Let talent thrive
Talent affects all of us. And the word talent means so many things to so many of us.
Financial firms should nurture their talent to improve the employee experience
When I say talent, I simply mean people who could and should (and with my efforts will want to) work within the financial technology space.
Having faced an ever-widening skills gap in recent years, many hear the word talent and think of the “war for talent” or the “war on talent”. You may think that and wonder how you can win that war. One may consider the word talent as representative of their current skills and see themselves as “talented” in their career specialism. Another may ask how they can build on their talents. The word itself can evoke thought processes and discussions around the concept of building upon talent and investing in talent within your team or business. We don’t think thriving talent… yet.
The debate I wish to draw attention to is the question – is talent an exhibition of previous experience and proven ability, or is it the potential to build up more skills and respond well to different challenges? Does it have to be one or the other? How often do we ask ourselves this when we hire, promote, apply for, and leave jobs?
Talent itself is so multidimensional because it is fundamentally centred around people who are inherently diverse by nature. Having spent my own career building and supporting the careers of others in the world of financial technology, I have come to understand that talent is an experience. Or rather, it should be a good one, if we wish to attract people to the sector. And it doesn’t end at attraction. We should engage them, invest in them, nurture them, and empower everyone to progress.
Inclusion should be central to this. Without inclusion, the talent experience remains a transaction. It loses the passion, vigour, and enthusiasm that makes people change, forging trailblazers and active participants in the workplace. Far too many people have been excluded from environments that make them happy, in turn holding them back and preventing them from achieving their potential. Without parity and active inclusion, I believe we prevent the industry at large achieving its potential. Bold comments, I know.
Having worked in the recruitment sector placing technologists and salespeople into financial services since 2005, I have a bird’s-eye view of the space and its demands. Trends emerge and themes appear in the talent space, and I have been exposed to why people leave – and on the flip side, what would have made them stay.
At Harrington Starr we recently conducted a survey which collated the thoughts of over 8,000 people. Only 18% of them were clear about what they needed to do to progress in their career, and 67% simply wanted a greater input on decision making, saying that these factors were the most important to them outside pay. What sort of experience is this if we are failing to clearly showcase progression or input? It is no wonder that we are now seeing an average tenure of 13 months in the space. This average represents the extremes and many businesses truly do invest in the talent experience. But far too many continue to get it wrong.
When looking at failed starts (the zero-to-six-month tenure), it is often cited that the role was not the right fit, it was miss-sold, or it failed to stretch the individual. Essentially, people failed to see a future with the company, or more importantly, were failed to be shown a future within the company. The winners are the ones who are considering these factors.
It is time we see a change in perception across the industry to one that better understands successful talent investment, onboarding, and the career journey. We can begin remedying this through engaging with DE&I podcasts, running talks at schools and universities, and running more reflective and inclusive advertising strategies that turns into effective brand building outside of the industry, catalysing better external attraction. Such an approach will encourage people to reconsider their perception of fintech and the wider financial sector.
Those setting the standard for the industry are putting particular focus on the onboarding process. They look at “pre-boarding” to ensure the right tone is set even before the formal day one through expectation setting, goal discussions, and parameter progression conversations. We have seen great examples of firms treating the inclusion of every single member of their staff as they would do a product release or business forecast: as a priority, and as everyone’s priority for the success of the business. This is seen in continual evaluations of individuals and teams to ensure the employee experience is being considered. They look at how the system can be built around individual needs. They look at the unique experience they want to ensure is delivered to each employee. They think about psychological safety and creating an environment where diverse perspectives can flourish. Companies are now working hard to ensure the workplace is an idea-rich space where everyone feels able to contribute to culture creation. They feel able to raise their hand when there’s a problem and are confident they will be heard. The exit interview has proved to be a particularly eye-opening experience for many when they have got this right.
Today, people want to gain experiences and build a portfolio of skill sets. However, when people leave, not all leavers should be attributed to this. In the exit interview, there is so much to learn and so much we can take back and implement to continually improve the experience.
Those who choose to acknowledge talent as an experience, and make it a good one, are thriving. Those who hark back to the days of talent as a transaction are left with high levels of leavers which can quickly get out of control. Lots can be done and I’m excited to see where the talent experience can take us, should we all choose to invest.
