Ditching The Resume: An Unconventional Approach to Hiring Diverse Thinkers & Innovators | The Financial Technologist

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Historically the financial technology industry is not booming with diversity. For the most p...

Historically the financial technology industry is not booming with diversity. For the most part, males dominate the workforce whereas women make up less than 30% of it; and even less than that hold senior leadership roles. Beyond gender diversity, ethnicity remains a pain point in the FinTech industry too. A 2021 report by TechNation found that 80% of FinTech employees identify as white, while other races (Asian, African American, other) make up the remaining 20%. In an effort to disrupt the industry, bring new thoughts into the mix, and create true change, one tactic has proven to be quite effective: getting rid of resumes. Companies looking for individuals that have experience in the industry, attended the ideal university, or perfectly fit the bullet points listed on a job application are going to see zero or negative diversity growth. True diversity happens when the comfort zone is eliminated, and new opportunities are created. By forgoing the resumes, teams can foster creative environments and find workers who have more drive, passion and eagerness to learn than people who have a “been there, done that, but I need the pay check” mentality. At VizyPay, 95% of our staff comes from outside the FinTech space. By throwing resumes out the window, we’ve been able to bring in different perspectives and grow ourselves beyond the traditional FinTech mould. We uniquely do not have seasoned veterans who want to keep the status quo or continue to do what has been done for the past two decades. Instead, we pull from each other’s toolboxes to bring fresh ideas and try new things. Having diversity of thought is an invaluable quality for a FinTech to have. It can be the one thing that sets an organisation apart from the rest and will speak volumes to the inclusive and fluid nature of the desired workforce in 2023. In addition to ramping up diversity numbers, companies are finding that employees are also looking for employers that prioritise the wellbeing of their staff. Following the Great Resignation after the pandemic, a study found that the number one reason why people left a job was because of toxic workplace culture. To this regard, companies are heavily emphasising workplace culture. They’re introducing new benefits to catch the eye of the new recruits — but building a culture that makes people want to stick around goes beyond a snack cart or a ping pong table. It’s about creating an atmosphere that people feel comfortable in and one that they can see themselves grow in. Social hours can be a great avenue to allow team members to have casual conversations with directors or leadership members. Where one might feel intimidated to approach a leader during the workday, social hours break down that wall of hierarchy and open a path to genuine relationship building in the workplace. Hiring without resumes, celebrating everyone’s diversity, and learning from one another is going to pay off in dividends for FinTechs for years to come. Read more articles like this in The Financial Technologist. Download your free copy here.
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