- April 16, 2021
- Posted by: NorgayHR
- Category: Uncategorized
The rapidly emerging FinTech sector presents a world of HR challenges. The sheer rate of growth makes it hard for companies to keep a handle on people management. Ambitious scale-ups demand a lot of employees, requiring them to be agile, quick-thinking, highly skilled and focused.
Yet who can work at peak capacity without the right support? Good FinTech workers give a lot and rightly expect a lot back. You risk losing touch with your people – and losing them altogether – if you can’t provide it.
As reported by Deloitte, FinTech employees will make up 22% of the global FSI workforce by 2022, against 15% now. With Australia following the US and UK in terms of expansion, employers are spending lots of time hiring, but not so much on nurturing and retention.
So, what does good HR look like in the FinTech space?
1. Get automated
This highly automated sector requires a lot more than spreadsheets and paper. Your workers are masters of 21st Century financial tech, so why manage them with clunky 20th Century solutions that have had their day?
They know exactly how to automate payments, trading and feedback processes to make things easier for your customers. Return the favour by automating onboarding, employee self service, documentation management, performance reviews, employee feedback for smoother management.
2. Be as innovative as your people
Yes, they’re at the top of their game – just where you want them. Now it’s your turn to be nimble, forward-looking and responsive.
Efficient automation requires the right workplace technology. To excel in the FinTech space, you need your workforce accessible 24 hours a day. Ensure everyone has access to smart handheld devices with user-friendly interfaces.
3. Prioritise security
Protect your employee data as closely as you guard your customer details. This is especially important if you’re scaling up fast and trusting to luck.
Don’t wing it. Invest in a secure, centralised HR system where that critical data is saved in the cloud.
4. Use your brand and culture
Top tech companies don’t just market themselves to customers. They sell their brand to potential candidates when filling posts.
Once you’ve snagged the best candidates, you need the culture in place to keep them. You need to find that balance between maintaining a culture of innovation and informality, whilst also meeting your HR governance obligations.
5. Nut out an employee value proposition (EVP)
Do you have an EVP? This aligns culture with business goals, offering workers a personalised experience and integrating every aspect of their career journey – across the employee lifecycle.
An EVP includes bespoke training and information programs geared to individual work practices. It’s an essential FinTech HR tool, putting employee wellbeing first.
The FinTech sector is fiercely competitive. Companies vie with each other to win the most customers – and the best people. If you need assistance with designing your EVP and recruiting and retaining employees, Norgay HR can help. Have the conversation today!