The skills that you need in your payment tech company are constantly evolving.
Payment technology is expanding more rapidly than the rest of the tech sector, with investment in payment-related fintech double that of other tech industries.
A recent report by the Emerging Payments Association has found that the pandemic will only accelerate this trend, with demand for payment technology set to increase dramatically in the coming months and years.
While this is good news for payment tech companies regarding growth opportunities, it creates the dilemma of recruiting – where can you find the right talent to bring on board who will make a difference in your company?
With 75% of developers interested in hearing about new opportunities, this shows that the tech candidates market is engaged and regularly looking for new roles and this is something as recruiters, we already know.
Today, we share four ways that payment tech companies can attract and secure the quality talent they want for their business.
1. Treat Candidates Like Customers
It’s a common problem that recruiters hear often – a candidate applies for a role they are interested in, they take part in the first stage of the interview process, and then they never hear anything back.
There can be several reasons for this happening, including the HR department not having a watertight recruitment process, oversights in the company process, down to a poor management recruitment process.
We all know how essential your employer brand is. Still, your employer brand shouldn’t only apply to the relationship you have with current employees – it should extend to prospective employees too.
Great tech candidates who have a positive experience of interviewing with you – even if they don’t get the job – will be inclined to reapply in future. When you treat candidates with disregard, it won’t be long before your company name gets associated with a poor candidate experience, which will deter the number of ‘good’ applicants you then receive in the future.
2. Design Realistic Jobs
Part of the difficulty payment tech companies have with recruiting is they haven’t adequately outlined the exact role they are recruiting for, or conversely they have outlined a job with unrealistic expectations.
Setting unrealistic expectations causes several things to happen in your company –
- Deadlines get missed
- The quality of work will be reduced
- Absenteeism increases
Over a long period, there can be further consequences such as employees losing respect, diminished morale and high turnover; a recipe for disaster in any business.
When you create realistic roles, employees feel a balance beween the right level of challenge and being fulfilled.
Designing jobs can be tricky, especially when you are expanding. Knowing when to hire is one dilemma, but knowing who to hire can be similarly problematic.
Has your payment tech organisation changed in recent months? Many companies are diversifying their services, with a focus on cybersecurity, innovative UX to win new customers and delight your current customer base, and an increase in anti-fraud teams.
And for many companies, this means creating new roles.
If you know you have skill gaps or are wanting to expand, we can help you, not only find the talent you need but to first recognise what kind of skills and attributes your new hires will need to have.
3. Revisit Your Hiring Process
Revisiting your hiring process is something which many employers don’t realise can have a positive effect on their recruitment outcomes.
Employers sometimes view the recruitment process as a lengthy task which takes them away from their real job of making a success of their business. And for this reason, they are reluctant to spend even more time going back to their recruitment process to see if they can improve it.
But making a few small changes to your recruitment process can ensure you get the best out of each candidate in the interview scenario and allows you to make a better hiring decision.
Try the following –
- Introduce an open-ended question into the interview, such as asking how a candidate would design an app of their choosing. This allows the candidate to showcase their innovation and creativity.
- Ask the candidate to briefly explain or teach you about a subject they are passionate about, which doesn’t have to be work-related. This will demonstrate their passion and ability to communicate ideas.
- Introduce video interviews for the early stages, as this allows you to interview more candidates in a faster period.
Finally, let’s look at the benefits of working with a dedicated recruiter to source your new payment tech talent.
4. Work With a Recruiter
The reasons I have outlined here – the recruitment process taking up time, outdated interview processes and the lack of a clear person spec or job role can leave employers and hiring managers feeling frustrated.
And that’s why they come to us for help.
We’re recruiting experts and can quickly identify the problems that are preventing you from hiring the talent you need now.
Another common problem that can occur in larger organisations is that the general HR manager doesn’t ‘get’ the tech role they are recruiting for.
This is why when sourcing talent for payment tech roles, working with a dedicated recruiter will help your organisation find exactly what it is you need.
For more information on how we can help you identify what it is you need in your payment tech business and then find it for you, get in touch here.
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.