The pandemic has changed the nature of work for many sectors, not least those working in the tech sphere.
During the pandemic, tech and particularly banking tech was the saviour of many businesses and indeed our personal lives.
The events of recent months have been the start of a new era for working – one where remote work is champion.
But what does this mean for your payment tech team?
Today, we look at the impact remote working could be having on your payment tech team.
One of the risks of remote working is that it will lead to a drop in collaboration – even with the most advanced tech, it is still hard to replicate an in-person meeting, where ideas and conversation tend to flow more easily.
But collaboration does not necessarily have to take a hit – there are ways to get your payment tech team collaborating excellently with a few simple strategies.
When everyone suddenly started working from home due to the pandemic, studies show that there was a 10% increase in the number of meetings teams were having. This is understandable, as we tried to compensate for suddenly being distant from the colleagues we were used to being able to wander over to talk to.
But does having more meetings help with collaboration? Or are they simply drawing your payment tech team away from their current tasks?
Before the pandemic, it was estimated that higher-level professionals spent up to 35% of their time in meetings – which is a staggering amount, and contrary to the need for payment tech companies to be dynamic and efficient.
Replacing real-life collaboration with meetings is fine – the key is to replace longer meetings with shorter ones.
Next, let’s look at the effect remote working is having on the productivity of your payment tech team.
Payment tech, especially banking and e-commerce, has never been more in demand since the pandemic, and as a result – some teams are feeling stretched.
Couple this with the fact that some of your key team members are now working from home in potentially less-than-ideal working spaces, and this is a risky combination.
There is conflicting data on whether employees are more productive at home – and this is because it all comes down to the individual.
We all have different working styles, and of course, different home environments.
Employees who live alone and have a dedicated workspace will find it easier to work at home; those who are now juggling childcare duties or don’t have a quiet space to work from will undoubtedly suffer.
Many forward-thinking companies are now employing a hybrid model of working. Remote working has been a huge success for some companies, and employers will benefit from giving workers the option.
Speak to your team about whether they prefer working from home or if they miss the office. You can offer a flexible style where your team have the option to work from home or to come into the office – or a mix of the two.
Flexibility is key to ensure your team feel that they have the option to work from wherever they feel most productive, especially as the ongoing pandemic situation is changing from month to month.
Covid-19 and the ensuing rise of remote working have been the catalyst for some of the most significant changes the world of work will see in a generation.
Like collaboration, there have been fears that the solitary nature of remote working will lead to a stifling of innovation, and the truth is that it doesn’t have to.
A recent report by the University of Cologne, Innovation and communication media in virtual teams: an experimental study, has found that teams have increased digital communications to counteract the barriers to innovation caused by the pandemic.
The report found, “The current lockdown has fostered the adoption of new technologies to conduct collaborative tasks when team members work from home. Video conferencing can mitigate the gap in creative performance.”
So, as we settle further into the post-Covid workplace where more of us are remote working, remember to keep digital communication and collaboration at the forefront of mind in order to facilitate innovation.
The Future of Your Payment Tech Team
The challenges that payment tech teams are facing in our post-Covid world, which are detailed in this article, are not the only threat to the success of your business.
Many companies have found that they simply lack the talent to take their payment tech company in the direction they need, owing to current market demands.
This can be due to a lack of the right number of employees, or a lack of talent with the level of innovation and disruptive skills the organisation needs, to grow within the market.
If you need help finding the payment tech talent you need – we can help.
We recruit the top payment tech talent from across the world for tech companies in the Middle East. If you need a conversation about the future of your payment tech team, talk to us today – you can contact us here.
About Flow Talent
The Middle East is a dynamic and growing market where identifying top talented professionals for your organisation is highly competitive and we offer a range of recruitment services to help you with this.
To find out more get in contact with one of our team today.