It’s a global challenge. Right across the world, FinTech organisations are struggling to attract and retain the talent that is so vital to their future. And that holds true here in the UK.
According to a recent Hays survey, a quarter of employees are thinking about leaving the financial markets sector, with over 40% wanting to leave within the next year. What’s more, 61% of employers have experienced moderate to extreme skills shortages, with technology skills being the most highly sought.
So what’s to be done?
You’ve done everything you can to attract the very best people. Researched the market, employed all the communication channels at your disposal, tapped into employee networks and more. Still those elusive top candidates are thin on the ground.
Maybe it’s your company culture that is the missing piece
Many organisations don’t really take their corporate culture into account when recruiting. It is what it is, and workers are expected to just accept and adjust to it.
Sadly, that’s an approach that does absolutely nothing to attract and engage employees. And it certainly won’t make them feel like they never want to leave. Indeed, research by Deloitte shows that the best candidates value businesses that address issues such as diversity and gender pay equality. A positive company culture can prove to be a real magnet for the talent you need.
How do you define company culture?
It’s one of those intangible things that is driven by the people at the top – the personality of the company, if you like. From how management interact with their teams, through to what is considered ‘acceptable’ in everyday behaviours, to the physical environment provided for workers, and the integrity of their business dealings – these are all elements that contribute to the culture.
Why is a positive culture important?
By next year, Millennials are forecast to make up over a third of the workforce. So they will become an increasingly important target market for every industry but particularly for technology-based markets, as this is an area where many of these young workers focus.
A trait of this group is that they care deeply about who they work for. They want to feel they are with a company who shares their values. In fact, this group of workers values a positive culture over other incentives.
How can I affect my corporate culture?
Of course, you can’t control every element that contributes to your organisation’s culture. But there are some things you can do right now that demonstrate what sort of employer you are.
Ensure the work you ask your employees to do is meaningful. The top talent wants to use their abilities and feel the work they are doing is rewarding
Let them take on new challenges. You will keep your best employees by letting them grow as professionals and building their skills and knowledge.
Create achievable career paths. Showing candidates that there are many ways to progress in your organisation will be a huge pull when they are deciding whether to take up your offer.
Have a set of core values and demonstrate that you stick to them. You will score highly over other employers if your candidate feels inspired by your values. Demonstrate you care about your employees and their well-being.
And don’t forget that a having a compelling corporate culture works both ways. When you employ someone who does not align with your company values, it’s a recipe for conflict. As an employer, you are responsible for creating an atmosphere that fosters success – so check out your candidate’s values and work ethic before making the job offer!
What is your organisation’s culture like? Have you found that a positive culture has helped you in your FinTech recruitment? Do share your experiences, we’d love to hear from you.