Fin­tech and the War for Tal­ent

Fin­techs & new banking mod­els have cre­ated an un­par­al­leled com­pe­ti­tion for tal­ent:

Banking Frontiers - - Talent Acquisition - Tushar De­sai Di­rec­tor – Tal­ent Ac­qui­si­tion for FIS in In­dia

Acou­ple of months back, FIS retained the top spot in IDC Fin­tech 100 world rank­ings for 2018. With al­most one third of its em­ployee strength in In­dia, FIS was hon­ored to be at the top of this global rank­ing. It val­i­dated the in-coun­try in­vest­ment strat­egy to cre­ate a pow­er­ful work­force that solved crit­i­cal prob­lems from fi­nan­cial in­sti­tu­tions around the world. There is a lot of prom­ise for mar­ket watch­ers who are fol­low­ing the phe­nom­e­nal growth of Fin­tech as an in­dus­try across the world and es­pe­cially from a re­gion like In­dia.

There are myr­iad op­por­tu­ni­ties that a boom­ing Fin­tech in­dus­try is throw­ing open to the tal­ent mar­ket. The ‘War for Tal­ent’ has dra­mat­i­cally in­ten­si­fied in the re­cent years in a highly crowded and com­pet­i­tive space. Some of the largest Banks and Fi­nan­cial In­sti­tu­tions are arm­ing them­selves up with a va­ri­ety of strate­gies in­clud­ing set­ting up of In­no­va­tion Labs, spon­sor­ing in­trapreneur­ship by fo­cus­ing on select em­ploy­ees dis­play­ing qual­i­ties of an en­tre­pre­neur, re­search fa­cil­i­ties and scout­ing for ac­tive ac­qui­si­tion of nim­ble fin­tech start-ups - to not only keep their flock to­gether but also show­case them­selves as at­trac­tive ca­reer des­ti­na­tion.

On the other hand, some of the more ag­ile start-ups, loaded with cash from an­gel in­vestors con­tinue to take these large fi­nan­cial ser­vices and in­vest­ment banking firms head on. Un­like, pop­u­lar per­cep­tion, their value propo­si­tion is not only fo­cused to­wards mil­len­ni­als but packs an equal punch in wean­ing away lead­er­ship tal­ent from large be­he­moths too. On of­fer, is a ‘highly in­fec­tious’ work en­vi­ron­ment, a ‘once in a life­time’ chance to cre­ate a ‘legacy’. This is pos­si­ble as they are pro­vided with an en­vi­ron­ment which fa­cil­i­tates higher risk-tak­ing ap­petite, em­pow­er­ment and in­stant de­ci­sion mak­ing, some­thing that a multi-lay­ered, hi­er­ar­chi­cal, large sized or­ga­ni­za­tion would find it dif­fi­cult to of­fer.

As some of the next gen­er­a­tion tech­nolo­gies fuel the growth of Fin­tech be­yond the tra­di­tional pay­ment fo­cus and mov­ing in broader ar­eas of per­sonal fi­nance and lend­ing, the War for Tal­ent is poised to in­ten­sify fur­ther.

The rum­ble hap­pen­ing in the tal­ent mar­ket ring

The grow­ing fin­tech sit­u­a­tion in In­dia has been driven by fac­tors such as gov­ern­men­tal fo­cus on fi­nan­cial in­clu­sion and less cash econ­omy. This has spurred a revo­lu­tion where in­no­va­tive banking mod­els such as small fi­nance banks, pay­ment banks and di­rect banks have been cre­ated in a short span, where none ex­isted a few years back. This has cre­ated a large tal­ent pool that is un­par­al­leled else­where in the world. If there is a tal­ent chal­lenge that is faced by global tal­ent ac­qui­si­tion teams, they are sure to find it in In­dia!

In­vest­ing in Em­ployer Brand­ing

A sus­tained ef­fort is re­quired in po­si­tion­ing the or­ga­ni­za­tion in two mar­kets- the cus­tomer mar­ket and the job mar­ket. There must be syn­ergy and part­ner­ship be­tween the mar­ket­ing team and the tal­ent ac­qui­si­tion team to cre­ate a strong cor­po­rate brand that pos­i­tively con­trib­utes to the em­ployer brand­ing ef­forts at­tract­ing job ap­pli­ca­tions. The mes­sag­ing on re­cruit­ment por­tals must en­cour­age ap­pli­cants from var­i­ous de­mo­graphic groups to ap­ply for the job. If no suit­able job match ex­ists, once reg­is­tered, a prospec­tive can­di­date must get proac­tive job alerts, up­dates and no­ti­fi­ca­tions of op­por­tu­ni­ties from the por­tal.

In con­stant need of wood, grow­ing your own forests

A lot of has been writ­ten about cam­pus hir­ing and the scram­ble for sweep­ing the tech­ni­cal and man­age­ment in­sti­tutes on day ‘zero’. Tal­ent teams must make a con­scious ef­fort to take a more bal­anced ap­proach to the race to ac­quire tal­ent. What makes the ap­proach unique at FIS is the con­sis­tency across man­age­ment lev­els to main­tain a man­dated 10% in­take of all en­try level jobs as grad­u­ate trainees. Tal­ent must grow grounds up. The fo­cus throws open a host of op­por­tu­ni­ties to the as­pir­ing tal­ent in the mar­ket where one could of­fer in­de­pen­dence of a start-up or the depth and ma­tu­rity of a lead­ing MNC and in some cases- both!

Us­ing Tech­nol­ogy to meet hir­ing needs

Be­ing in a tech world, one can also in­vest in tech solutions for hir­ing needs, for e.g. a video in­ter­view­ing tool - Mon­tage. A sig­nif­i­cant amount of time is wasted by the av­er­age re­cruiter in op­er­a­tional tasks such as sched­ul­ing and co­or­di­nat­ing for in­ter­views. The tool pro­vides ca­pa­bil­i­ties for ‘on-de­mand’ and ‘live’ in­ter­view­ing, which re­sults in giv­ing back time to the re­cruiter to fo­cus on the hu­man as­pects of the job, which in­cludes in­ter­act­ing with the can­di­date and stake­hold­ers. The best part is this tool caters to all de­mo­graphic seg­ments since it is also app based and can in­te­grate as­sess­ments.

The fu­ture of Fin­tech play­ers is go­ing to be driven by their abil­ity to at­tract and keep its tal­ent. If we in­no­vate and in­cul­cate tech and au­toma­tion as also strengthen our brand con­sis­tently, one can con­tinue to lead the Fin­tech in­dus­try by its abil­ity to at­tract, cre­ate and re­tain thought lead­ers in this space.

Tushar De­sai

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