An efficient talent pipeline will allow you to be two steps ahead in the hiring process at all times –firstly, you and your desired candidates will be aware of, and in communication with, each other, and secondly, they will be poised to become team members when the time comes.
Does this sound like the recruiting position you want to be in?
Developing FinTech talent is currently a hot topic in the UAE; the recent FinTech Abu Dhabi 2019 event highlighted the growth of the sector, and one of the four main pillars covered at this programme was ‘enterprise and talent development’ – which focused on building talent pipelines within the Abu Dhabi FinTech sector.
Developing a talent pipeline for your business used to be viewed as an astute business action, but now it is an essential component. As a recruiter of banking tech candidates, the companies that grow with the highest level of success are the ones that have in place active talent pipelines.
An active talent pipeline is one of the most crucial business tools in the current job market – the ‘best’ candidates do not approach businesses to apply organically anymore, you will only attract these individuals by cultivating long-standing relationships by demonstrating your value to them.
So how can you put in place a plan to improve your talent pipeline? The following are seven smart methods to implement to enhance your FinTech talent pipeline.
1. Identify the Right Personalities
First and foremost, you must agree with your hiring manager (and everyone involved in the hiring process) on the types of personalities you are looking to hire to build the kind of company culture you want.
Increasingly, evidence suggests that character is as equally important, and if not more, than skill when it comes to building successful teams. Skills can be taught – enthusiasm and passion cannot. So understanding what type of people
you want to hire to grow your organisation successfully is the first step.
2. Look to Global FinTech Leaders
While the UAE has an impressive pool of FinTech talent, only the most sensible companies realise that globally, there is a wealth of expertise further afield. California, for example, is considered to be the world leader in producing FinTech talent, and many countries across the globe are competing to win the most valuable employees.
In attracting global FinTech talent from other leaders, namely the USA, UK, China and Singapore (among others) you will need excellent remuneration packages for overseas employees – how generous are your ex-pat packages?
3. Work With Universities to Nurture Graduates
Closer to home, there is a significant focus right now on hiring local talent, and I will expand on this in the next section. Contrary to popular belief, younger employees are not looking to change jobs every few years - they want to grow with the company.
A recent MENA salary survey found that 40% of respondents said that their loyalty is driven by long-term career advancements. So with this in mind, how attractive are your graduate schemes? Are you actively encouraging fresh graduates to join your organisation?
Some employers are discouraged from hiring graduates straight from university as they have little real-world experience, but remember that finding the right person for the job first time round has the potential to save you time and money in the long-run.
4. Focus on Emiratisation
The country’s nationalisation scheme was updated earlier this year to help even more Emiratis into jobs. Many sectors including private sector banking, communication and insurance companies now have even more stringent quotas to meet in terms of how many UAE Nationals they hire into key roles.
Historically, UAE nationals have been deterred from working en mass in the private sector, as public sector jobs were seen as much more desirable due to better working hours, conditions and higher salaries.
In an effort to redress the balance of local workers in essential roles, and to in effect build the nation’s talent pipeline as a whole, private sector companies now receive help from the government to make their jobs more appealing
to Emiratis such as a focus on training, better pay and more prestigious positions being reserved for UAE nationals.
5. Get Diversity Right
Diversity is never more present than it is in the UAE – with around 80% of the workforce coming from overseas. Even with the Emiratisation programme I mentioned previously in place, it is common for companies to comprise of employees from across the globe.
World Cultural Diversity for Dialogue and Development day is celebrated on May 21st, an event which highlights the positive impact on social and intellectual development the region has benefitted from in calling itself home to ex-pats from over 200 nations.
When you have got your company culture right, have a strong focus on the candidates you want to work with and start building relationships with them, you will find that you have more choice from a better calibre of candidate.
This is when your talent pipeline really begins to work.
6. Build Excellent (Candidate) Relationships
It’s every recruiter or hiring manager’s dream when they have several suitable candidates for one position. Many of our clients tell us that it is often a hard decision in choosing the ‘right’ candidate from a range of great talent.
But this should not be viewed as a negative – quite the opposite. Turning down great candidates is never an easy decision, but ensuring you give a great candidate experience will keep the channel of conversation open for your future vacancies, so keep in touch by adding your candidate to a database where they will receive regular emails (with GDPR compliance) and encourage candidates to follow you on social media.
7. Work With a Recruiter
Finally, if you know that your FinTech talent pipeline needs attention, but you still feel as though you need the help of an expert, get in touch
with our team today.
Flow Financial & Technology are experienced recruiters in the banking and finance technology sector and have extensive experience helping our clients build long-standing relationships with the types of candidates that add real value to your business.
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the financial services and technology industry is highly competitive.
Flow provides an executive search service led by industry experts, geared to any level of role within the Financial Services and Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
Importantly at Flow, we meet with all our candidates face to face to gain an understanding of their requirements, ensuring we guide them in finding their ideal role.
To find out more get in contact
with one of our team today.