The phases of the recruitment process in FinTech
The recruitment operation for the FinTech industry can vary from company to company, but generally, it follows some typical phases:
- Making an agreement with a hiring firm
The company finds and addresses a hiring agency for specific recruitment services comprising searching for FinTech experts. The company’s HR department may also do these tasks with the help of the in-house recruiting team.
- Job posting
The agency creates a job posting outlining the role functions, duties, and required qualifications. This posting is shared on various job boards, the company's website, and sometimes through recruitment agencies or social media platforms.
- Resume screening
The contractor receives applications and resumes from interested candidates. The recruitment team reviews the resumes to shortlist candidates who meet the position's basic requirements. They look for relevant experience, education, skills, and qualifications.
- Phone or initial screening
The shortlisted candidates may be contacted for a phone or initial screening. This stage typically involves a brief conversation to evaluate the candidate's communication skills, understanding of the role, and overall fit for the company culture. It may also include basic technical or domain-specific questions.
- Technical assessment
Applicants might be required to complete a technical assessment or coding test, depending on the position. This stage evaluates their technical skills, problem-solving abilities, and familiarity with relevant technologies used in the FinTech industry.
The selected candidates are invited for one or more rounds of interviews. These interviews can be conducted in person, over the phone, or through video conferencing. The interviews may involve HR representatives, hiring managers, team members, or other stakeholders. The interviews assess the candidate's technical expertise, industry knowledge, problem-solving abilities, cultural fit, and behavioral competencies.
- Case studies or presentations
For certain positions, candidates could be asked to prepare and present a case study or deliver a presentation related to the company's FinTech domain. This phase appreciates their analytical thinking, presentation skills, and ability to apply their knowledge to real-world scenarios.
- Reference checks
After the interviews, the convector may hold reference checks to verify the applicant's qualifications, work experience, and professional conduct. This step comprises contacting the applicant's previous employers or professional references to assemble insights into their performance, skills, and work ethic.
- Offer and negotiation
Suppose the candidate successfully clears all the phases, and the company decides to extend an offer. In that case, they will receive a job offer letter outlining the terms and conditions of employment, including salary, benefits, start date, and other relevant details. The candidate may negotiate aspects of the offer, such as compensation or benefits, before accepting it.
Once the candidate accepts the offer, the onboarding process begins. This assumes completing paperwork, setting up accounts, orientation sessions, and introducing the new employee to their team, workspace, and company policies.
It is important to note that the specific phases and their sequence may vary relying on the enterprise's recruitment practices and the vacancy being filled. Besides, some companies may include additional stages such as skills assessments, behavioral assessments, or multiple rounds of interviews to evaluate candidates for crucial positions in the FinTech industry thoroughly.