How to Develop Net-New Tech Talent for Financial Services

Learn about a sustainable engineer-to-order model for creating the tech talent your business needs

Tech talent isn’t just for tech companies anymore. More and more finance companies today face the same core challenge: the demand for skilled software engineering and other digital skills consistently and relentlessly outpaces the supply.

There’s a severe digital skills gap in finance services, from missing data skill sets and security experts to user experience designers and software developers. But the real, sustainable solution to the digital skills gap is to generate net-new tech talent by training people on platforms that companies need now.

That’s the essence of the Hire-Train-Deploy (HTD) model.

What is Hire-Train-Deploy?

It’s pretty straightforward. A financial services organization works with a training partner that hires and trains workers in high-demand skills and then deploys them, ready to work on tech projects.

HTD starts with with a skills-first hiring mindset. That’s hiring people with the right aptitude for working in software engineering or other digital skills jobs in the financial services industry. It may include understanding the regulatory nature of the field, having algorithmic knowledge or the right knack for user experience in data-sensitive environments. Then they’re trained in platforms and technologies banks and finance companies need right now.

HTD programs don’t simply teach the frameworks; candidates get hands-on experience developing apps or working in digital environments.

Finally, they’re deployed to companies that need day-one-ready tech talent.

How does the HTD model deliver high-performing software engineers for financial services companies?

HTD makes it possible for financial services companies to custom-train and build their tech workforce with highly accomplished junior software engineers. It’s engineer-to-order for your tech talent needs.

Here’s a look at how Smoothstack delivers our HTD program for financial services.

1. HIRE

First, we recruit highly capable, aspiring software engineers, early in their careers. But not just anyone is going to succeed in an HTD company program. We measure a candidate’s aptitude to work in financial services tech with a rigorous testing and screening process.

When we see strong potential, we make an offer to join our training program.

2. TRAIN

Curricula for training takes into account in-demand skills and our customers’ tech stacks. Right now, we’re seeing demand for skills development and experience in MuleSoft, ServiceNow, Databricks, Pega, networking, security and DevSecOps.

Then our 12-week, Department of Labor Registered (RAP) training program teaches specific digital skills and simulates a real-world app development project. This approach rapidly accelerates each engineer’s capabilities and gives them hands-on experience with the type of work they’ll be doing.

Similar to a work environment, employers have opportunities throughout the 12-week training to meet the engineers, review their skills and determine who’s right to bring onto their teams.

3. DEPLOY

Coming out of the training program, engineers are skilled, practiced and experienced to start working on day one. They have in-depth knowledge of their platforms and experience equivalent to 2-3 years of industry experience.

Benefits of a Hire-Train-Deploy program for financial services companies

1. Gain access to net-new tech talent

Competition is fierce — and will always be fierce — for high-performing technology staffing solutions talent with in-demand skills. Financial services companies today are all in a battle for the hires they need from the mere 5.2 million tech workers in the U.S. Plus, it’s extra challenging for financial services, which often aren’t the “hot” places to work right now (or aren’t offering perks, like WFH).

Hire-Train-Deploy is clutch here, developing net-new talent that’s custom-trained for the skills and stacks a banking or financial services company needs right now.

2. Scale hiring to match right-now needs

Technology projects, especially in financial services, rarely follow a straight line from start to finish.

When projects go over budget, bust their timelines or need to change course, HTD empowers a company to train and develop talent for what needs to happen next. Perhaps there’s a new technology, data platform or method.

Training up to meet projects where they need to be means important initiatives aren’t held up and at the mercy of tech hiring in a tight market or whoever is available. You’re ready to hire and train for digital skills, platforms and tech you need to use now.

3. In-house tech talent is better for successful transformation

Hiring full-time employees isn’t always the ready option, especially if you need to replace a team member or append a specific tech skill to your team to keep your digital transformation initiative reaching its goals.

Plus: Research says that digital transformation projects are more likely to be successful is at least 50% of the team is in-house talent.

Incorporating Hire-Train-Deploy into your digital transformation strategy means you can continuously build, nurture and grow your in-house tech capabilities with early-career talent. Then you can evolve your in-house team as the financial services industry changes and grows too.

How to know if HTD is right for your financial services business

Hire-Train-Deploy is a tried and true method of training qualified talent for the tech stack and digital skills a banking business needs and a good alternative to IT staff augmentation companies and IT staffing providers. Best applied as part of a comprehensive talent strategy, HTD can be one of several approaches your business takes to recruit, train and retain tech talent for financial services.

See how Smoothstack’s HTD approach can be your new source for software engineering and digital skills. Learn about our commercial and government services.

Contact Smoothstack to talk it through and start building your team.