Since FinTech is such a new industry, the pool of candidates will be significantly smaller than more traditional sectors. Hence, this poses a greater challenge to find the qualified talents. Companies may mostly likely find themselves recruiting professionals from the traditional finance field into the FinTech sector, to help keep up with the demand.
Sales Managers among the most in-demand professionals
Sales managers across all industries have goals to hit and create goals. Additionally, they have a duty to create and enforce a culture of professional accountability. For this reason, sales managers with this experience are highly sought after. The challenge to recruiting the best sales manager in Fintech is knowing where to find them. Unfortunately, the best employees are currently working for another company.
Since the need for FinTech sales managers is real and urgent, the challenge becomes identifying qualified candidates. One way you can address the problem is by posting specific job openings on popular financial job boards. In addition, you should consider working with specialist FinTech recruiters that have access to passive talent and can promote your brand and offering.
Recruiting the Best Sales Manager in Fintech
The perfect solution involves a blend of candidates coming to you and you reach out to the candidates. The constant effort to find the desired fit between employee and employer should always be in motion. Top organisations know that you should never stop recruiting and searching for the best people.
The HR division should work together with the business to develop and implement a highly targeted HR & Talent Acquisition Marketing Plan.
To have a world-class team, you need world-class people. Managers play a vital role in the success or failure of every company, so hiring the right one should be a priority.
Implementing the Right Recruitment Strategy
Today’s tight labor market is not surprising especially in the Financial Technology industry where operations are set in a dynamic market and emerging technologies open more opportunities. The importance of having a balance between quantity and quality of applicants should highly be considered in order for hiring activities to reach its optimum level. As a client, this is the part where innovative HR/recruitment strategies come into play.
The Role of HR in Finding the Right People
Companies, in general, will find it difficult to achieve their hiring goals if HR continues to downplay their role in processing resumes and job placements. HR personnel should think and act like savvy marketing professionals with in-depth understanding of their products, feature offerings, and target market.
In the case of recruiting, the product is the company or career opening; the feature is the job offer package, the target market is the profile of the job applicant, and the marketplace is your competitors.
To better guide and gain considerable success in recruiting the best sales managers in Fintech, organizations are ought to develop thorough and useful corporate hiring strategies:
1. Develop HR Marketing Plan
The first goal of the plan is to clearly identify each and every applicant in the job market, whether the company is eyeing for recent MBA graduates, multilingual sales manager or with 6-7 years of sales experience in various industries.
For example, a vacancy for Sales Manager in a financial industry should go on the premier finance site such as Bloomberg.com or eFinancialCareers. Recruiters can scan or go through a resume database online and contact those who are a fit to the vacancy. It is important to not only be dependent on the progress of job openings in the hands of incoming candidates but take an aggressive lead.
2. Maximize Sourcing Channels
Identifying qualified candidates is not challenging if you use the right sourcing channels.
To witness this in action, recruiter must step out of the office and find the one that exemplifies such characteristics. A sales professional who joins the seminar as early as 7:00 am simply to network demonstrate drive to succeed and reach sales goals. When it comes to this, it is great to ask for a business card and the rest will come in handy.
Reaching out to a referral group can be a good source as it is coming from a client or network’s personal experience with the candidate. In addition, referrals may come internal, a good way is to seek recommendations from current employees of potential candidates who would be a great addition to the team.
3. Behavioral Interview
The premise behind this is that past behavior predicts future behavior as it collects actual experiences dependent on the targeted competencies. These go by the acronym STAR where Situation/Task, Actions and Results are gauged carefully. Some of these sample targeted questions include:
- Motivation & Resilience
- What motivates you? What demotivates you?
- Recall a difficult situation in your life and tell me how you deal with it?
- Tell me about your biggest success in life.
- Customer Orientation
- Tell me about a time you went out of your way to ensure client satisfaction. What did you do to gain their trust?
- Recall of a time when you had to deal with a difficult client. What did you do? How did the situation end?
- Tell me a time when you had to take charge of a difficult group. What were the challenges? How did you handle the situation?
- Talk about your greatest leadership attainment in a corporate environment. Walk me through the step you took to reach it.
- Tell me a time when you handled a resistant client. Walk me through the steps you took.
- What was the most stressful work negotiation you have been involved in? How did you manage it?
Recruiting the best sales manager in Fintech is not easy that is why action plans must be evaluated to observe if they generate desirable results. Analyzing outcomes means retaining elements that work and revise the ones that are not. Like every sales personnel, Human Resources are to apply methods that capture a sale. In this context, selling the job opening wins the company the prize —- the best Sales Manager.
Mukul Kohli is a Senior Associate at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Market 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.