FinTech, the combination of finance and technology, is no longer a new concept. Singapore, the home to approximately 40% of all FinTech companies in Southeast Asia, with more than 750 operations covering a broad range of verticals from mobile payments through crowdfunding to insurance. Today, large conventional financial institutions are also seen going through an evolutionary transition, competing in the digital world to meet customer expectations and satisfy their needs.
With hundreds of organisations competing in the FinTech space, the search for the right FinTech executive poses a challenge for many firms. A recent report released by Business Insider shows that one of the biggest barriers to the success of FinTech companies was the lack of FinTech talent. Malaysia, Thailand, Philippines, Indonesia, and Singapore are listed as the top countries facing a FinTech executive strain.
To win the FinTech executive search would mean conquering half the battle as a strong team of FinTech professionals will ensure successful execution of any digital transformation projects and strategies in the FinTech arena.
One of the most basic factors that FinTech executives look at while considering a job opening is the salary packages. 69% of Asia Pacific organisations are reportedly paying between the 75th to 100th percentiles for FinTech roles that require high-level skills. On top of offering competitive wages, most FinTech professionals are beginning to anticipate compensation packages that blend monetary and nonmonetary rewards, instead of the traditional pay structures.
Some FinTech firms have been seen introducing personalised benefits packages. Apart from biological differences, employees’ needs change according to social factors such as life stages, social support, and family background. For instance, the financial concerns of someone who is supporting a family of 5 will be vastly different from that of a fresh graduate who is single. Organisations are now looking at incorporating more choice and flexibility into their benefits packages to meet the diverse needs of the workforce. It is crucial for employers to understand and cater to the unique profiles to make employees feel more appreciated and well taken care of. In turn, this translates to better work performance and employee loyalty.
Widely known, the FinTech industry is relatively young and most executives in this space are estimated to have 2 – 5 years of working experience. Firms should understand the reality of the FinTech talent market in order to manage their own expectations. Soften requirements such as education certification, years of experience as well as technical competency to widen the consideration pool. Some candidates might not match the required skill sets fully, but they might possess a good learning attitude and can be nurtured to become a key weapon in the firm’s armoury. In the war for talent, organisations would have to embrace innovative and unconventional strategies in order to emerge victorious.
In the world of FinTech, talents are on the lookout for companies that work on innovative projects as they strive for meaningful applications of their time and strengths. Challenges and learning opportunities keep them motivated and driven at work. The handling of such projects has been proven to provide fulfillment, flexibility, personal and professional growth. FinTech organisations are encouraged to include an introductory write-up on the current and upcoming projects in their job advertisements to entice and attract more applicants.
Having a career advancement or development roadmap in place would also aid in attracting and retaining FinTech executives. No employees would like to remain stagnant in their career and a good way to create a sense of possible progression would be through promotions or increments. Each advancement might not have to be a huge jump but having regular increments is crucial. Not only will it reflects well on the company, but it also encourages loyalty and better performance.
Companies that showcases an investigative and enterprising work environment also enjoy greater success in attracting qualified FinTech executives. This is because these individuals need to be given the freedom to work and space to evolve and flourish. Excelling in FinTech involves many trials and errors and a huge appetite for risks to develop innovative ideas and solutions. The organisational culture should not be one that discourages innovations when mistakes are made. Instead, firms should embrace creative autonomy and digital side-projects, while accepting and learning from failures. Break the shackles of a structured approach to win the war of FinTech talent.
Purposeful employer branding to showcase such organisational culture would certainly be effective in improving the reputation and attractiveness of the company. Such strategies are also adopted by traditional banks such as Citi and ING, which are known to be rigid and structured, to brand themselves as technology companies with a ‘banking license’. It is here that financial institutions can champion FinTech executives and become an appealing career prospect.
Changing the perception of the culture within an organisation with a long-standing history can be tough, but all is possible with the start being making changes from within.
On top of showcasing the exciting projects, FinTech professionals are also looking out for learning and development opportunities. In the FinTech space, technology programs, tools, and skills are dynamic and ever-changing. Research has shown a staggering 42% of employees stating that training is one of the most important benefits when deciding where to work.
With the provision of upgrading courses, it increases the attractiveness of the role, presenting FinTech companies a unique opportunity to differentiate themselves from other organisations. It is mutually beneficial for both the company and the FinTech executives as they sharpen their skills and improve their efficiency and competency at work.
To overcome the FinTech executive deficit, firms need to look for talents from different sources. While job portals have proven to achieve reasonable results, it has been increasingly challenging for hiring managers to find qualified FinTech candidates. Companies can gain an edge over their competitors by widening their FinTech executive search.
Partner up with a FinTech recruitment specialist to leverage their talent pool. These recruitment agencies are able to access passive candidates who are otherwise not found on job boards. By tapping on their connections, hiring managers are able to get in touch with experienced and qualified FinTech candidates.
These FinTech executive search specialists are also able to reduce the time-to-hire. In a talent war, brilliant profiles are quickly snitched up by companies that act fast. Dedicating more time to recruitment might not be a feasible or the best option. Trust these specialist recruitment agencies to source and liaise with the candidates, building a faster recruitment cycle, thereby securing the cream of the FinTech executive pool. The partnership model has been adopted by some banking giants as a key strategy for acquiring FinTech talents.
EPS Consultants is an award-winning recruitment agency with over 25 years of experience. Our FinTech Executive Search Team is committed to your success. They are fluent in every facet of financial services and the technological scene. Our team of dedicated consultants maintains close relationships with key leaders and qualified FinTech executives in the industry.
EPS Consultants also subscribe to market-leading tools and job portal applications that allow us to expand our search. Leverage our expertise and connection to build your team of FinTech professionals who will drive change across functions.
EPS Consultants is a leading recruitment agency specialising in FinTech recruitment services. Our consultants are proficient in the FinTech industry and we subscribed to market-leading tools that allow us to expand our search. We are committed to building a strong team of FinTech professionals for our clients who can bring companies’ development plans to greater heights.
EPS Singapore is a trusted Recruitment partner for local and global clients. Our wide range of staffing solutions include general recruitment, IT recruitment, candidate contingency and executive search, contract staffing, manpower outsourcing and recruitment process outsourcing (RPO).