Recruitment Trends in the Payments, Authentication & Biometric Industries
Recently, there have been a number of interesting trends within the Payments, Authentication and Biometric industries which are affecting organisations’ ability to attract and retain the talent they need.
In today’s largely candidate driven market, perhaps the most significant challenge companies’ face is the proliferation of disruptive start-ups. These innovative, agile, dynamic and fast-growing organisations are attracting top talent away from established competitors and transforming the industry.
Start-ups are often able to attract the best talent away from their slower-moving competitors through what they can offer – beyond a salary and an employee benefits package.
Mergers and acquisitions are growing the size of the established players and consolidating the market, but size is not necessarily helping them to attract and retain staff. As these organisations grow and technologies converge, they become much more bureaucratic and compartmentalised. They are slower to innovate and, in effect, increasingly less attractive to skilled, ambitious and entrepreneurial talent.
Start-ups are often able to attract the best talent away from their slower-moving competitors through what they can offer – beyond a salary and an employee benefits package. They offer equity and stock options, and crucially, the opportunity to influence the market, lead these companies and reshape the future of the industry. For many talented candidates, this forms a far more compelling proposition and first mover advantage.
So what can companies do in response to these threats?
Apple is often thought of as a pioneering Consumer Electronics and Payments brand and it has been extremely effective in acquiring and retaining the brightest talent globally. Apple behave like a start-up in how they continually innovate, trend-set and grow in conjunction with offering an attractive salary, benefits package and job security in a big company. The key principles of staying customer focused, responding to change, leveraging existing resources and importantly, looking after employees are fundamental to success in today’s competitive environment.
The Payments, Authentication and Biometric landscape is transforming and continues to fuel change. The competition to attract top-level talent is fierce in today’s industry. It is imperative to survival and growth that companies react, enabling them to effectively respond to market demands and to maintain employee motivation and engagement.
Principal Consultant – Banking & Financial Services
Charlotte is a Principal Consultant in psd’s Payment Technology practice, leading the Biometric & Authentication team.