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How can a company succeed without the right people leading the way? When it comes to attracting those exceptional individuals, are we still relying on outdated methods? The Association for Psychological Science has built numerous reports over the years on the speed at which a first impression is made in an interview. What about a lasting impression? And, how can you effectively position yourself when there is high demand for talent and many competitors seeking the same resources? Interviews are a great way to assess whether someone can do the job you want them to do. This should also serve as your chance to explain why this job is beneficial and will bring value to the person who is applying for it. There are important factors to consider in order to give your growing fintech company a competitive edge in the interview process.
Interviews as a Fit Assessment for Sustainable Growth
It’s crucial to recognize that interviews are no longer about simply passing a test; they are about finding the right fit, someone who can grow with your organization. According to a survey conducted by LinkedIn, 68% of talent professionals and hiring managers believe that assessing culture fit is crucial for hiring success. It’s about building a relationship based on trust and moving away from traditional environments that focus on control. The goal is not to catch candidates off guard but to truly understand and connect with them with a view to understanding how both parties can grow successfully together.
Gone are the days of simply filling a vacancy. Skills are acquired and developed as individuals progress and learn. The notion of fitting someone into a predefined set of skills no longer leads to finding a person who will thrive in the long term. A PWC report showed that 80% of CEOs felt that gaining new skills in the workforce was their biggest challenge. This requires not only the ability to attract those people but to retain and teach them something new.
Revolutionizing Interview Formats for Enhanced Engagement and Candidate Assessment
Panel interviews belong to the past. They limit ideation, creativity, and even the potential for proper assessment. Instead, consider fostering open discussions or team introductions that encourage conversation about mission, values, and culture. Discussion-based interviews foster a more interactive and engaging experience for candidates and allow you to find out more than you had previously considered. According to a survey conducted by Glassdoor, 73% of candidates prefer a conversational interview style over traditional Q&A formats.
Engaging in discussions provides more time for candidates to drive the agenda, revealing valuable insights into their commitment beyond their job capabilities alone. You can leverage this opportunity to establish trust and confidence from day one, using the interview as the starting point for their onboarding and your ongoing relationship. In a market with high-profile tech layoffs, this is crucial when addressing funding stability and demonstrating how you support career growth. As Morgan McKinley reported, with the estimated 200,000 tech layoffs in the first half of 2023, career transitions were on the up and the hugely talented workers were expecting their skills to be leveraged in new ways. By discussing your firm’s growth mindset and emphasizing that the hire is about personal learning and development, you gain a deeper understanding of what motivates candidates. Moving away from traditional checkbox questions opens up conversations about trust, loyalty, passion, drive, motivation, and most importantly, potential.
Building Trust through a Focus on Learning and Growth
When candidates are interested in learning about your fintech company’s mission and growth vision, it is important to be transparent and share information about your company. This will make the experience more enjoyable and memorable for them. Emphasize the collaborative nature of the fintech environment, where everyone contributes and roles are not siloed. Moreover, there is an increasing trend of collaboration between the fintech and banking industries, which is creating better opportunities for innovation. As the Australian Financial Review posted, partnerships internally and cross-sector will be fundamental to the entire industry and to the people within it.
A focus on how this will enhance a person’s career journey and acquisition of new skills will have a positive impact. By linking this to your company’s culture and commitment to growth, it shows potential new hires that they also have growth potential by joining your team. A study published in The HR & Employment Engagement Community found that hiring employees who align with the company’s culture leads to higher job satisfaction, engagement, and retention. By involving different people in the interview process to showcase their experiences, you not only reflect the company’s culture but also enable meaningful conversations about fit.
Viewing your interview process as a positive experience in itself, provides a competitive advantage. Will candidates share positive feedback about you? Will they recommend your company even if they didn’t get the job? The concept of cultivating “raving fans”, individuals who enthusiastically promote your business, was introduced in the book “Raving Fans” by Kenneth Blanchard and Sheldon Bowles. Creating a positive impression can influence their perception of your organization and potentially attract others to join your team.
The talent market is ever-evolving, and growing companies should never become complacent in how they present themselves, even when candidate access seems easy. It’s important not to abuse the power of control or favorable market conditions as they are in a constant state of flux and people have long memories. Investing in your people and their experience with your company starts during the interview process. A good interview sets the stage for a great talent journey within your organization.
