How to grow young fintech talent

November 1, 2021 Enterprise, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Research, Voices No comments

University of Waterloo | Tammy Kim | Nov 1, 2021

As the spotlight grows on Canada, one of the world’s most cashless economies, tech talent in the financial industry is in demand.

Home to some of the world’s most promising fintech companies, Toronto is the second-largest financial hub in North America. From retail banking to cybersecurity and cryptocurrency, Ontario companies are booming. With this comes competition for recruiting and retaining top fintech talent.

In a remote world, Canadian fintech talent is enticed to cross borders for competitive pay, cool perks and unlimited vacation days. How can these fintech companies continue to compete?

The next generation of talent

Companies need to engage Millennials and Generation Z tech talent. One way to do that is to hire co-op students. By 2028, Millennials and Gen Z will make up more than half (58 per cent) of the workforce. Born between 1981 – 1996, Millennials are emerging leaders. Gen Z, those born between 1996-2014, are entering the workforce.

Here are ways you can attract and support them:

Showcase your values

Values matter to Gen Z in the workplace. The University of Waterloo’s Work-Learn Institute (WxL) research shows that understanding those values might be most important to effectively recruit, motivate and retain young employees. According to WxL’s research almost half of Gen Z students are unlikely to accept a full-time job if it matches their skills but not their values.

Learn more by clicking on the image below:

Highlight diversity, equity and inclusion

The Canadian workforce will be 33 per cent international by 2036. This global and diverse workforce presents new opportunities. To adapt, organizations must establish a more diverse, inclusive and equitable talent pipeline. Diversity strategies will focus on blind recruitment, unconscious bias training and looking beyond Canadian experience requirements for credentials. Companies must commit to diversity targets.

Focus on your job descriptions

Job descriptions that highlight how candidates can learn, make an impact and link their academics to their work, can enhance job attractiveness for Gen Z talent. By adding these, candidates can reframe how they see themselves in the role – without requiring organizations to change their own values or offerings.

Want to increase your number of applications? Check below to learn more and download a job description sample:

Strengthen your remote recruitment strategies

During the pandemic, organizations shifted their operations to work remotely. This challenged the way we do business as well as recruitment and onboarding strategies. A recent survey found that 73 per cent of workers hope remote work will continue past the pandemic.

See: Bracing For Change In The Era Of The Augmented Workforce

While Gen Z agree with this, our research shows they feel stressed and struggle more than their peers. This research found three core themes as priorities for young talent:

Socialization:help them to understand workplace culture and build professional networks.
Productivity: give them flexibility and independence to manage their work.
Meaningful work: provide them with challenging work that aligns with their values.

Provide the right environment and young fintech talent can blossom to fill your talent pipeline. Don’t hesitate - get them through your doors early as the competition booms.

About the Author:

Tammy Kim-Newman is a business developer and tech talent specialist at the University of Waterloo, Canada’s #1 university for Computer Science, Mathematics and Engineering (Maclean’s 2021 University Rankings). She has 10+ years supporting industry partners with their early talent strategies and is an advocate for work-integrated learning. If you have questions about early tech talent recruitment strategies, please reach out to Tammy Kim-Newman (tammy.kim-newman@uwaterloo.ca) or 289-231-3752.

This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4 Oct 2021). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here

NCFA Jan 2018 resize - How to grow young fintech talent The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org