Name: Hiring Process & Attracting The Right Talent
Uploaded: 2023-10-18T10:05:36.996Z
Duration: 228.36
Description: Our FinTech Founders mini series explores various aspects on how to attract, hire and retain talent – a crucial contributor to a company’s success. This brief video features first-hand learnings and insights from fintech entrepreneurs and founders including Kathleen Craig, Plinqit; Chase Neinken, Chimney; Michael Duncan, Bankjoy; Ned Palmer, Panacea Financial; and Karan Jain, NayaOne.

FF6 HIRING PROCESS.mp4

FF6 HIRING PROCESS.vtt

ENGLISH

{{00:00:00}}
Our hiring

{{00:00:08}}
process is usually it starts
with a screening by me.

{{00:00:11}}
I actually tend to go really direct in the
first 30 minute call because we're such a

{{00:00:16}}
small company and we have a small budget.

{{00:00:18}}
We haven't raised hundreds of
millions of dollars in capital.

{{00:00:21}}
So I actually start with the first
30 minute screening call asking what

{{00:00:24}}
their salary expectations are, asking
what their job expectations are.

{{00:00:28}}
To make sure there's an initial fit
before we go through the entire interview

{{00:00:33}}
process and hours of interviews,
because that's time consuming for

{{00:00:36}}
my team and for me and my HR group.

{{00:00:39}}
So I initially do a 30 minute fit
call to make sure everything's

{{00:00:43}}
aligned before we move on.

{{00:00:44}}
And then it's a series of interviews
with team members that will report to

{{00:00:47}}
them with that will be peers of them.

{{00:00:50}}
And we go.

{{00:00:50}}
from there.

{{00:00:51}}
So the new roles and functions at
a company are going to be different

{{00:00:54}}
depending upon the company, right?

{{00:00:55}}
Are you product led?

{{00:00:56}}
Are you sales led?

{{00:00:57}}
When you need to invest in brand
building, are you defining a category?

{{00:01:00}}
Are you coming in as a competitive
player to an existing category?

{{00:01:05}}
Take stock in kind of the analysis
of the opportunity in the market,

{{00:01:08}}
and then also what strengths you
need to play to within your business.

{{00:01:13}}
And what I always advise, or when
I'm talking to other founders

{{00:01:16}}
is, especially in the early days.

{{00:01:18}}
What does your contracting
stack look like?

{{00:01:20}}
Who are you working
with that isn't an FTE?

{{00:01:23}}
Once you start to bring on the salaries,
that's when your outputs and your costs

{{00:01:26}}
tend to get balloon really quickly.

{{00:01:29}}
If you can build a team that's going to
be really folks that you trust, that are

{{00:01:33}}
contract workers, that you can expand
or minimize their role as needed as

{{00:01:37}}
the business flexes, that puts you in
the best position to succeed long term.

{{00:01:42}}
Yeah it the key roles really really is
based on the objectives of the company.

{{00:01:51}}
You need to think about one at the
very top level is, the mission and

{{00:01:55}}
where the company's headed and then
the long term goals flow from that.

{{00:01:59}}
And then you'll start to set up some
shorter term goals and you'll understand

{{00:02:03}}
what roles you need to go higher for
in order to achieve some of those

{{00:02:07}}
shorter term and longer term goals.

{{00:02:10}}
In identifying early initial key
roles at Panacea Financial, took

{{00:02:14}}
some pages out of the healthcare book
stole pretty, pretty profligately

{{00:02:19}}
from the healthcare book, honestly.

{{00:02:21}}
In it, we knew that we were bringing on
customers who had complex relationship

{{00:02:24}}
needs and complex financial needs.

{{00:02:27}}
And so immediately, some of our first
hires we call our primary care bankers.

{{00:02:31}}
They were styled after being
primary care physicians because

{{00:02:33}}
that's the world that we came from.

{{00:02:36}}
Recognizing that people want a single
point of contact to reach out to who

{{00:02:40}}
will be the generalist who helps manage
and quarterback a lot of their finances.

{{00:02:45}}
What helped us recognize that
was our own experiences, that we

{{00:02:48}}
wanted somebody to reach out to.

{{00:02:50}}
We wanted some trusted advisory and
support system and that we wanted

{{00:02:55}}
that for our customers and for
the community that we were trying

{{00:02:57}}
to build a product to serve for.

{{00:02:58}}
Yeah, that's interesting.

{{00:03:02}}
I think when you start out, you need,
and even way after start out, you need

{{00:03:08}}
people who believe in the mission and
the vision more, And then those early

{{00:03:17}}
starters also taking a bit of a leap of
faith on you because as a founder, as a

{{00:03:23}}
as a founder you're, drawing up a vision.

{{00:03:26}}
They're following your lead in
terms of what this could be.

{{00:03:29}}
So I think having people in the
business that have high level of

{{00:03:33}}
conviction towards your mission is
absolutely critical for the early highs.

{{00:03:38}}
The second thing is
what I would define is.

{{00:03:41}}
Swiss Army Knives, right?

{{00:03:43}}
So at the beginning of the start
of the business, you need people

{{00:03:45}}
who have great execution skills.

process is usually it starts
with a screening by me.

I actually tend to go really direct in the
first 30 minute call because we're such a

small company and we have a small budget.

We haven't raised hundreds of
millions of dollars in capital.

So I actually start with the first
30 minute screening call asking what

their salary expectations are, asking
what their job expectations are.

To make sure there's an initial fit
before we go through the entire interview

process and hours of interviews,
because that's time consuming for

So I initially do a 30 minute fit
call to make sure everything's

And then it's a series of interviews
with team members that will report to

So the new roles and functions at
a company are going to be different

When you need to invest in brand
building, are you defining a category?

Are you coming in as a competitive
player to an existing category?

Take stock in kind of the analysis
of the opportunity in the market,

and then also what strengths you
need to play to within your business.

And what I always advise, or when
I'm talking to other founders

What does your contracting
stack look like?

Who are you working
with that isn't an FTE?

Once you start to bring on the salaries,
that's when your outputs and your costs

If you can build a team that's going to
be really folks that you trust, that are

contract workers, that you can expand
or minimize their role as needed as

the business flexes, that puts you in
the best position to succeed long term.

Yeah it the key roles really really is
based on the objectives of the company.

You need to think about one at the
very top level is, the mission and

where the company's headed and then
the long term goals flow from that.

And then you'll start to set up some
shorter term goals and you'll understand

what roles you need to go higher for
in order to achieve some of those

In identifying early initial key
roles at Panacea Financial, took

some pages out of the healthcare book
stole pretty, pretty profligately

In it, we knew that we were bringing on
customers who had complex relationship

And so immediately, some of our first
hires we call our primary care bankers.

They were styled after being
primary care physicians because

Recognizing that people want a single
point of contact to reach out to who

will be the generalist who helps manage
and quarterback a lot of their finances.

What helped us recognize that
was our own experiences, that we

We wanted some trusted advisory and
support system and that we wanted

that for our customers and for
the community that we were trying

I think when you start out, you need,
and even way after start out, you need

people who believe in the mission and
the vision more, And then those early

starters also taking a bit of a leap of
faith on you because as a founder, as a

as a founder you're, drawing up a vision.

They're following your lead in
terms of what this could be.

So I think having people in the
business that have high level of

conviction towards your mission is
absolutely critical for the early highs.

The second thing is
what I would define is.

So at the beginning of the start
of the business, you need people

Fintech Founders

Expert Insight

Our FinTech Founders mini series explores various aspects on how to attract, hire and retain talent – a crucial contributor to a company’s success.

This brief video features first-hand learnings and insights from fintech entrepreneurs and founders including Kathleen Craig, Plinqit; Chase Neinken, Chimney; Michael Duncan, Bankjoy; Ned Palmer, Panacea Financial; and Karan Jain, NayaOne.