The Covid-19 pandemic forced the world into isolation in 2020, which quickly popularised remote working. As we look towards 2022, we can identify how this has permanently altered the way we do business.
Currently, 16% of all businesses throughout the world are completely remote. In the past five years, remote work has increased by 44%. It’s clear that remote working jobs are the way of the future, particularly in industries like FinTech where remote workforce management is entirely possible.
Of course, there are challenges involved with having a decentralised workforce – especially where you’re employing team members from different countries and continents. For starters, you need to have platforms and workforce management software that allow your team to work well together without ever needing to be in the same space. You also need to ensure your company culture is solid enough to carry through when using only digital channels. Figuring out taxes and benefits in other countries can also be a challenge, depending on where you’re hiring.
However, having a decentralised workforce can work in favour of your FinTech team and in this blog post, we’ll be explaining how and why.
Bypass the Talent Shortage
It’s no secret that there is currently a tech talent shortage in the UK, as well as other countries such as the United States. By opening up the borders of your FinTech company, you’re able to access talent from all over the world. This allows you to hire from a much wider talent pool and network.
When hiring locally and only choosing from talent that can come into your physical office, you’re limited to people within a certain geographical location. If you open up your talent search to anyone in your country and even globally you’ll have more options and can even tighten up on your requirements.
Of course, when hiring from different countries, keep in mind that you need to do some workforce planning with regards to time zones and languages to ensure your team is able to communicate effectively.
Gain Expertise from Across the Globe
There are tech industries all over the world that offer unique experiences, depending on location. For example, the tech industry in South Africa is going to operate a little differently from the tech industry in Dubai. This means you can hire people from all over the world with unique experiences, which they can contribute to your company.
In addition to this, you’ll find that exchange rates favour countries like the UK and Denmark, making it more cost-effective to hire in countries where the currency is weaker than the Pound or the Euro. You can therefore hire experts in the field for a lower salary than you would be paying someone in your own country. This allows you to build your team with top talent without having to limit yourself according to budget.
Diverse People, Diverse Perspectives, Diverse Ideas
Hiring outside of your immediate vicinity allows you to really work on the culture and diversity aspect of your organisation. Having access to a wider talent pool allows you to look at the diversity you want at your company and set goals without geographical restrictions. A decentralised workforce can do wonders for your diversity in the workplace.
However, it’s not only about what appears on paper. By hiring outside of your area or country, you can gain team members with diverse backgrounds. Having employees with unique experiences can give your team access to unique perspectives that you may not have had in the past.
Unique perspectives give employees the ability to see challenges and opportunities from different angles. This gives you an edge when it comes to problem-solving, idea generation, and refining your FinTech solutions.
PCN can help you build your decentralised workforce
Contact us today to discuss how to build your ideal FinTech team. We’re experts in locating talent in FinTech, SaaS, eCommerce, and Cyber Security.
If you found this blog post interesting, you should sign up to attend our event in February 2022 – Keep Up: The Key to FinTech Talent Attraction and Retention.