To successfully hire the ‘perfect’ candidate for your Fintech vacancy, you need to define exactly what it is you’re looking for.
It’s critical to define the role by considering such things as the scope, budget and expectations of the position. The method used to define the scope will vary, depending on whether the role is pre-existing or brand new.
Designing a New Role
Are you currently looking to hire a gun salesperson due to expansion plans? Or are you looking for an experienced senior manager to lead and inspire one of your growing teams?
Your company may have identified the need for a brand new role, perhaps due to expansion, increased workflow or the need for a specific skill-set. It’s now time to commence writing a job description.
The importance of constructing a comprehensive job description can’t be emphasized enough. As a hiring manager, a good job description will provide the necessary details for you to hit the market and fill the role. Building structure into a role becomes particularly important when creating a brand new role because the design of a job scope is critical to ensuring the future incumbent is capable of achieving the level of success you require.
Knowing exactly what the job entails means you’ll be in a better position to recruit accordingly. You’ll also be better equipped to hit the job market knowing exactly the type of skills and experience you’re after.
You’ll also be in the best position to attract top talent and sell the benefits of the position to candidates, because after-all, it’s a two way street. Candidates need to want to work for you, just as you’d like to select the best candidate for the job.
Recruiting for an Existing Role
Vacancies materialize for many reasons and the most common is that of employee resignation. In this case, the scope and expectations of the role will have previously been set, however it’s important to consider how long ago this took place.
We recommend conducting exit interviews with all departing staff. Doing so enables you to gain critical information about an incumbent’s experience in a role and their reason for leaving. This information should be reviewed before proceeding to hire a replacement. Ideally, a full revision of the position description should also take place with the departing incumbent. This is particularly important if the departing employee is due to finish before the new hire commences.
If an exit interview reveals an incumbent was dissatisfied with their role for any reason, it’s imperative this information be carefully considered. Perhaps the role requires redesign or the job description needs updating. If you overlook this type of feedback, you may find yourself needing to recruit again in the not too distant future. Recruitment and onboarding processes are costly. Take the time to solidify the role and its requirements now, in order to prevent unnecessary financial outlay in the future.
Defining Job Scope
The Financial technology market is continuously expanding and new roles are consistently appearing. As a hiring manager, nailing a job description is critical to ensure you’re completely prepared to embark on a successful recruitment process and ready to attract the best possible candidates.
When designing or reviewing a job description, it’s important to consider all aspects of a job. Think about things such as processes, planning, executing, monitoring, reporting, communication, managing people/resources/activities/money/information/inputs/outputs/communications/time that are involved. You’ll probably identify 20-30 different tasks or activities, but these then need to be narrowed down to a number that falls closer to 8-12. This is the amount of activity that is achievable for most people, in most jobs.
Once you’ve created the list of primary aspects of a job, you can then proceed to categorize them into key responsibilities. You’ll find many of the listed aspects can be grouped together into broader groups of responsibilities, such as “sales ability”, “strategic management” and the like.
By this stage, you’ll have identified the specific type of candidate you’re looking for within the Financial technology job market. Bringing in candidates simply to see how they might fit is a waste of your time and theirs. Preparation is key.
Finalizing the specifications of a new role before commencing a recruitment campaign means most of the hard work will have been completed before it comes time to meeting your first candidate. Having a clear focus, and being organized, will leave a good impression with the candidates also. The decision making process of hiring a new recruit can prove challenging but being armed with a structured and detailed position description and deep knowledge of the role will ultimately result in your success.
Hasan Gulfaraz is an Associate 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 email@example.com for a more detailed discussion.