There is an undeniable shortage of adequate skills in the FinTech world, especially in terms of design and development, leading to a so-called “talent war”, especially between startups and traditional financial heavyweights. While these traditional financial heavyweights have the resources and are starting to develop the drive for FinTech solutions, startups are important for driving innovation. Here are 10 suggestions for startups to survive the FinTech talent war:
- Make a cool workplace – workplace environment is key for many involved in this sector. Google set a massive benchmark; try to emulate it and also come up with fresh ideas to keep talent happy and loyal.
- Offer to make them “big cogs in a little machine” – rather than spending years working through a corporate hierarchy, offer talent the chance to take their concepts straight to the top and into development.
- Remember that chemistry matters – a positive working environment in crucial to attracting and maintaining talent. Ensuring the right mix of cohesion among personalities is a big part of this.
- Don’t forget rewards and recognition – while startups often can’t afford to compete with the financial packages offered by traditional players, rewards and recognition (e.g. shares in the company) for work well done will keep talent engaged and happy.
- Be credible – the bigger the name, the more credibility. It is important to for startups to get their name out in the marketplace as quickly and often as possible.
- Be transparent – talent needs to know what they are getting into. Being open and honest about expectations will build the foundation of a strong, loyal relationship.
- Keep in mind that talent breeds talent – existing talent acts as ambassadors, sharing their excitement and positive stories. Considering the tight-knit FinTech community, word-of-mouth is an important endorsement.
- Open up access to training – good talent isn’t happy with stagnation; they have a mind thirsting for more. That said, access to ongoing training is something that should be incorporated where possible.
- Leverage their energy – the next generation of talent is bursting with energy and a sense of competition. Larger corporations can compress this and slow them down, which is a turn-off for talent. Don’t drain their ambition, leverage it.
- Find talent with a shared passion – vision and passion are tangible in a small startup environment. Make sure the talent you invest in matches your own passion for what you want to accomplish.