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Recruitment Challenges Facing the Payments and Fintech space in 2021

Recruitment Challenges Facing the Payments and Fintech space in 2021

The end of 2020 and the continuation of the pandemic has seen many changes across several industries, but the world of Fintech and Payments has managed to continue to scale and evolve with many innovations coming to fruition. 
 
As more and more Bricks and mortar banks are facing closures, digital initiatives continue to grow with 34% of banks offering fully digital processes (forbes.com)
 
As the industry looks to scale up there are several recruitment challenges facing the sector.
 
  • 71% of employers at tech start-ups and scale-ups experience difficulties hiring or trying to hire staff
  • According to two thirds (66%), identifying the specific skills they need to hire next is a challenge.(fintechtimes.com)
 
Salary is one of the top reasons for recruitment challenges – Identify your USP’s to combat this.
 
It is no secret that start-ups are unable to offer the same attractive salaries and benefits that more established brands can offer.  Team this with the fact that they also cannot offer the same job security and you instantly have a challenge.
 
At TPN we are experienced at working with you to over come this.  The beauty of working with a start up is the journey that the candidate will take on.  The fact that they can turn their hand to many different roles and opportunities that would normally be faced with red tape in an established brand. 
 
The opportunity for progression and career development is also significant within a start-up /scale up.  Looking at your recruitment branding and sharing your vision/goals through transparent communication with potential hires is vital to ignite their passion.
 
Identifying your brands USP’s are a keyway to attract staff.
 
Key skills required.
 
When talking to our clients, the most immediately needed skills are often Business Development, quickly followed by Development including front end / back end and mobile.
In 2020 over a third of starts up’s said they did not have the skills needed to expand their business into other markets, and this is unlikely to have to have changed throughout the pandemic. 
Succession planning and obtaining access to a wider candidate pool is key, TPN’s network has been built up over 20 years to is not only vast but international as well.
Anne Boden, CEO of Starling Bank,: “Recognise that challenges are a natural part of the start-up journey, and every day is a learning curve. When it comes to hiring, reach out to your network for support when hiring roles outside of our area of expertise to ensure you employ the best, and keep true to your core cultural values even as you scale.”
(fintechtimes.com)

To discuss any challenges facing your growth plans or immediate recruitment needs contact us at TPN for an honest discussion and to obtain market insights. 01604 766851

 
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