Large corporations and fintech startups are searching for the same profiles in a limited pool of Risk talent, which means that it’s more important than ever to explore what gives your business a competitive edge. While high compensation and the prestige of joining a widely recognized name are attractive draws for top-talent, these things are often not enough to retain top talent alone. Smaller payment firms, fintech companies, banks, and investment management firms can attract outstanding candidates by keeping the following things top of mind during the interview process.
1. Highlight your candidates’ potential career path
It’s important to remember that an interview is a two-way street. Like other functional roles, ambitious Risk talent are seeking roles that have growth potential, and they’ll be assessing that during the interview process.Whether you’re interviewing potential Risk Analysts, Risk Managers, or Heads of Risk, always have in mind what roles this candidate could eventually be promoted to, and the KPIs that they’d need to meet in order to be promoted to that role. Talking about this during the interview process demonstrates that you care about your employees and expect them to grow as your business grows.
2. Show proof of resilience
The COVID-19 pandemic has proven a difficult time for some financial businesses, while others have leveraged their unique value propositions to forge ahead into the future. Take for example, payment platforms, which are investing in new resources to handle higher transaction volumes, and Lending fintech companies which have helped small businesses secure loans issued by the Payroll Protection Program (PPP).
Candidates in Risk are doing their research to ensure your business is resilient enough to pull through a crisis. Document how your business has responded to COVID in a public way (like your company blog) and monitor what is said about your business in Financial News reports to ensure potential candidates view your business in the best possible light.
3. Put effort in your employer brand
On top of visiting Financial News websites to analyze the success of your business, Risk candidates are also looking at your brand in all other corners of the internet. Dedicate time to respond to negative (and positive) Glassdoor reviews, and ensure your related social channels and Careers page accurately reflect your company culture.
Whereas long-standing companies can rely on their reputation for credibility within the market, less established businesses will need to put forth more effort to convey their employee value proposition (EVP). What exactly makes your financial business a better place to work than others?
4. Don’t ignore company culture
Engaged and happy employees create a positive company culture. Financial businesses with deep routes in the financial sector typically have a reputation for being traditional and corporate, allowing little room for flexibility or concern over overall employee wellbeing. This is in contrast to other fast moving tech companies in New York, San Francisco, and Los Angeles that emphasize their company culture as an attractive benefit for potential employees.
What does your company do to bring people together for a unified goal or mission? Is your business embracing remote work and flexibility (something that has quickly become the new normal for many businesses as a result of COVID)? Ask your Risk candidate questions to assess their soft skills and their potential to add a diverse viewpoint to your business, and in turn, share what your business is doing to keep your employees happy and engaged.
5. Reducing time to hire
While this advice is relevant for all functional roles, it’s still worth mentioning that top Risk talent move quickly. Delaying an interview round or failing to move the process forward quickly could mean that Risk candidates choose another (more efficient) company over yours. Top Risk candidates are often in high-demand, and long wait times between emails or the next round of an interview can create doubt that reflects badly on your business.
Lean on your recruitment partners to manage the interview process and roll out the red carpet for potential candidates, so that you can focus on guiding them through a thoughtful onboarding process.
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