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Did you see our recent article: Is a skills shortage holding tech leaders back?
At TRM-International, we are solution-oriented, and our team of HR Consultants and Talent Acquisition Specialists have been busy helping our finance and technology clients with their internal skills shortages.
Even better, we have compiled their tried and tested solutions below!
Here are some solutions that our FinTech clients have been finding helpful in addressing their skills shortages. We have divided these into How to strengthen existing teams and How to grow the team:
How to strengthen existing teams
Offering more hours to current employees helps alleviate skills shortages in FinTech companies by retaining and upskilling existing talent, reducing the need for costly and time-consuming external recruitment, and fostering a culture of adaptability and knowledge transfer within the organization, ultimately improving the company's ability to meet its skill requirements.
Upskilling the current team, and hiring more juniors. Salary growth is greatest at the junior and mid-level. This makes more junior levels the most competitive to recruit at, with candidates expecting uplifts in their basic salaries. This also increases job satisfaction for and retains more senior employees.
Automation can help address skills shortages in FinTech companies by reducing the reliance on human labour for repetitive and routine tasks. By automating processes like data entry, transaction processing, and customer support, companies can allocate their existing skilled workforce more efficiently and focus their efforts on higher-value, specialised tasks. This not only mitigates the need for hiring additional talent but also enhances overall productivity, allowing the existing workforce to handle a broader range of responsibilities and meet the demands of the FinTech industry more effectively.
Ensure a cohesive team dynamic. 1 + 1 = 3. Value, champion and incentivise not only individual efforts but also contributions to the team. Ensure that managers are accessible, transparent, accountable, and open to feedback. Provide regular training.
Foster autonomy. Fostering employee autonomy can address skills shortages by empowering employees to take initiative and self-direct their work. When employees have more autonomy, they are often more motivated to learn and adapt to new challenges independently, which can help bridge skill gaps as they proactively seek out training and develop relevant competencies.
How to grow the team
Searching for talent in-house across different departments within a FinTech company can alleviate skills shortages by tapping into the existing pool of diverse skills and expertise. This approach promotes cross-functional collaboration and provides opportunities for upskilling and reassignment, making it possible to fill skill gaps without external hiring.
Hiring external contractors for specific projects can address situation-specific skills shortages, with the option of providing a permanent contract after a certain period of time. By offering stability and security, you get loyalty in return.
Re-evaluate your hiring practices. Rethink the job requirements listed on existing vacancies, making sure to highlight the potential for growth in the role and/or to develop new skills. This will attract a bigger pool of potential applicants. You can also create a referral scheme with financial incentives for successful referrals.
Offer hybrid working. Candidates want hybrid working and having a say in how often and when is even more appealing. More value is being placed on a good work-life balance and well-being. Because this is being talked about openly, it is also becoming more prevalent. If possible, give new and existing employees the opportunity to work remotely and/or arrange their working hours flexibly. Do not forget to set a good example yourself.
Pay a competitive salary and do not forget benefits such as public transport contributions, company cars, laptops, and holidays. Employees do not want to spend their earnings on getting to and from work, especially during a cost-of-living crisis.
Now more than ever, leaders need partners like us. TRM-International understands that the human side of FinTech has the ability to drive performance.
For more advice, you can in touch with our experienced team of HR consultants & Talent Acquisition Specialists today, at: applications@trm-international.com
We are here and happy to help with all your recruitment and HR needs, from CV to interview advice, and from hiring to HR consultancy.
You can also check out some of our public job opportunities here.