The Banking Scramble for Fintech Talent
With great Fintech (financial technology) startup companies come great resolutions. The superheroes of the STEM (Science, Technology, Engineering, Math) talent pool are not only evolving with the technological times, but problem solving and advancing the technical capabilities of companies to new levels of digitalization. With the rapid rise and success of Fintech startups such as Transferwise, Klarna, Swish, WePay and N26, the focal point for banking acquisition teams becomes the ability to engage, attract and maintain the STEM talent like never before.
A longer term goal
STEM students looking to break into the financial industry have very different aspirations and goals compared to those who will venture into other industries. Therefore, rather than developing recruitment programs for the current pool of students as a short-term fix, a more insightful and measured adaptation is needed to secure the digital talent for the years to come. Research shows that a regional approach to recruitment can make a big impact. Attitudes can vary drastically when taking into account different regions such as the Asia-Pacific market. Thailand, for example, has come to terms with the importance of Fintech and intends to welcome it with open arms. In terms of attracting STEM talent for the foreseeable future, offering empowerment in a role can lead to a deviation of the norm and an opportunity to define a company’s success. This is key in stepping up responsibility for STEM workers as well as measuring progress against your business objective.
Attracting STEM talent
The banking industry is now, more than ever, experiencing a high turnover of young professionals who seem to be leaving their positions well before the two year mark. Communicating your company’s identity clearly, and disseminating information of growth opportunities will prove to your workforce that they have a valuable and long-term role to look forward to. It inspires purpose and future-proofs your business to ensure you’re not missing out on the best available talent. Attracting STEM talent to the financial industry means that employers must consider being brave enough to test new waters. This includes recruiting talent from other industries. The challenge lies in creating the competitive edge needed to engage with STEM students that prioritize innovation over market success or in other words, the STEM talent that usually opts not to pursue a career in the financial industry.
If your company can afford to be creative with its environment as well as its benefits, you are on track for a winning formula. A top consideration for STEM students headed for the financial services is a creative and dynamic environment. Add to that a thorough research of your market in order to deliver a tailored offering to your future workforce, and your attractiveness will be undeniable. Putting these hiring strategies in place can lead to a better recognition of employee performances as well as a happy and friendly work atmosphere.
The wants and needs of a STEM student
Universum’s study of STEM talent explores and differentiates, in detail, those students preferring the financial sector to those who don’t. The findings concluded that those who are seeking financial surroundings are also looking to be surrounded by high future earnings. It is important to recognize that these high earnings vary from country to country. Also, bear in mind that with Britain’s decision to leave the EU, the number of financial service industry workers based in the UK are now searching for jobs in other European locations, most notably Berlin, a flourishing city within the Fintech scene. STEM talent are clearly passionate about what they do. This fits in with the notion that employers should be future-focused in their planning as competitive base salaries or bonuses are less likely to motivate the students when considering what they are looking for in an employer. Attracting young and hungry talent to reap the short-term rewards is not a rarity among most companies, but retaining top workers is what will develop your company’s success going forward.
Young workers or Millennials are very similar across the board when it comes to progressing and developing leadership skills. Mentoring young talent in this field is proving to be a hugely successful strategy with 68% of Millennials indicating that they believe they will stay with current employers for more than five years; the majority of whom are much more likely to be under the guidance of mentors. It’s time to adapt or fall behind.
To conclude, it isn’t enough to simply attract talent to your company’s culture. The bigger picture involves the importance of retaining them. STEM talent are passionate about what they do but they need stimulation and challenge. Provide a road map of how you will set yourselves apart from the competition and how they can advance and develop within your company. A work/life balance is a consistent key issue among young professionals building on their experiences at the early stages of their careers. Nevertheless, this doesn’t hinder ambition and opportunities for promotion shouldn’t be too limited. Recruiting tech talent with the business intention of improving your customer’s everyday lives provides a personal and professional trust from all parties involved with your company. Realize the importance of the Fintech workers and the battle to win their services by adapting, engaging and implementing the appropriate long-term strategies.