02 Key HR Strategies To Keep Pace With The Fintech Market
June 1, 2022
Entering the 4.0 revolution, together with the gradual recovery of the economy from the pandemic, the Fintech market in Vietnam is getting more vibrant than ever.
The rise of Fintech in 2022
Fintech (Financial technology) is no longer an unfamiliar term. While Covid-19 wreaked havoc upon various industries, it has brought the Fintech industry to a new level. According to the report of Marketing Data Forecast, the Fintech market is predicted to reach 324 billion USD by 2026 and in Vietnam, Fintech is getting more attractive in the market than ever.
With the rapid development of Fintech, many businesses are willing to pay high salaries and attractive benefits for the professionals in this field; however, the recruiting process still faces many difficulties. According to Mr. Jack Nguyễn – Deputy CEO of Talentnet: “HR working in the Fintech industry finds the recruiting process is difficult because it requires both financial skills and technical knowledge. Recruiting talents is hard and finding ones that can adapt to the company’s culture and environment is even harder. Fintech businesses also face high competition since this is considered one of the thriving industries in Vietnam and businesses are willing to pay high salaries for excellent employees. This is a big matter for recruiters.”
02 solutions to catch up with the Fintech market
In 2021, the Vietnamese Fintech market witnessed a shortage of employees as there are only 430.000 IT workers compared to the demand of 450,000 IT workers in the market. In addition, only 30% of the total 55,000 students majoring in IT can satisfy the requirements of businesses.
Therefore, to help Fintech enterprises solve this problem, Mr. Jack Nguyễn suggests the following 02 strategies:
Build a versatile workforce with succession planning: Leaders can focus on developing an upskilling and reskilling program to provide employees with the necessary knowledge. Which will further equip them with adequate management skills and specialized skill sets to become a versatile succession for the current workforce. For example, by applying InstaLearn – a learning platform for employees – businesses can establish tailored development path that best fits with each employee’s career development desires.
According to Mr. Jack, this strategy has many significant advantages. Since these employees already possess a certain amount of expert knowledge, businesses only need to provide them with management skills through some training sessions and turn them into a versatile succession of current leaders. However, this approach requires companies a quite large training cost, as well as a certain amount of time for employees to develop needed skills and expertise.
Using a third-party recruitment service: Businesses can consider choosing executive search and selection services to shorten the time and costs. “Headhunters often have an abundant source of qualified candidates with the necessary expertise and management skills. Having collided with the diverse cultures of different companies, this workforce can adapt quickly to the dynamic and fast-paced working environment of technology companies. As a result, businesses can focus on other strategic activities such as catching up with the 4.0 transformation without worrying about dismissal due to incompatibility with the environment or corporate culture.”, Mr. Jack confirmed.
2022 can be considered the year for the Fintech industry when more and more businesses enter this market, providing many different types of services. And to become the trend leading, leaders need to choose strategic moves carefully and soberly to attract excellent executives that are not only “financially” but also “technically” decent.
Source: Nhip Cau Dau Tu