3 Factors Leaders Need To Consider When Growing Their Teams

Building your team quickly, efficiently, and with the best talent, is the most important and often one of the most difficult tasks facing a team leader or a business. Your team is the backbone of your business. It can propel your business to greatness or sink into nothing. But, finding and retaining the best professionals is never easy.

There are so many factors to consider: effective recruiting, finding the right partners, candidates with value alignment, candidates with desired skills, keeping your team happy and engaged. For a team leader, it’s difficult to know where to start. Having worked with businesses at a startup level right the way through to some of the leading and biggest financial services and financial technology businesses around the world, we’re able to offer some key insights into some of the best places to start when trying to grow your team.

1) Determine your biggest need

The first place any leader needs to start is with their biggest need. An increase in headcount contributes heavily to growth but often budgets are tight and there isn’t an open mandate from above, allowing you to hire endlessly. So, you’ve got to utilise your room by identifying the areas where you have the greatest need and where a new hire can add the greatest value to your team and your business. Do you need more salespeople to manage leads, build relationships, and bring in contacts from their network, or does your team need to invest in marketing to increase the leads that your sales team manages and help manage relationships? These questions flow directly to the types of hires you need to make. It may also be relevant to consider whether you need resources to fill a temporary gap in the business or whether you need to invest in the long-term need for a particular position.

Depending on your business, there may not be simple answers to these questions, especially if business fluctuates throughout the year. A lot also depends on the growth stage of your business and your team. We advise approaching hiring very methodically, taking into account past trends, future forecasts, objectives set by the C-suite and board, as well as seasonal growth trends.

2) Find a good recruitment partner

Recruitment partners are a strong fit for companies that need to grow quickly and find strong fits for roles that are difficult to fill. A lot of businesses, yours included, may have internal HR departments who play a role in hiring. We advise that HR engage with recruitment partners and work together to find the best possible candidates for your business.

A lot of the time, the best candidates may work for your competitors and it could be difficult for your internal HR team to reach out to those people. In a circumstance like that, a trusted recruitment partner can manage the process on your behalf, almost as an extension of your HR team, and help you ensure that you get the best talent, regardless of where they currently work.

Recruitment firms, like EC1 Partners, often have relationships with a lot of the best candidates in a particular market. These are relationships that your internal HR may not have, simply because their mandate is not focused on growing relationships with candidates. A recruitment firm spends a lot of time identifying the best talent and building those relationships so that when an opportunity arises there are already existing relationships to work with. Tapping into this pool of talent is a great way for a business to get quick and reliable access to a group of individuals that may otherwise be unknown or unreachable.

3) Build an “A-team” by leveraging unique benefits only you can provide

The best talent attracts the best talent, and having a team with high talent density accelerates your growth. A lot of the time, a strong team or a few key members of the business can be extremely influential when a candidate is trying to weigh up the reasons for moving to your business. In our experience, a lot of the candidates we have placed over the years have been keen to know who the other leaders in the team are and often the reputation of individuals plays heavily on their desire to join. We have seen many candidates pursue a role because they’re eager to work with a certain individual or group of individuals. So, if you hire the best talent and build an “A-team”, the reputation of the individuals within that team can be a really strong drawing card for hiring new people for the team.

The FinTech market is highly competitive and often there is a shortage of high calibre talent that are openly looking for new opportunities. With a string of exciting FinTech businesses, often the best candidates within those firms have little reason to leave their current positions. Salary, benefits, location, can most likely be matched by their current employer which leaves little reason for people to move roles. But, the desire to work with and learn from an elite team of talented individuals can be a huge benefit that can be difficult for someone to resist. So, build your team not only with the motivation to have talented individuals but with the secondary motivation that hiring the best talent will attract like-minded individuals to your business.

Finding and hiring the best talent, particularly for hard to fill roles, is a massive challenge for every business. Start with these factors and you’re going to be in a much stronger position to ensure that you find the best talent for your business.

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