A Guide to Hiring Foreign Employees for Your FinTech Company
The United States FinTech is an incredibly innovative and evolving industry. With the rise in start-up culture, FinTech start-ups are increasing and bringing a revolution to traditional payment systems. These new businesses require hard-working and expert individuals as their employees for expansion, innovation, and growth. However, finding specific people with adequate finance and technology skills is a rising challenge today.
Today, around 81% of FinTech companies have less than 50 people. Hiring foreign employees can be one solution to solve this problem. Talent knows no borders, and you can recruit the best of talent from across the world. Technology and digitalization have made it much easier today to hire employees from other countries, and you can do so even if you are on a tight recruitment budget. Most companies are concerned about investing in sponsorship, filing for visas, and completing W-8BEN for their foreign employees, and they hesitate to hire foreign talent for fear of this extensive paperwork.
The onboarding and hiring of foreign talent is not as complex as it is believed to be. Governments have started becoming more welcoming to foreign talent, and applications and authorities are becoming easier with time, especially with visa departments establishing their presence online. If you are struggling with finding the right talent for your FinTech company and you want to hire employees from abroad, here is a guide for hiring foreign employees:
1. Finalize a Candidate Profile
A clear idea of what you want in the new hire is essential for successful recruitment. If you are looking to replace an existing employee, you can look at their job role and create a job description. If you want to hire someone for a newly created job role, especially if you are a FinTech start-up, outlining the qualifications and skill set the candidate needs beforehand is essential. This profile can be used to create a job description and attract relevant talent.
2. Explore Recruitment Channels
When you have finalized the candidate, you can start looking for ideal recruitment agencies to help you hire the best talent abroad. You can also look into a general website, like LinkedIn and Glassdoor, and post the job opening under the FinTech category. This will attract talent specific to the FinTech industry and individuals who intend to pursue their careers in it. International recruitment agencies can also use their networks to help you find internal talent with relevant expertise required for job roles in your FinTech start-up.
3. Begin the Hiring Process
FinTech job roles can be remote, and an online hiring process can be an excellent assessment of the candidate’s technical abilities. You can conduct tests, online interviews, and other evaluation forms to shortlist the applications. It is essential to be mindful of time zone differences while conducting these assessments for candidates from other countries.
4. Onboard Successful Candidates
Onboarding is the last step of the recruitment process. If you have a subsidiary involved in the hiring process, this may come under their job role. If not, this is another thing to be taken care of by your FinTech company. This can involve making emails or calls to selected candidates and issuing them conditional or unconditional letters. You may need to collect various employee documents at this stage to register them in your company and apply for their visas and sponsorship. This step also involved training the newly recruited employees to familiarize them with the work culture and job role. With a staff of ICCRC-licensed Canadian immigration consultants and professional colleagues, Canadapt Consulting is a leading Canadian immigration law consulting service.
Hiring international talent may sound like a complex process, especially if your company is relatively small and has not done it before. However, it is also essential for your company’s growth to have the right employees with high skill levels. It is often much easier to find that skill across the border than in your locality.
To ensure smooth recruitment and onboarding, we recommend you research your country’s laws and regulations regarding sponsorship beforehand. You can search websites of visa departments or call the local authorities to help you understand the process and complete it smoothly.