by mfbaig | Jan 11, 2023 | Uncategorized
I asked Chat GPT regarding challenges faced by Fintech in HR these days; here is what it answer was:
Fintech (Financial Technology) is a rapidly growing industry that is facing a number of human resource challenges. Some of these challenges include:
Attracting and retaining top talent: Fintech companies are often competing with established financial institutions for the same pool of skilled workers, which can make it difficult to attract and retain top talent.
Developing a diverse workforce: Fintech companies often struggle to create a workforce that is representative of the diverse communities they serve.
Managing remote and distributed teams: With the advent of remote working, managing and maintaining a cohesive team can be challenging.
Managing the high cost of employee turnover: High turnover rates can be costly for fintech companies, both in terms of lost productivity and the cost of recruiting and training new employees.
Keeping up with industry regulations: Fintech companies need to keep up with the ever-evolving laws and regulations governing the financial industry, which can be difficult
Keeping up with the latest technology: Fintech industry is fast-paced, companies need to stay updated with new technology and advancements in the industry which could require additional training and investments.
Securing sensitive data: Fintech companies handle sensitive financial data, which can make them a target for cyber attacks. Ensuring data security and compliance with data protection regulations requires specialized expertise and resources.
Addressing employee burnout: With the fast-paced nature of fintech industry and a lot of pressure to meet the demands of the business, employee burnout can be a significant challenge.
Addressing these challenges requires a combination of effective human resource management strategies, such as offering competitive compensation packages, investing in employee development and training, and building a culture that promotes diversity, inclusivity, and work-life balance.for a company that lacks the resources of a larger institution.
So, What do you think about it?
By Mirza Faizan Baig
Founder & CEO
Conductivity Career & HR Solutions
by mfbaig | Apr 20, 2022 | Recruitment
What Is Recruitment (R)?
Recruitment (R) is the process of identifying the best candidate for the job – at the right moment. A recruiting process includes the overall hiring process, from assessing a hiring need to delivering an employment offer.
Like any business, Business owners are likely to find themselves needing extra heads as their business develops. This is where recruiting process comes into play.
Moreover, it’s your initial time recruiting & you already have employees, it is critical to ensure the person you’re employing is suitable for the position. You’ll like to make sure they are in line with your business’s vision and mission. Conductivity Career & HR Solutions being top recruiting consulting company may help you to find the best possible match for your organization.
Who handles recruiting?
The person or group in charge of recruiting for your company will differ depending on factors including the size of your company & available resources. A small company, for example, can delegate recruiting and hiring to the employee who will be in charge of the new hire, sometimes known as the recruiter. If an organization has an internal human resources (HR) department, this personnel will screen prospects and discuss with the recruiter before making a final decision.
Organizations that have internal recruiters or agreements with recruitment companies are in the best possible position because they can delegate recruiting to these professionals. During the recruiting process, a recruiter may confer with an HR manager but they handle the majority of the work, such as posting jobs, sourcing and screening prospects, negotiating salaries, and placing people. Conductivity Career & HR Solutions may take care all aspects of Recruitment as well as best HR Outsource solutions to its client.
What are the different types of recruitment?
Internal and external recruitment are the two forms of recruitment you can manage. Internal recruitment is done by looking for possible applicants within your company’s internal network. You can either seek professional referrals from present employees or promote an inside employee. If your company has multiple locations, you may want to consider transferring an employee from one to the other.
External recruitment can take several forms, including job postings on job boards, putting open positions on your company’s website and social media profiles, and establishing relationships with educational institutions. Most organizations believe that combining these recruitment tactics is advantageous.
The signs that you need to hire someone new can often be quite clear to see. There are some key points:
Your professionals may be overworked, overwhelmed, and burned out if you don’t have enough personnel to handle the workload requirements.
If your team is overworked, you may notice that your quality of service tends to suffer, resulting in unpleasant feedback and destruction of your reputation.
Do you want someone else with a specific set of abilities? As your organization grows, you may explore that you need to expand your team and hire somebody with experience. You might, for example, require someone to run your workplace or assist you in managing your staff.
Companies may miss out on attractive opportunities, such as a large new client, a partner, or an event, if they don’t have enough people working for them.
If you have fewer assets, your organization may struggle to grow. Adding a new employee – and finding the right one – could help your company achieve more and meet its goals.
Recruitment and Onboarding
Recruiters perform the whole recruiting process, from applicant screening to conducting interviews to onboarding new employees. Usually, they determine which candidate tracking systems are perfectly suitable for the company’s goals, as well as the most effective ways for recruiting applications.
It can be difficult to find the ideal people to work in your organization. It might take months to finish a recruitment process, and getting it wrong could be expensive. One of the most important aspects of Recruiting is finding a good fit when it comes to hiring talent. Your business will suffer if you hire too many employees, too few, or the wrong candidate.
The recruitment and selection process is likely the most underestimated phase of the recruitment process onboarding, not to be confused with orientation, refers to the entire process of recruiting, welcoming, orienting, and educating a new employee, as well as assisting them in adapting to your new goals.
Work engagement and retention are encouraged by good orientation. Poor onboarding, on the other side, can have a negative impact and leave skillful new employees separated from the beginning.
Hiring Processes:
Human resources recruiting professionals cooperate with recruiting managers to make good hiring decisions based on the company’s workforce requirements. They give advice who are inexperienced with Personnel or regular recruiting procedures to ensure that the company offers proposals to qualified candidates.
Conclusion:
Recruiting (R) is a simple process that includes identifying and hiring candidates to fill unfilled jobs. Recruiting process, on the other hand, is a mix of art and science. On the one hand, it needs the implementation of repeatable processes that produce consistent results. On the other hand, thinking outside the box to identify your ideal individual demands creativity.
