Human Capital challenges of a fast-growing sector: FinTech | Deloitte UK has been saved
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The emergence of FinTech is increasingly blurring the lines between the two, previously very distinct, financial services (FS) and technology (Tech), sectors. FinTech brings together the best of both these sectors to disrupt the financial services industry by enhancing customer experience, increasing the speed of service and reducing operating cost through digitisation.
The UK market is bullish on the FinTech sector as Europe’s top scaling tech nation and is rapidly increasing its lead in the world with the annual investment doubled since 2017 and the workforce set to grow by one-third to over 100,000 by 2030. While this new sector is attracting a healthy VC investment, continued exponential growth and success of these firms must be backed up by the strength of their talent.
Designing an Employee Value Proposition (EVP) that helps attract, engage, and retain talent will be key, as talented individuals orchestrate the growth story. However, currently, focus on growth often diminishes the priority of investing time and resources in building long-term people strategy.
Attracting the best talent and retaining key individuals is more than just the ‘high salary’
As FinTechs look to grow, one of their priorities is to attract and retain talent. Since ‘hiring’ is seen as having a tangible impact on business, other crucial aspects of the employee life cycle, such as nurturing and engaging talent, are often ignored. As a result, CEOs of small-medium size businesses lose a fifth of their working week to HR activities, taking away time from strategic priorities. Key people challenges of fast-growing FinTechs can be clubbed under three headings.
So, while technology is driving change and disruption in the market, it is high-quality talent that is fuelling this growth and will continue to keep FinTechs ahead in the marketplace.
How do FinTechs create a firm that prospective employees want to be a part of? How do they orchestrate an experience that attracts and retain this highly coveted talent pool?
People, not systems, drive innovation
While Technology plays an important role in keeping Fintechs ahead of the competition, talent plays an equally important role. With the rapid growth of the FinTech sector in the UK, the HR function will come under increasing pressure to acquire, grow and retain skilled professionals. To deliver on these expectations, FinTechs must build an effective people strategy as they scale.
To provide a strong foundation for success, the following three people strategy pillars will be critical.
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Pooja Bhatnagar WT FS FinTech Lead, Human Capital, Consulting
Tim is a Partner in Deloitte’s Consulting Business and runs Deloitte’s Leadership Practice within Human Capital. Tim has extensive experience of working with Senior Leaders globally to help them to shape, navigate and inspire workforces around the transformation agenda. Tim has over 25 years of experience in all aspects of transformation with a real focus on advising on the human factors – enablers and derailers. Over the past five years Tim has developed his passion for working with leaders and is an accomplished facilitator and coach. Tim plays a lead role in delivering Deloitte’s C-Suite Transition Labs – where he works with newly appointed leaders to transition into their roles. While Tim primarily focuses on the Finance Services sector, where he is a member of the Insurance Leadership team, he also has the privilege of working across the Private and Publics sector to bring the best of the Leadership practice to these markets and clients.
Philip leads the Workforce Transformation practice within Human Capital in the UK and has over 20 years’ experience in shaping and delivering enterprise transformation programmes across industries with a strong focus on Financial Services. As the leader of our Workforce Transformation practice, Philip is helping organisations adapt to the challenges of exponential technology, disrupted business models and rapidly changing employee expectations.
Payal Vasudeva is a Human Capital Partner in Deloitte’s Financial Services practice, and leads on Future of Work in the market. She regularly engages with senior client leadership teams on the ever changing implications this has on workforce and HR. She has years of experience in architecting and deploying strategic People initiatives, and large scale transformation programmes. As a Talent practitioner she is passionate about effecting positive change to improve the way people work and live. She has worked across multiple geographies and industry sectors, with a focus on Financial Services. Her breadth of expertise spans all facets of HR transformation, Workforce strategies and Talent management, working at the intersect of business and technology. Payal also has responsibility for the internal employee value proposition of the firm as the People and Purpose lead for Human Capital Consulting. She actively champions Inclusion and her efforts have been recognised on a number of global diversity rankings. In addition, Payal holds advisory roles on various ‘not for profit’ leadership teams.