3 Major HR Challenges Fintech Companies will Have to Face in the Future

Human resources is probably the most enigmatic function of any company, and the most difficult to predict. The current environment is becoming even more challenging for HR professionals, as demographics are largely in favor of the employee. Especially in a field like Fintech where getting access to and retaining the best talent is always crucial.

The talent pool is shrinking due to the aging population, and unemployment is low, pushing employers to try to compete to provide the very best environment and perks to candidates. Today’s breed of candidate is also very different from the past, and have a whole new set of aspirations and expectations. This is why HR departments need to get with the times and start molding their strategies to these new realities. Here are some of the most pressing HR challenges facing the Fintech sector in the future.

Cyber Security Threats

According to a recent study by Verizon, about 38% of all data breaches in 2018 were caused by insiders. Not only that, but 60% of all organizations suffered at least one insider attack in the last year.

This should be harrowing numbers for any company and HR department, but especially for an industry that manage so much important information like Fintech. Not to mention that the workplace is becoming more digitized than ever, with agile workplaces allowing for more interconnected devices and remote work.

HR will have to do better screening for precursors like dissent and discontentment among employees and be careful when rolling out BYOD policies. They’ll also have to start studying resume examples and learn how to screen for signs early on.

Dealing with Millennial Demands

Millenials are very different from any other generation and the relationship they had with technology. They’re also a notoriously tough crowd to retain and motivate. Not to mention that this is the age group from which most Fintech pull their talent.

One of the areas where they are significantly different is when it comes to their attitudes towards work. More millennials are demanding for learning and development opportunities for instance. According to a recent survey, more than a third stated that they would be ready to leave any organization that didn’t offer chances for development.

Millenials are also demanding more flexible work hours and the 9 to 5, 40 hour work week might be on its way out. However, HR shouldn’t see this as bad news. As a matter of fact, many HR directors see it as a great thing as it can translate to better productivity and engagement.

Creating Leaders

A company is only as good as its leadership, and HR departments have to constantly find and groom the leaders of tomorrow. This also means screening for leadership qualities in new hires. More Fintech companies are starting to build mentoring programs within their organization and changing the function of management to foster a challenging environment for employees and build new leaders within their organization.

Conclusion

The face of human resources is constantly evolving, and so is the workforce. The Fintech industry will have to face a variety of challenges within the next coming years, and only those who know how to stay on top of recent changes will be able to keep up.