with your technical requirements and financial background. This effort will summarize the future hassle of the missing parts between your financial background and your tech team’s technical approach. It seems hard but definitely not impossible. So, try to be open to new resources for top IT talents.
While your recruiting team may depend on hiring platforms like LinkedIn only, you will miss the chance to reach high skilled IT talents through the sophisticated recruiting stages with a specialized IT recruiting agency.
- Training for constant growth
The cycle of innovation has no end. To keep your fintech firm updated, it doesn’t stop with providing high-end technologies but more with developing IT talents in your firm. This strategy guarantees constant growth based on real knowledge and expertise.
The concept of training and gaining new expertise is not limited to beginners or the new employees in the company. To maintain your rising growth rates and enhance expanding opportunities, you have to support every member of your team with progression. Besides, involving such a concept in your talent management strategy is a good step to attracting top tech talents to your team. We can say you just need a double staged management strategy to duplicate your growth opportunities –you attract top talents while developing the existing talents in your company–. There is no doubt that talent management and development strategy is not easy and needs much effort & time, but the results are really worthy.
- Competitive salary
The high competition in the fintech market besides the shortage of inefficient IT talents imposes some sort of competition on the companies. Salary came as a prior technique that companies use to win the competition. However, it’s really important, but it can’t be your only weapon in this competition for many reasons. As not all people look at one offer with the same eye and there is always another company that can offer more to the talent.
Recruiting experts have golden advice for this situation. Step 1: you need to do deep market research to keep updated with salaries average in your region. Step 2: offer more than money or salary to the candidates.
You can include social or medical insurance, a flexible work environment, and surely new opportunities for learning. For instance, the remote work option is a very attractive option for many IT talents nowadays. Briefly, you need to give the candidate reasons more than money to accept your offer.
Read more: How to evaluate a job offer?
- Niche specialization
The fintech sector has more details than the appeared ones on the surface. While you have in-house talents to deal with work challenges, some specific issues may face you to tell that you need more specialized experts to solve the problem in the early stage with fewer risks. Just know that issues and challenges have no end in the world of money, but you just need the flexibility to deal with them. In this case, you need to shortlist the niche specializing skills you may need to be included in your job advert for each position.
Fintech is a very promising field that will change the whole face of the financial world for a more digital one. Although the opportunities that it offers, it has a very challenging side. Especially when it comes to your tech teams. But it just needs to be more flexible and aware of the best way to avoid risks depending on an expert mind.
TIS for recruitment solutions
The experience can be your weapon to face any challenges in the future. And it’s what we offer for fintech firms as a recruitment agency with 20 years of experience in the Saudi market. Our solutions go for more than just finding the suitable candidate that aligns with your niche, culture, and technical expertise. We depend on a comprehensive recruitment process that keeps your company connected to the fintech market updates with accurate market research that provide you with the best expertise and salary suggestions, besides administering all HR functions. So, you will be separate from the hassle of (contracting, on-boarding, personnel, payroll, social and medical insurance, and taxes) for your workforce over our HRMS, plus the compliance process with regulations and laws of labor.
Hence, TIS will shorten the road to growth with full recruitment services. For more inquiries about TIS recruitment solutions, contact us now.