The Financial Technology and Market Data industries are highly specialised and significantly unique. Each role requires a specialised skill-set and there isn’t necessarily an abundance of candidates with the ability to perform at the level you may require. For these reasons, sourcing and identifying the right type of candidates can prove challenging.
A variety of methods are commonly used to source candidates in the FinTech & Data job markets. Some of these include direct approach, leveraging a hiring manager’s network, working with an internal HR team or engaging the services of a professional recruiter. Which of these methods will work best for you?
As the prerequisites for each role are often diverse, you may find you need to vary your sourcing method depending on the nature and specific requirements of each role. You’ll undoubtedly find, as with any industry, some roles are easier to fill than others. Often, recruiting for junior roles may seem relatively easy but as the seniority of the roles increase, you may face a challenge as the pool of eligible candidates shrinks.
1. Direct Approach
Direct approach is the method of conducting your own recruitment process in the FinTech & Data markets. An example would be contacting potentially candidates from competitor firms via LinkedIn. At times this may reap a positive and cost-effective result, but there are also many occasions where it may not. Senior talent often prefers the support and safety net of a professional recruiter, who can operate in the capacity of an unbiased third party. Therefore, when recruiting for senior roles, direct approach can prove challenging.
It’s not uncommon for employers to consider direct approach as the most cost effective way of managing a recruitment process. However, recognising the total cost of hiring a new employee usually sits anywhere between 1.5-3 times the total amount of an employee’s salary, it’s critical to get the hiring process right. For this reason direct approach may not always prove to be the most lucrative tactic in the long run.
2. Leveraging your Network
Networking is big business these days and this is especially the case in the FinTech & Data industries. It’s a relatively tight knit industry where many heavy-weight players are familiar with each other, either through personal contact or through long standing reputation. As a hiring manager in the industry, it will pay dividends for you to develop your network in this space.
As important as it is to leverage your own network, it may also prove beneficial to access the network of your colleagues and acquaintances. It’s not uncommon for FinTech & Data candidates to relocate to a different state or country to secure a suitable role these days, and you may not have existing contacts in a particular niche or location for example.
Networks are built on trust and it’s important to leverage this when searching for talent. Word of mouth is a huge factor that can assist with determining the strengths of a potential candidate. Searching for feedback on prospective candidates can also be undertaken through the use of your network if the network you have created is strong enough.
Sometimes you may find your network doesn’t have the breadth or depth required to successfully source the right type of candidates for a particular role. In this case, engaging the services of a specialised recruiter can prove beneficial because they’ve already done the hard yards for you and spent many years developing their network in this space.
Referrals are also linked to your network, because receiving a referral means someone is recommending someone else as a suitable candidate to perform the job. Usually, but not always, the person putting forward the recommended candidate will have prior working knowledge of the success and work quality of that particular candidate. This isn’t always the case however, so be cautious to screen referred candidates in the same manner that you would otherwise.
As part of an employee benefits program, some companies offer a referral incentive where staff are rewarded with a cash sum in exchange for the provision of a successful referral. This can prove to be a genuinely positive method of filling a role as long as the candidates are appropriately screen and qualified.
4. Working with an Internal HR Team
Depending on the size of your employer, it may be company protocol for HR to undertake the recruitment process for you. Even if not, you may opt to engage the services of your HR team when it comes to providing support for your recruitment campaigns. It’s important to remember human resources staff are usually academically qualified and experienced when it comes to conducting recruitment campaigns.
HR professionals are often highly competent in the recruitment process itself, but may not necessarily be experts in their field from an industry or role perspective. Expertise at recruiting in a specialised field comes with years of practise in an industry such as that of the Financial Technology market, so consider how this may play out with the experience of the individuals in your company’s HR team.
5. Engaging a Recruitment Consultant
A specialist recruiter in the FinTech & Data industries should “know their stuff” inside out and be worth their weight in gold. You can identify an expert recruiter by assessing the quality of their network, prior work experience and historical success at recruiting within the FinTech industry. What are the types of companies they’ve worked with and what types of roles have they recruited for?
A specialised professional recruiter in the FinTech industry will have quality, top-performing candidates on stand-by. To complement their existing network, they’ll also know how to source the specific type of candidates you’re after and the most effective method for contacting them. You’ll find that an expert recruiter is capable of achieving all of the above in a seamless and efficient manner, and will work with you to achieve the result you require.
Whether you’re seeking to hire a leading heavy-weight in the FinTech or Data fields or a lesser known candidate for a more junior role, there are certainly plenty of experienced and quality candidates available. It’s simply a matter of deciding how best to target and approach them. Using this guide to do so in the right way and at the right time will result in the exceptional success of your next recruitment campaign.
Alan Anwar is the Managing Director at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.