How Mana Unlocks FinTech Growth By Finding the Right Talent, Fast
By 2030, the UK FinTech sector is expected to employ more than 100,000 people, with around 30,000 new jobs set to be created over the next decade. But filling those new roles will be no easy task.
Two-fifths of UK FinTech employees already hail from overseas, with one in four coming from within the European Economic Area. Were they to lose access to this vast talent market, FinTechs would find themselves faced with a substantial skills shortage, at least for the foreseeable future.
While the terms of the Brexit withdrawal are still unclear, the most likely scenario – with the system for EEA migrants moving closer to that for non-EEA migrants – would see the UK facing a shortfall of 3,200 high-skilled workers by 2030. According to industry membership association Innovative Finance, this would cost UK FinTechs a combined £361 million.
Most concerningly of all, future immigration policy is far from the only barrier standing between financial services technology companies and the talent they need to grow and thrive. As we explain in our article “5 Reasons FinTechs Are Struggling to Find Expert Talent”, there are several distinct factors behind this skills shortage.
Yet despite these challenges, Mana Search – a specialist data and analytics recruiter – has the expertise to find elite senior and technical talent, fast. This is how we do it:
1. Mana Fills the Gap Between Recruiters & Search Firms
Traditional recruitment solutions are poorly placed to serve the FinTech market. Search companies are only interested in sourcing heavyweight roles, and charge fees to match. Recruitment companies are ideally set up to source more junior talent in bulk, but typically lack the expertise to place the right people in senior positions.
Mana Search fills that gap. We are the modern version of a search business. Because we were here at the start of the FinTech revolution, our understanding of the talent market is unsurpassed. Combined with our innovative referral model, we have the tools to find the right person fast, without commanding the huge fees of a traditional search business.
2. We Have the Talent Network
Lloyd Wahed, our founder and CEO, has worked in finance for 15 years and has a history of trading SME tech stocks. By the time he entered the recruitment space, he had already mapped the talent market. That means we have more than the “best” talent network – we have the network. With our innate understanding of the FinTech landscape, coupled with our innovative referral programme (more on this later), we are able to find talent 66% faster than a traditional search business. These efficiencies are passed onto our partners, through fees that are up to 50% cheaper than a regular search firm.
3. FinTech Is In Our DNA
Lloyd’s recruitment background lies in sourcing talent for finance businesses at the point when they are innovating and disrupting their existing models. This gives us a deep understanding of high-growth FinTech businesses. Simply put, there is no one else doing this within the FinTech space right now.
But our involvement in FinTech cuts far deeper than finding talent. Such is our connection with the sector that we are prepared to put our money where our mouth is by investing in FinTech businesses, even exchanging fees for equity with startups in the past. We are not just working for a retainer; we are a genuine industry partner with vast experience.
4. Our Innovative Referral Programme Does the Hard Work For You
Mana Search is more than just a headhunter. With our innovative referral programme, we have the capability to source talent at scale. Users can browse our job offers then share the role within their network. In turn, each recipient can share the job further if they know someone who would be a perfect fit on skill and culture. Everyone in the successful chain that leads to a hire will be rewarded with a share of the referral prize. Use our reward calculator to find out how this works in practice.
5. Machine Learning Allows Us to Speed Up Your Hiring Process
We operate in a technologically advanced sector and preach the value of elite tech talent, so it stands to reason that we practice what we preach. As such, we do not simply create longlists of candidates through automated dry-matching of resumes with job descriptions. Instead, we use machine learning to scan hundreds of resumes and shortlist the best candidates, allowing our clients to make faster, smarter hires. On average, our shortlists are accepted in under two weeks.
We have spelled out our approach to sourcing data and analytics talent. But words are cheap; actions are what really matter.
Ready to begin your talent search? Request a callback from our Account Management team today.
To download our eguide on the 5 growth opportunities facing all UK fintech companies in the UK in 2020, click here.
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