In the rapidly evolving landscape of fintech, accurately evaluating a candidate’s potential during the interview process is crucial for building high-performing teams. Gartner’s ‘The 9 Future of Work Trends in 2023’ shared that as many as “56% of candidates report applying for jobs outside their current area of expertise”, with indicators that this will climb further. For applicants, finding a new job isn’t only about whether they can do the job but how they can learn on the job and where they will be able to grow their careers. According to the Boston Consulting Group’s report, ‘Global Fintech 2023 Reimagining the Future of Finance’, “annual fintech revenues are expected to reach $1.5 trillion by 2030.” The report also highlights “almost 80% of adults in the world are still either underbanked or unbanked”, indicating a significant opportunity for financial inclusion and growth of “disruptor models.”
Based on the current demand and the way people are applying for and keeping their roles, fintechs can greatly benefit by improving their hiring process and investing in their staff for a longer period of time. The move away from previous experience or skills matching will become evermore important.
Change the way you think about hiring
According to Gartner’s report on ‘The 9 Future of Work Trends in 2023’, the top trend is ‘quiet hiring’. This term plays off the recent phenomenon of ‘quiet quitting’, where many employees disengage and become less productive. The ‘quiet hiring’ trend describes a “focus on internal talent mobility” as well as “stretch and upskilling opportunities” to meet “organizational needs.” For this to be possible, the hiring focus must avoid asking comfort questions that only prove past experiences. The report said, “It’s more urgent than ever to rethink outdated assumptions about qualifications” and move towards assessments of potential and adaptability on top of your more traditional methods of skill assessments.
