New dynamics of the FinTech talent pipeline
Identifying and retaining workplace contributors is critical in FinTech. Yet firms are struggling to fill their talent pipeline with qualified young professionals and future leaders. Millennials born between 1980 and 2000 are the largest generation in the workforce today, and leading companies have crafted novel strategies for bringing them into their organizations and developing their capabilities. Five elements appear critical: (1) work and tasks are constructed to be ‘meaningful’ and employers demonstrate their commitments to social and environmental causes, (2) skills-driven mobility is provided and lateral development moves are emphasized over traditional promotions, (3) agile employee goal-setting with unscheduled "check-ins" are the basis for feedback and continuous improvement, (4) personality-based assessments are used to raise performance, job satisfaction, and long-term retention, and (5) linkages with higher education are deep and firms are on campuses often in both formal and informal ways offering internships and mentoring. Understanding the new landscape enables firms to access, hire, and develop the right FinTech employees.