US FinTech Engineering | Case Study

Overview:

Attracting and retaining top engineering talent is crucial for maintaining a competitive edge in the FinTech market. For a 75-person US-headquartered FinTech with a presence in New York and Chicago, finding experienced Software Engineers was a priority, but previous challenges with employee attrition during the probationary period had them concerned about how their business and roles were being presented in the market.

The Challenge:

The FinTech company’s existing agency agreements had a short rebate period, which meant that each hire came at a significant expense to the business. As they explored alternative agency support, they were interested in finding a partnership that would allow them to scale their team without the risk of incurring huge payments for unsuccessful candidates.

The Solution:

Kioni was referred to the FinTech company, and after an initial meeting with their Head of Engineering and HR Manager to discuss the Software Engineering hires and their hiring plans for the next 12 months, Kioni proposed their contingent model. This model provided the FinTech company with the option of a free replacement if the candidate resigned within 6 months or a tiered rebate structure based on the time the candidate spent with the business.

In addition to their flexible partnership model, Kioni provided the FinTech company with:

Market Analysis: Kioni conducted a comprehensive analysis of the relevant market, providing valuable insights into the talent landscape.
Weekly Search Data: Kioni shared weekly updates on their search progress, ensuring transparency and accountability throughout the process.
Slack Integration: Kioni integrated their communication with the FinTech team’s Slack channels, fostering seamless collaboration and real-time updates.

Key Results:

Cost Savings:

Kioni’s approach and understanding of the FinTech company’s needs led to:

– 23 qualified Software Engineer candidates were identified.

– 17 candidates progressed to the first round of interviews.

– 13 candidates advanced to the second round.

– 7 candidates reached the third round of interviews.

– 4 candidates were invited to the final round.

– 2 outstanding Software Engineer candidates received and accepted offers.

Kioni’s process resulted in the following metrics:

– 73% submission-to-interview ratio

– 54% first-round to second-round interview progression

– 100% offer acceptance rate

Conclusion:

Kioni’s flexible partnership model and tailored approach not only helped the US FinTech company secure two experienced Software Engineers but also provided valuable market insights, transparent communication, and a risk-mitigated hiring process. By truly understanding the company’s unique needs and offering a customised solution, Kioni proved to be an invaluable partner in scaling the engineering team with confidence, setting the stage for the FinTech’s continued growth and success.