2024 was a transformative year for the fintech job
market. Companies increasingly used AI automation to source talent, manage
applications, and even conduct first-stage interviews using AI bots. AI didn’t
just ease into our professional lives—it disrupted traditional practices and
changed how we approach job searches and hiring processes.
According to a study by Workable, which surveyed 950
professionals across the US and UK, a significant 62.5% of respondents reported
using some form of AI during the hiring process. In particular, 70% of
respondents in finance and 62.7% in technology used AI to automatically scan
and rank CVs.
While this technology streamlines recruitment, critics argue that
it risks depersonalising CVs, reducing candidates to a set of keywords and
statistics. Indeed, a CV should be a dynamic document that highlights an individual’s
unique experiences and strengths.
Tips and Tricks: How Can You Attract
Talent in Today’s Competitive Market?
Develop a Strong Employer Brand
A study by G2 found that 75% of candidates review a
company’s social media, Glassdoor reviews, and career pages before applying.
Effectively showcasing your goals, culture, and mission across these channels
helps you attract top talent.
• Example: Stripe highlights its commitment to
innovation and collaboration through case studies, employee testimonials, and
social media campaigns, appealing to candidates aligned with its mission.
• Actionable Tip: Regularly update your career page
with employee success stories, benefits, and organisational values. Use
platforms like LinkedIn to share company milestones and cultural events.
Use AI for Personalised Outreach
Simplify your recruitment process with tools like
LinkedIn Talent Insights and generative AI to create talent pools and reach out
to candidates automatically.
• Example: PayPal uses AI to analyse applicant data
and craft personalised outreach messages, resulting in a 20% increase in
response rates.
• Actionable Tip: Tools like Gem or LinkedIn
Recruiter allow personalised communication. Highlight how candidates’ expertise
aligns with your organisational goals, particularly when reaching out to
passive talent.
Address Employee Needs to Boost
Retention
A Willis Towers Watson study revealed that 70% of
employees leave their jobs due to unclear advancement opportunities. Structured
career paths and growth frameworks are key to retaining top talent.
• Example: Wise (formerly TransferWise) reduced
turnover by implementing a structured Learning and Development (L&D)
framework, offering employees clear growth opportunities and increasing job
satisfaction.
• Actionable Tip: Conduct surveys to identify
employee priorities and develop personalised mentorship programmes,
certifications, or career progression plans.
🥔 Only 10% of qualified candidates found by human recruiters? Nancy Xu says @MoonhubAI uses AI to reach 50-70%, uncovering hidden talent. The key? Human-AI teamwork. pic.twitter.com/QoMs7Ifuj6
— Vitruvian Potato (@vitrupo) November 30, 2024
Leverage Data-Driven Insights
AI can analyse workforce data to identify hiring
trends, predict talent gaps, and build robust pipelines.
• Example: Revolut uses AI to analyse data, ensuring
proactive hiring and retention strategies.
• Actionable Tip: Platforms like Workday or
Eightfold.ai can help predict hiring needs, assess candidate fit, and flag
trends in attrition and satisfaction.
Promote Diversity and Inclusion
Diversity is essential in today’s fintech landscape.
AI tools can anonymise applications, reducing unconscious bias and fostering
inclusive hiring practices.
• Example: Square anonymises applications during
screening, focusing on skills rather than demographic factors, creating a more
diverse workforce.
• Actionable Tip: Use AI tools to eliminate biases
and emphasise potential over traditional markers like education or past
employers.
By leveraging AI strategically, fintech companies
can streamline hiring processes, enhance diversity, and build stronger employer
brands while keeping a human-centred approach to talent management.
2024 was a transformative year for the fintech job
market. Companies increasingly used AI automation to source talent, manage
applications, and even conduct first-stage interviews using AI bots. AI didn’t
just ease into our professional lives—it disrupted traditional practices and
changed how we approach job searches and hiring processes.
According to a study by Workable, which surveyed 950
professionals across the US and UK, a significant 62.5% of respondents reported
using some form of AI during the hiring process. In particular, 70% of
respondents in finance and 62.7% in technology used AI to automatically scan
and rank CVs.
While this technology streamlines recruitment, critics argue that
it risks depersonalising CVs, reducing candidates to a set of keywords and
statistics. Indeed, a CV should be a dynamic document that highlights an individual’s
unique experiences and strengths.
Tips and Tricks: How Can You Attract
Talent in Today’s Competitive Market?
Develop a Strong Employer Brand
A study by G2 found that 75% of candidates review a
company’s social media, Glassdoor reviews, and career pages before applying.
Effectively showcasing your goals, culture, and mission across these channels
helps you attract top talent.
• Example: Stripe highlights its commitment to
innovation and collaboration through case studies, employee testimonials, and
social media campaigns, appealing to candidates aligned with its mission.
• Actionable Tip: Regularly update your career page
with employee success stories, benefits, and organisational values. Use
platforms like LinkedIn to share company milestones and cultural events.
Use AI for Personalised Outreach
Simplify your recruitment process with tools like
LinkedIn Talent Insights and generative AI to create talent pools and reach out
to candidates automatically.
• Example: PayPal uses AI to analyse applicant data
and craft personalised outreach messages, resulting in a 20% increase in
response rates.
• Actionable Tip: Tools like Gem or LinkedIn
Recruiter allow personalised communication. Highlight how candidates’ expertise
aligns with your organisational goals, particularly when reaching out to
passive talent.
Address Employee Needs to Boost
Retention
A Willis Towers Watson study revealed that 70% of
employees leave their jobs due to unclear advancement opportunities. Structured
career paths and growth frameworks are key to retaining top talent.
• Example: Wise (formerly TransferWise) reduced
turnover by implementing a structured Learning and Development (L&D)
framework, offering employees clear growth opportunities and increasing job
satisfaction.
• Actionable Tip: Conduct surveys to identify
employee priorities and develop personalised mentorship programmes,
certifications, or career progression plans.
🥔 Only 10% of qualified candidates found by human recruiters? Nancy Xu says @MoonhubAI uses AI to reach 50-70%, uncovering hidden talent. The key? Human-AI teamwork. pic.twitter.com/QoMs7Ifuj6
— Vitruvian Potato (@vitrupo) November 30, 2024
Leverage Data-Driven Insights
AI can analyse workforce data to identify hiring
trends, predict talent gaps, and build robust pipelines.
• Example: Revolut uses AI to analyse data, ensuring
proactive hiring and retention strategies.
• Actionable Tip: Platforms like Workday or
Eightfold.ai can help predict hiring needs, assess candidate fit, and flag
trends in attrition and satisfaction.
Promote Diversity and Inclusion
Diversity is essential in today’s fintech landscape.
AI tools can anonymise applications, reducing unconscious bias and fostering
inclusive hiring practices.
• Example: Square anonymises applications during
screening, focusing on skills rather than demographic factors, creating a more
diverse workforce.
• Actionable Tip: Use AI tools to eliminate biases
and emphasise potential over traditional markers like education or past
employers.
By leveraging AI strategically, fintech companies
can streamline hiring processes, enhance diversity, and build stronger employer
brands while keeping a human-centred approach to talent management.
This post is originally published on FINANCEMAGNATES.
