8 Mistakes Fintech Jobseekers are Doing Amid the Coronavirus Pandemic
Despite the ongoing pandemic, the fintech industry remains resilient and provides heavily needed assistance to jumpstart economies. As a result, numerous fintech organizations are slowly increasing their headcount for their growth in the regional market, keeping their safety and budget in mind.
To adapt to the situation, companies have made several adjustments to their fintech recruitment strategies like switching to virtual or remote interviews. Also, because of the surge of unemployed professionals, they have to streamline their recruitment pipeline so they can screen applicants better and faster.
As an aspiring fintech applicant, accepting and understanding the current realities of the market is extra crucial. More importantly, knowing the common mistakes fintech jobseekers make during the pandemic will help you pave your path to success.
1. Using the old school job-seeking methods
Companies and recruiters are tapping into a more modern and techno-centric recruitment approach. So, if you’re still using the old-school methods such as attending job fairs, doing walk-ins, and handing out cookie-cutter resumes and cover letters, you might be missing out on greater opportunities.
Today, there are plenty of non-traditional but very effective ways you can look for a job. Here are some examples:
- Creating a strong presence in LinkedIn
- Joining virtual conferences or seminars in your niche
- Maximizing the use of short introduction videos
- Building your online presence via blogs, personal website, and social media
2. Failing to create a tailored fit resume
Submitting a generic CV is one of the worst mistakes that fintech job seekers can make. Hiring managers and recruiters specifically look for information that highlights and quantifies the proficiency of a candidate. For example, if you’re applying for a sales position, your CV should provide details about the things you sold, who you sold, and the key results of your sales campaign. Without this quantified information, hiring managers would have difficulty in assessing whether you’re a good fit for the position.
Here are some essential resume writing tips for fintech jobseekers:
- Know what you need to highlight – Include precise information that will be most attractive to the HR or recruiter them like:
- Awards and recognition in the current or previous firms
- Type of clients or industry you worked with
- Exposure of the products and solutions you covered
- Keywords relevant to the position you are applying for.
- Avoid including unnecessary information – The Ladders share that HR and recruiters take roughly 6-10 seconds to screen each applicant. So, as an applicant, your goal is to make a good impression within that time frame.
To fully optimize your CV please make sure to remove or exclude the following items:
- Generic one-line information about job responsibilities
- Salary or reference details
- Typographical and grammar errors
- Unverifiable or false job details
3. Failing to utilize new technologies
Expanded and improved use of technology is one of the most noticeable changes in fintech recruitment. As an applicant, you need to know how to use these new technologies. Some of the tools or software the company might ask you to use includes:
- Scheduling tools such as Calendly and Google Calendar
- Video conferencing apps like Zoom, Google Meets, and GoToMeeting
- Chatbots and other automated tools
4. Coming unprepared for an interview
Nowadays, organizations prefer conducting either live or pre-recorded interviews over face-to-face interaction with applicants. It’s hard to tell how long this trend would last or if it would become part of the standard. So, it’s best to get used to it as early as you can.
If you want to ace your fintech job video interview, make sure to do the following:
- Check your internet connection and prepare a backupconnection.
- Install the required app or software for the call.
- Do trial calls and mic tests before the appointment.
- Run the device you use to ensure that works fine during the call.
- Dress presentably for the video call.
- Make sure your background is free from clutter.
- Avoid doing your interview in a crowded or noisy area.
5. Lacking flexibility
The global pandemic has affected numerous industries. It’s also expected to cause a major economic fallout. That’s why while fintech is slowly weathering the storm, companies are still extra cautious with their budget and recruitment process.
There’s also the matter of reduced workforce. Some companies only have a skeleton workforce, so the recruitment and interview processes can sometimes get delayed by 3 to 6 months.
Fintech candidates need to be extra flexible and empathic during these unprecedented times. You need to set your expectations correctly, especially for the salary offer, the job description, and the length of the application process.
6. Quickly jumping at every opening
You may be eager to land a new job, but that doesn’t mean that you should jump at every listing that comes your way. The competition in the market has never been this steep, so strategizing is absolutely critical to your success.
By choosing the job applications you should pursue, you can prepare and personalize your approach. Remember that companies put more value into people who mean serious business.
It’s also crucial to look for companies that you can truly fit in. This way, you get to land a long-term job and seek better opportunities for career development.
7. Not spending enough time on building your network
Building your professional network is one of the best ways you can find job openings today. It also helps you connect with like-minded individuals in your niche. If you haven’t been investing enough time to establish your network, it’s’ never late to start now.
Because people these days spend more time at home, you get to amplify your network building efforts. Try spending half an hour each day on professional networking sites to find new connections and engage with the existing people in your network.
8. Doing it on your own
Fintech jobseekers today should consider the value of external assistance. To put it simply, it’s hard, and not to mention impractical, to do things on your own. This is where specialist recruitment firms such as Datasearch Consulting comes in. With the help of a professional fintech recruiter, you get to enjoy the following perks:
- Apply to fintech jobs that satisfy your needs and match your proficiencies.
- Direct introduction with the hiring managers
- Secure better opportunities or comparison in your chosen niche.
- Benefit from a recruiter’s experience and connections.
- Know key information needed to qualify for an interview.
- Receive consistent feedback about the application status.
Many things have changed in fintech recruitment in a span of six months. As an aspiring fintech candidate, understanding such changes will give you an upper hand.
If you’re having a tough time landing a job then it may be because you’re committing the same mistakes that other jobseekers make during the pandemic. Take a step back, re-assess and adjust your approach, and use the tips shared above.
Mukul Kohli is a Senior Associate 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 your Ideal Fintech or Data Role”. Alternatively, you can view the Datasearch Consulting website or contact them directly on email@example.com for a more detailed discussion.
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