The atmosphere within your workplace speaks volumes about your company. It is where employees sense their value, and this sentiment is reflected in the quality of their work
The mark of technology has transformed the dynamics of finance companies, with the dominance of tech-driven functions revolutionising elements of finance such as continuous accounting, market trading, real-time trends, interest rate swapping, forensic auditing, advanced analytics, and data quality.
According to recent industry forecasts, the Digital Investment market within India's Fintech sector is anticipated to expand at a rate of 13.73% between 2023 and 2027, culminating in a market volume reaching US$66.46 billion by 2027.
The increasing demand for a technology-driven finance industry underscores the necessity of integrating technological support across every operational facet to deliver profitable outcomes for all stakeholders. Advancements like internet banking, mobile payments, peer-to-peer lending, robo-advisory services, and crypto-currencies have notably transformed the finance sector. However, the integration of technology in the finance industry does not diminish the vitality of the human factor that has been the foundation of the industry for a long time.
Overlap of Operation & HR
Amid the rapid evolution of financial services, the importance of HR technology remains paramount. With the sector experiencing exceptional technological changes, HR leaders play a crucial role in fortifying your organisation's resilience and fostering growth in this dynamic landscape. The upheaval caused by digitalisation and the COVID-19 pandemic is not something that can be easily ignored. While your customers can execute one-tap payments, your HR department may struggle with tracking Excel sheets containing employees’ payments. This scenario is just one among many challenges faced by Fintech’s HR department.
Fintech companies are leveraging technology to increase efficiency and productivity, while HR departments are burdened with managing the personal information of 400-500 employees. This presents a critical business issue. According to a survey conducted by the global public relations firm Ketchum, 52% of employees in the financial services sector reported higher levels of burnout at work compared to pre-COVID-19 times. The innovative nature of the sector should not cast a shadow on the well-being of those working within the organisations. Your organisation’s HR department must have on-demand access on any device, at any time, to support the workforce when needed.
Finance & Accounting
HR departments can automate payroll processes, ensuring timely and hassle-free payments for everyone. This automation enables HR to dedicate more time to employee engagement, retention, and well-being. Beyond simply automating payrolls, the Fintech sector can also assist in managing employees' financial health. In an uncertain economic climate shadowed by the looming threat of inflation, Fintech HR solutions can empower your staff to gain better control over their finances.
Personal Development
Tech-driven HR in the Fintech sector can support the personal development of millennials and Gen-Z hires. Skilling and upskilling have become the ultimate goals of many employees, with nurturing opportunities becoming a reason for retention too.
Companies can provide training on utilising FinTech tools for personal and business purposes. FinTech HR offers workshops and sessions to teach employees using tools like budgeting apps, investment platforms, and online payment systems. This helps for better personal finance management and empowers staff to streamline processes, boosting workplace productivity.
Productivity & Management
HR automation plays a significant role here. Automation software enables HR managers to accurately manage logging and compensation for hundreds of employees, monitoring attendance in real-time. Integrating a time-tracking tool with your HR or administrative payroll software streamlines the entire process and enhances transparency across departments. This integration tracks overtime, ensures compliance, and facilitates fair compensation, providing employees with the assurance of fair compensation for their work.
Employees’ Data Protection
Data has become a new mining gem for the industry to dig into and analyse for profits. To protect the customers’ data, extensive measures are taken. Let’s talk about your employees’ data. It is vital to put security measures in place to save internal data from any cyber breach.
Utilise Superior Solutions
Whatever industry or sector it is, it is crucial to hire and retain the best for every HR department. Whether it is for scaling up the business or aligning the growth of the industry with the organisation, human resources are important. The atmosphere within your workplace speaks volumes as soon as you step through the door or engage with a team. It's where employees sense their value, and this sentiment reflects in the quality of their work. With businesses rapidly expanding, they automate routine tasks to allow HR teams to focus on nurturing employee relationships and enhancing their experiences.
(The writer is co-founder and chief flow officer at BYLD group; views are personal)
