Finding the Right Talent Within FinTech can be a challenge for some Fin-Tech startup’s, let’s find out why.
The FinTech industry can create and hold some of the most valuable companies. But on the other hand, they can also become some of the most challenging startups to get off the ground. That’s why finding the right talent within Fin-Tech on the first go is vital in achieving a successful growing business.
We here at Nicoll Curtin specialise within the FinTech and Change industry, we have an insight that many recruitment companies lack. We most recently took one of our clients, a FinTech start-up’s churn rate from 51% down to 0% over eight months. Recruitment is no longer about just filling a position. For us, recruitment is to create and fortify businesses foundations for the future. That’s why we are the winner of the APSCo International Recruitment Company of the Year 2018.
‘Fintech companies acquired $111.8 billion globally in investments in 2018, according to the latest Fin-Tech industry report.’
Considering the amount of money being put into this industry, the right talent must be discovered and put into action. The question we must ask ourselves is how much does a bad hire cost a business? The financial cost of a bad hire can vary depending on the position. An entry or mid-level position can generate a loss of $7000 to $10,000. When wrongfully hiring a manager, it can cost a business above $40,000.
The impact of a wrongful hire doesn’t stop there with just financial damage; It can impact the workspace directly by:
- Dampening Morale
Adding a wrong individual to a business can cause an almost domino effect within the workplace, causing not just one individual’s morale to decrease, but for the overall morale of the workplace to drop. Employees morale displays an active link with increased productivity, organisation loyalty, and higher profitability, so a high level of morale amongst the workplace can prove very beneficial.
- Decreasing Teamwork
Teamwork is essential within whatever working environment you are within. Placing the wrong individual within such a context that demands collaboration, can result in employees not cooperating effectively, or not cooperating at all. If you’d like to learn more about how we are tackling diversity within our workplace, click here.
- Decreasing Productivity
Morale and teamwork within the workplace are two factors that are vital in increasing the level of productivity within the workplace. By one factor becoming neglected can result in the downfall of all area’s that allow for a business to successfully grow.
- Reputational Damage
A bad hire can damage an organisation’s external image resulting in impacting both employee morale as well as soiling an organisations reputation. From a job seekers perspective, an organisation that is known for hiring the wrong people, it becomes a problem to attract top talent to a company. A bad hire that interacts with customers can leave a negative impression with the customer, damaging a companies reputation from the inside as well as externally.
Bad hires are avoidable, all it takes is to analyse and understand an individual fully, will they integrate well within your businesses culture?
To summarise, the best way to attract top talent that aligns with your culture is to have a healthy business that is considered attractive. You are what you put out; an unhealthy way of life within the workplace will draw in the wrong people. If you want to start attracting the right people consider analysing your candidates in much more detail. Place them into your company, will they integrate well into your culture and values? Only once you begin to become a critique will you begin to see an improvement in the quality of talent you are drawing in.
We here at Nicoll Curtin delve into the idea of building teams for the future. We place the right people into businesses while preserving their culture and values.
If you’d like to learn more about how we could help you, click here. Or alternatively, contact us or contact William Bourne via email@example.com.