The technology space is evolving fast. We’re seeing the FinTech landscape continue to grow, and we have seen the eruption of the AI landscape generating new levels of competition within the acquisition of talent. We have seen FinTech recruitment evolve and pivot consistently over time, but AI recruitment is transforming at a speed we’ve not seen before.

Here, we will dive into the strategies talent teams within FinTech and AI organisations can implement to attract talent, how they can ensure they are keeping up with the competitive talent landscape and what role a technology recruiter has to play. 

If you have any direct questions about your recruitment strategies, you can schedule a free drop-in session with our Co-Founder Nath who will answer any questions you have.

 

THE GROWING DEMAND FOR TECH TALENT

The demand for skilled and experienced professionals in FinTech and AI is skyrocketing. With both sectors being extremely dynamic, the competitive talent landscape shows no signs of relaxing with demand for top talent at an all-time high making it a competitive arena for organisations seeking to secure the best and brightest.

Getting Up To Speed With The Competitive Talent Landscape

There are some core challenges that organisations face in the battle for talent, which include: 

  • The competition for top talent: The big players in the space have a strong lure for candidates to join them, especially with the compensation packages they offer, so start-ups need to differentiate. 
  • Retention of talent: Even when a company is great at securing talent, we’re seeing that candidates quickly realise sometimes, everything wasn’t as it seemed during the process and the business/role no longer meets their needs. 
  • Economical impacts driving candidate decisions: Compensation packages being offered at times, are dipping to below pre-pandemic levels whilst the cost of living has increased.
  • Way of working: The best talent wants flexibility and options to work the way they feel will allow them to do their best work. A great article by Flexa shares what flexible working is and why it has grown so quickly.
  • There are ALOT of AI companies to choose from: There are a range of AI companies that have solutions that incorporate “LLM”, “ML”, “Generative AI”, “Enterprise AI”, “AI infrastructure” etc. Candidates have a lot of choice in what segment of AI they want to continue or start their careers in, so organisations need to differentiate themselves as the right company to join via their Employer Value Proposition without relying solely on their technology/solution or funding. 
  • Compensation: Tech industry hiring and the influence/impact of compensation packages have changed. Once upon a time, money was the core motivator, but now, flexible ways of working, remote opportunities, parental benefits, and early-stage equity are stronger motivators and more attractive to candidates.

The list goes on, but how can organisations ensure they are best placed to tackle these challenges and expectations head-on? The answer, have a great technology recruiter, whether that is via in-house/embedded/fractional support or an externally-sitting, specialist recruitment agency.

The Importance Of Specialised Recruiters

Having specialised recruiters in any capacity is important to ensure an organisation’s success in the acquisition of talent. A FinTech recruiter who has been in the space and can show a tangible track record of navigating an innovative landscape over the years will fully understand nuances and whilst delivering, can advise on the best strategies and possible hurdles before they arise. The same can be said for AI recruiters and AI recruitment companies that have talent experts to guide you on what exceptional talent in the space are looking for in a congested AI market and how you can attract the technology experts. 

You can see the experience of the Trifecta Talent founders and their exposure to the AI and FinTech space, reach out to them and ask any questions.

 

STRATEGIES FOR ATTRACTING TOP TALENT

Implementing the right strategies can make all the difference in attracting top-tier candidates. Here are three immediate areas that you can drive for success:

Building A Strong Employer Brand

A lot of companies, especially start-ups that are building either do too little or try to mirror larger businesses that have been established for years and get overwhelmed by this initiative. This is how you can identify hidden talent and attract them naturally to your business. Building a strong employer brand doesn’t need to be overly complex, but something you can continuously develop as you hire awesome people and identify top hidden talent as Forbes touches on in this article.

Your goal should be to establish your Employer Value Proposition. Why should someone be interested in applying for a position let alone join the business? What can you offer them as an employer? Do you have a unique culture that you can showcase? These are immediate questions you should be answering and showcasing externally to start to build your brand as an employer.

Offer Competitive Compensation And Benefits

We touched on this earlier, but this is where having a great technology recruiter who understands the competitive talent landscape, gathers compensation data and early-stage equity offerings and incorporates as much insights/data as possible into their talent acquisition strategy. 

We have seen compensation packages go up, and come down. Equity offerings rise and benefits such as remote working with flexible policies attract the largest demand against cash compensation. To acquire the best talent, your embedded recruiter, in-house recruiter or agency partner should know how to gather this data in real-time.

Not Heavily Relying On Technology In Recruitment

The use of technology in recruitment is rising and there is always going to be the need to assess how it can be utilised to enhance your talent acquisition strategy and engage with the best talent. There are tools such as; Ashby (ATS), Ravio (Compensation solution), Metaview (AI-powered note taker), Enboarder (candidate onboarding solution), Entelo (For talent sourcing to help align with DE&I initiatives) and Datapeople (Rate job description and ensure inclusivity), that will help to ensure success. 

But in a space where multiple AI software will help technology recruiters, let’s not forget, that talent acquisition is still very human and personalised touches are ever more important with AI recruitment messaging software becoming easily identified by talent (and damaging the brand of employers). 

To ensure there is advocacy of the internal culture, external representation, a diverse pipeline, inclusivity of processes and that they are equitable, technology recruiters can not wholly rely on technology and at the end of the day, It’s another human candidate they want to be connecting with.

 

ENHANCING THE CANDIDATE EXPERIENCE

A positive candidate experience is crucial for securing top talent. This can be the differentiator and the subtle reasoning why a great candidate in FinTech or AI, decides to take another offer. As mentioned previously, talent acquisition is still very much human. There are two immediate actions businesses can take:

Streamlining The Recruitment Process

This is an objective that many companies miss when it comes to enhancing the candidate experience. There can be a lot of focus on ensuring that a candidate is right for the job, but remember, the candidate is also assessing you and how efficiently the business conducts its processes with a prospective employee. 

We have seen companies behind the curve across the FinTech and AI landscape drive 8 to 9 interviews for one position… An expert technology recruiter will look at partnering with you to ensure your processes are streamlined, succinct, and enjoyable and allow for assessments by both interviews and interviewees within a 3 to 5-step process. 

To start streamlining processes, we would recommend utilising an effective ATS that is the one place the internal team can go to for all things process. Ensuring job descriptions are neutral, clear and transparent, and yes, that includes salary details.

Having documentation to share with candidates is great, having a recruiter who is constantly in communication with candidates promptly, and is constructive and transparent does go a long way, especially when it comes to feedback and updates. A great talent team will ensure everything is in place before a job goes live so that the internal teams are fully aligned.

Creating An Inclusive Hiring Process

Diverse and inclusive hiring is important to ensure that an organisation has different voices that can offer different perspectives which will fuel the success of a business. Talent acquisition has an important role to play in this and as a business, you can include these simple steps to ensure inclusivity: 

  1. Neutral job descriptions: Utilise gender-neutral language to ensure your JDs are enticing to all individuals. 
  2. When sourcing, look at different avenues: Look at communities, different platforms (outside of LinkedIn), and events and utilise Xray search methodology to find and target individuals who may not be on the usual platforms. 
  3. Assess candidates not just on hard skills: Look at what the candidate can bring to business outside of the role. Do they show curiosity? Could they slot into another team and bring new perspectives? Try and see the wider value a candidate could bring to your business. 
  4. Be open and ready to accommodate requests from candidates for their interviews to ensure an inclusive and equitable process.  
  5. Ensure a diverse interviewing team (Communities, business functions and diversity in thought). Make sure the processes are equitable by delivering training and by ensuring they view previous interviews so that every interview and decision occurs without bias.

 

NAVIGATING THE AI AND FINTECH RECRUITMENT LANDSCAPE

Both landscapes present differing recruitment challenges but having a specialised partner in any capacity can help you to understand what else you should be evaluating and what considerations you can make. 

In the FinTech ecosystem, we’re seeing a huge push to assess transferable skills that candidates from different software industries exhibit. There is a real appetite to be part of a landscape that is growing and companies are starting to see that there are ways of working, viewpoints and approaches to success in other software landscapes that can be of real value. Our recommendation, look at talent outside of FinTech and have a great assessment process to ensure alignment to values and an understanding of how you operate as a FinTech and develop their skills in the market. In an article by EY, they cover some of  the challenges faced by FinTech organisations

The AI Landscape is slightly different. As a rapidly growing arena, we have seen greater expectations from companies to ensure they are hiring AI experts into the business who have been in the space. This limits the pool and ensures that competition for talent remains at an all-time high. 

Our recommendation from what we have seen is that although someone may not work for an AI Technology company, they may have personal projects due to their interests that are keeping them up to date with AI Compliance, Large Language Models, Natural Language Processing, Machine Learning and they may have created solutions to utilise these as a hobby. These are fantastic candidates who have a lot to give with the right structure and access to information from a company. They are the future voices in AI. Those who are passionate about the space but lack core years in an AI company could be the employers who take a business to the next level.

 

IMPLEMENTING EFFECTIVE TALENT ACQUISITION STRATEGIES

Effective talent acquisition strategies are key to securing top talent in FinTech and AI. As a baseline, you should look at:

  • Ensuring you have your talent needs defined. 
  • Allocating the time to develop and continuously build upon your employer value proposition and employer branding. 
  • Initiating a diverse approach to sourcing. 
  • Establishing the talent infrastructure to ensure processes are effective and streamlined.
  • Embracing candidate experience from job advert to successful hire. 
  • Utilising data and metrics from the market and from your processes to spot areas for continuous improvements. Some metrics you can utilise include; Cost Per Hire, Time to Hire, Time to Fill, Quality of Hire, Feedback Time Loops, Interview passthrough rates, qualified applications from job adverts and diversity ratios, to name several.

A great talent acquisition partner will have the above in the forefront of their mind and ready to track quarterly, sometimes monthly to ensure success, drive improvement and implement initiatives with the buy-in of internal stakeholders and the leadership teams. Boston Consulting Group touches on this in a great article that is worth a read.

 

A REVIEW OF OUR RECRUITMENT STRATEGY DISCUSSION

Understanding the way the FinTech and AI landscape will allow talent acquisition teams to get ahead of the competition and look at ways to attract diverse candidates that will truly add value to a business is more important than ever!

Having structured strategies, refined processes, the right tools & metrics implemented, looking for diversity of thought and understanding that maybe candidates don’t tick every box, but are full of potential can be the difference between hiring awesome talent and missing out on them. 

This is where having a great recruiter, whether agency or embedded to implement all the points discussed in this piece will help maximise your mission to have a great talent operation and attraction engine. 

If you’re looking for experienced talent partners who understand the nuances of talent acquisition and you are after insights on the best practices, get in touch with us via our Contact Us page and a member of our founding team will be happy to share insights.