HR in Fintech - What’s Needed in Fast Growing Organisations

Fintech companies are rapidly starting and scaling quickly all over the region, including Malaysia. And while this industry is certainly exciting one to be a part of, certain challenges present themselves in such fast-moving organisations.

This is where a strong HR team and strategy is needed to step in and allow a fast growing organisation to truly succeed for the long term.

Unlike MNCs or bigger companies with more hierarchical structures, employees at startups can be in touch with top leadership more often than in a large company, in some case even on a day-to-day basis. Whether you’re in HR or Sales, Content or Tech, top leadership is usually structurally closer to all employees in all departments in a fintech startup structure.

This closeness or access is why it’s so important for leadership to have a strong presence and be  able to unite employees for the common vision of the company. Weak leadership is felt much faster within small organisations than in larger companies which have more layers within their hierarchies.

It’s for this reason that hires for top leadership within a fintech company are so important. Not only do leaders of these companies need to be well-qualified and have relevant experience in their own fields, usually in banking and finance, they also need to be able to connect with their employees in all other departments.

Fintech companies typically have fast-paced work environments. Technology startups in general are best when they can adapt and respond quickly to situations and problems. Many companies are leaning into agile methodologies, which require employees who can adapt, think on their feet and solve problems quickly.

With regards to HR, these companies also tend to scale rapidly because of the rapid pace these companies innovate. Therein lies the challenge of being able to hire fast, but hire well An effective HR team and strategy needs to be in place from the get-go to ensure that hiring processes are as efficient as possible.

On the other hand, if employees do not perform or are not up to the mark, HR needs to be equipped in first, assessing these workers’ performance, what they can do to resolve their performance issues, and ultimately if still necessary, letting go of these employees in a relatively efficient but also dignified way.

While it’s understandable that a startup culture will attract talent with its many perks and excitements, fintech companies which are now more tightly regulated by the Malaysian government, need to have proper procedures, structures, rules and their administration in order as well.

A certain amount of flexibility is good, but finding a happy balance is the key to having employees feel trusted while giving them a sense of security and predictability through well-defined rules within the company.

With any type of startup, including a fintech company, a united goal, mission and vision which all employees can share is so important.

Multinational companies usually have well-established reputations which precede them, while large family-owned SMEs typically build their identity over the years which is closely tied to the family or owners.

Fintech startups, on the other hand, need to work slightly harder and quicker at building an identity and strong mission which unites and motivates current employees but also attracts talent to join the company.

An identity, team spirit, and strong vision and mission is essential for any company. But within startups, and particularly fintech startups which demand a lot of trust from consumers and governments, a clear sense of purpose and mission is perhaps the most important foundation.

This is where employee engagement and organisational culture come in for HR teams within fintech companies. It’s HR’s role to create a culture that is unique to the organisation so that employees feel they are a part of something exciting and meaningful.

For more tips on creating a stronger organisation through HR, visit the Jobstreet Signature Reports section for information.