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What is FinTech recruitment?

fintech recruitment

Recruitment is the process of actively seeking out, finding, and hiring candidates for a role. Recruitment encompasses the entire hiring process, from inception to the individual hire’s integration into the company. However, FinTech recruitment is niche as it is defined by the ability provide a talent pool of skilled FinTech professionals for clients that are specific to the FinTech sector.

Candidate Network in FinTech

Due to the specialty nature of FinTech, FinTech recruitment requires recruiters to be very specific to what they are looking for within a candidate. A candidate might not necessarily be expected to have working experience within a FinTech company, the technical skillsets criteria require them to be strong technical experts. For example, they might be expected to be DevOps, Cloud and data specialists, Blockchain and Cybersecurity experts, AI and ML professionals or even UI/UX designers, depending on the role. At Fintech firms, technical and specialist skills are high in demand.

Who Needs FinTech Talents?

Obviously, FinTech recruitment is done by companies that has FinTech offerings or services. The FinTech industry is made up of a multitude of subsectors like InsurTech, Payments, Digital Assets and more.

fintech recruitment

However, companies that did not used to be considered as a FinTech firm have gradually made the transition to move into the FinTech space in an effort to expand their offerings and market share. For example, a Singaporean telecommunications conglomerate, SingTel introduced their SingTel Dash, an all-in-one wallet for online, in-store and mobile payments to enter the FinTech space.

The FinTech space is seen to be a growing yet competitive market. This also means that FinTech recruitment is in high demand even within companies whose primary business might not be FinTech.

What To Consider When Hiring Your Next FinTech Talent?

fintech recruitment

FinTech recruitment differs from the traditional recruitment. Traditional recruitment is much more straightforward and have a larger market for both candidate and clientele network. It is normally easier to fill a non-FinTech role as you probably would not require the help of a recruiter. However, things are different for FinTech roles as they are niche and harder to fill. The rise of FinTech has led to a talent crunch, with more than 67% of professionals in Southeast Asia saying they are having trouble finding qualified talent.

There are also certain key factors are at play which would create a need for a FinTech recruiter:

  1. The supply of FinTech talent within the job market
  2. What is your hiring budget?
  3. Time constraints
  4. Market knowledge
  5. Avoiding the cost of a bad hire

The Supply of FinTech talent

Storm2 have access to a large pool of qualified pre-screened candidates.

One of the main and common challenges faced in FinTech recruitment is the limited candidate pool of FinTech talents. As the market grows bigger, the supply of FinTech talent is unable to keep up at the same speed. This results in a talent war due to FinTech boom. FinTech companies seek specialized skillset FinTech recruiters’ main job scope is about networking and actively growing their candidate pool.

FinTech is currently the leading innovations of Finance, which meant that there is also a strong need for talents with financial knowledge. Professionals with prior experience in banks, investment firms, insurance companies are highly sought after. FinTech recruiters keep an eye out for FinTech talents in all industries, saving you time and effort. You can take advantage of the FinTech recruiters’ connections and network to get the most out of your recruitment process. In fact, FinTech recruiters are equipped with market-leading tools and sourcing methods to help reach out to qualified FinTech candidates.

Budget

Storm2 can help to save more than 25% of the amount of money you spend on recruiting in-house.

Hiring a FinTech role can be costly, especially if you are keeping a role open is costly. The longer your role is open, the more expensive it becomes to fill. Did you know that if Storm2 is unable to find your ideal candidate, you are not required to pay at all? This ensures that the focus is on providing the best candidates for your company, rather than just getting the job done.

By hiring the right candidate that possesses the right skills and experience that your job description entails, it helps your company to save time, money and effort spent on training and onboarding them. We also have updated salary guides of various countries to help advise you on the market rates when hiring at different geographical locations.

Time

Storm2 can shorten the time taken to fill your open positions by at least 50%.

Especially in a fast-moving FinTech industry, timing is critical. For example, you can’t afford to wait around to find the right candidate when your company’s priority is to develop a new product to pitch to your investors for the next funding round. We all know how fast a strong FinTech candidate gets taken out from the market. Research have shown that the top 10% of the best candidates are taken out of the market within the first ten days. Slow hiring does not improve the quality of your hire. This is due to the increasing drop-out rate as your hiring process is dragged out.

With a FinTech recruiter dedicated to networking, it can often save you recruiting and focusing on your other priorities. Typically, hiring managers will have to forego productive tasks to address hiring process of the open role. FinTech recruiters can help you reduce the time lost and put your attention to the essential parts of the business without compromising on the quality of your next hire. FinTech recruiters like Storm2 is also able to help you streamline the process while keeping everyone engaged in the process helps to ensure that your best prospect will not be lost to a competitor offer.

Imagine getting the perfect hire, without scanning through hundreds of resumes, calling references, preparing of job postings and more!

Market Knowledge

Storm2 recruiters has specialist recruitment knowledge.

FinTech can be a fluctuating business environment, influenced by government regulations or restrictions, market’s demands, the effects of digitalization or even the recent global pandemic. Specialist recruiters can provide valuable market insights and advice in the sector or function you are hiring in. When working with a FinTech recruiter, you unlocked their knowledge of market compensation, trending skillsets, career expectations, hiring complexities and more.

Storm2’s specialist recruiters have deep experience and exposure to the various sectors of FinTech companies which meant that they are able to quickly identify the right candidate who can succeed in the role.

Avoiding The Costs of a Bad Hire

Storm2 not only saves you time, but also the actual cost of a bad hire.

Did you know that a bad hire is often more expensive than we think? It has been estimated that a bad hire can cost your company about SGD$800,000 and it is an estimation for a managerial position. Now, imagine the cost being even higher for higher positions. A bad hire cost is associated with hiring costs, salary and maintenance, onboarding costs, opportunity costs and disruption costs.

Storm2 is also able to help you retain and attract the right talents for your company. FinTech recruiters help to minimize such risk by find a candidate that has a strong culture fit with the company, relevant technical skills for the role and ensuring that candidate and company has aligned expectations.

How Does Storm2 Differs from Other Recruitment Agencies?

Besides the benefits of using a FinTech recruitment agency, Storm2 is committed to delivering only the best talents of FinTech by continually networking with highly skilled professionals and innovative clients. By working with Storm2, it has never been easier to fill your open roles. Working with Storm2 is not only beneficial with just the interviewing and hiring process but the entire process.

Our promise of quality candidates ensure that our clients would be connected to the crème de la crème of FinTech talents in the market. Our strong network helps us connect talent faster than any other agencies and we deliver what we promise. If you are looking to fill an open role with the best candidate, connect with us now to find out more!