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However, FinTech startups often aren’t able to attract the sort of talent they need to drive growth. This isn’t because there are no highly-skilled people out there. It just turns out that smaller SMEs and startups in this space have to battle larger companies and international players for the talent that does exist in Nigeria. If you’re a FinTech startup and you’re struggling to find truly talented people who are willing to work with you, here are six things you can do to attract them.
Develop A Healthy Organizational Culture
What does your internal culture look like? Are your rules and traditions people-oriented? Is there a spirit of camaraderie, a sense that there’s a common goal that unites your team and makes them reach for greater heights together? If your work environment and norms make your staff comfortable while they’re doing their jobs, it will set them up to be productive. Build care and trust into the fabric of your startup. Ensure that people higher up your organization’s hierarchy is accessible to those further down. Take creative suggestions from members of your team. Doing the things we’ve suggested above will help you fashion a culture that’s viewed positively by the public, and attracts high-quality talent.Provide Opportunities For Growth
The best workers tend to be the ones who challenge themselves to grow. When they’re job hunting, they’ll be on the lookout for opportunities that provide them with a chance to climb up the ladder of competence. This is something you need to be conscious of. Unless your FinTech startup provides your best hires with a chance to sharpen their skills, acquire new ones, and move up your internal hierarchy, they probably won’t hang around for long. Things you can do to make your startup more attractive to potential and new hires include training them in sub-fields that are relevant to their chosen career paths, letting them tackle challenging but rewarding tasks, and structuring your organization so that it has an upward trajectory to higher roles that your best workers can be promoted to.Offer Incentives And Benefits
For most people, the first thing that comes to mind when the word ‘incentive’ is mentioned in a business context is ‘salary’. And if you’re going to offer a decent wage to talented people in the FinTech industry, it had better be really attractive. That’s what we’ve been led to think. But while paying competitive salaries is part of the game plan for securing top talent, it isn’t the only metric you can win on. Even if you can’t outmuscle large competitors on this front, you can compensate for this disadvantage by promising (and delivering) a range of benefits. For example, if you’re able to convince prospective employees that your startup is on the path to significant growth, you can get them to accept a role with you by offering them stock options (the right to buy a share of the total value of the business at a fixed price). If the startup does grow to become a high-value company, your employees may see their net-worths expand by a lot– a benefit that’s hard to overlook.Sign up to the Connect Nigeria daily newsletter
Make Work Flexible
We are firmly in the era of remote work and flexible work hours. While this trend has been taking shape for the past few years, it’s been accelerated by the COVID-19 pandemic. Many employers have noted that enabling greater flexibility at their organizations have led to greater productivity and improved the mental health of their staff. It’s no surprise that highly talented job candidates often want flexible work hours and locations written into their contracts. A lot of them have had the chance to work remotely and in an office setting, and have concluded that a balance between both (at the very least) will suit them well. You may want to stipulate the terms of work in their employment contract. But you could also negotiate it with them and teach an arrangement that’s fine for both parties.Sell A Big Dream
We have already hinted at this. When you’re unable to go toe-to-toe with big competitors for talent, you can at least provide a great, realizable dream that can convince really skilled people to come on board your moving train. Sell this dream in your job adverts. Talk about it in your marketing communications, your bylines, and all of your branded materials. Doing all of this will make the public take note, and let potential employees know what heights you’re reaching for (and be inspired by it). But it’s not enough to tell your would-be employees that they could be part of the next big thing. It should be clear to them– and to anyone else –that you are indeed on the path to greatness. The moves you’re making in this direction should be just as visible as your promises, if it’s going to draw in the talent you desire to have.Make Your Job Advert Outstanding
When you’re preparing a job advertisement, be sure to make it clear what you expect from candidates, and let them know what responsibilities the positions you’re advertising come with. But don’t just make it a list of qualifications and tasks. Highlight the benefits they stand to gain if they’re hired; benefits like the ones we’ve already suggested here. In most instances, your job advert will be your first direct communication with the people you intend to employ. So you’ll want to make it as clear and appealing as possible.Final Words
Like every other startup, FinTechs want to grow fast. Their ability to do so partly depends on the quality of hires they’re able to attract. If you’re a FinTech company, you can follow the tips we’ve discussed here to get top talent to work with you. Featured Image Source: Businessday NGGot a suggestion? Contact us: editor@connectnigeria.com
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