There is no question that the increased usage of mobile payments by consumers has completely changed and, on some levels, revolutionized the industry. As we venture into the virtual world of the 21st century, it is easy to see that mobile payments change the way payments companies do business.
Mobile Payments Are Reaching Historical Numbers
According to research collected by the research firm, Forrester, it is estimated that by the year 2019, the number of mobile payments in the U.S. will be at about 142 billion; this is a huge increase from the current rate of about 50 billion. This recent explosion in the use of mobile payment transactions is greatly affecting virtually all payments companies.
With the payments sector experiencing historical growth, fintech companies have big employment needs, in order to help match the relentless increase in mobile payments necessities.
The payments sector is desperate for employees.
According to the VP of global campus recruitment at American Express, Brian Ruggiero, there has been a huge need to recruit employees in the mobile payments area and in technological space.
“We’ve needed to hire more people who can help us transform our business to lead in the mobile payment, digital and technology space,” said Ruggiero.
As an experienced player in the field of payments recruiting services, here at Go-Impact Payments Recruiting, we have experienced first-hand, the impact that mobile payments have had on the payments industry.
Many of the companies we work with have seen a huge increase in demand for employees in all areas of their companies, as a direct result of the boom in mobile payments nationwide. And this is of no shock.
In the last few years alone, there have been a lot of big names entering the mobile payments industry. With companies like Apple, Google, Amazon, Linkedin, and Microsoft all trying to get their share, it is not surprising the need for qualified employees in the payments sector is higher than ever.
How mobile payments recruiting specialists help companies:
With companies expanding at the rates they have been expanding, the need for filling positions at all ranks throughout organizations has also increased greatly. With the increased competition and need to fill positions quickly and effectively, it often makes more sense to outsource staffing to agencies who specialize in finding and recruiting wide ranges of skill sets, to fill company needs.
The top five reasons mobile payments companies use recruitment agencies:
1. Market Knowledge
An experienced mobile payments recruiting firm will have a great understanding of the fintech marketplace, and will be able to give you detailed information regarding the available talent pool, where to find them, and how to reach out to them. They will have information about standard salary rates, and career expectations of potential candidates. A recruitment firm should also be able to inform you about the current job market, as well as what to expect.
Because companies have so many things to keep track of in order to succeed, it can be challenging to find top-level candidates. A good mobile payments recruiting specialist will collaborate, and will partner with you and your company, to fill your business’s needs.
2. Passive candidates
To be able to recruit the best candidates in the mobile payments industry, networking is vital to success. Extensive, proactive networking is what separates great recruitment agencies from average ones. There is a large pool of potential candidates that are not actively looking for a job, or are simply too busy to look.
Due to certain circumstances, they may not be looking at the job boards, or do not consider themselves to be part of your company’s talent pool. These passive candidates often rely on recruitment specialists to find work, and in many cases, could greatly benefit your fintech company. If you partner with mobile payments recruiting specialists, they have the potential to leverage their vast array of business networks, to find you candidates that you may not have noticed in the first place. To give you an idea of the power of networking, here at Go-Impact Payments Recruiting, we have a database of over 10,000 C-level applicants ready and qualified to fill positions at top payments companies. This networking source is what allows us to locate the most qualified candidates – candidates most payments companies cannot find for you.
3. Better use of time and budget
Although there are fees associated with using mobile payments recruiters, it often makes more economical sense to use an agency, rather than an in-house HR, to fill job openings. Recently, I asked corporate recruiters via social media, what their reasonings for using recruiting specialists was. Their responses were primarily around the budget, with a better allocation of time, coming in a close second.
Finding the best possible candidates for a position takes time and money, and there is no getting around that. Often, an overworked HR can use a little bit of help. As a result, using a trusted staffing agency can make a huge difference.
4. Adaptability to company needs
Different companies have different needs when it comes to staffing. Some companies need someone quickly, for the short-term employment opportunities to fill temporary gaps, while others desire an employee for the long-term.
With the strong understanding of the mobile payments marketplace, experienced mobile payments recruiting specialists are able to choose candidates from a variety of employment pools, to find the candidate your company needs. Be aware, however, that some mobile payments recruiting firms specialize in filling permanent positions, while others are most able to fill temporary, short-term positions.
5. Access to specific skill sets
According to a recent study published by the Recruitment and Employment Confederation (REC), almost two-thirds of all companies who use recruiting specialists across all industries, said their number one reason for doing so was to find access to candidates with specific skill sets, to fill temporary positions.
Companies often face talent shortages, so it comes as no surprise that staffing agencies are used to find specific skills on short notice. There are many reasons that companies have temporary positions to fill. Often companies have a short-term project needing appropriate staffing, or they have a hole to fill because of a company employee taking a temporary leave.