Since the outbreak of the pandemic, there have been some significant changes with regard to the hiring patterns across different industries. If recent studies are to be believed, the focus on technology has resulted in increased demand for talents with technological skills. Balaji Jagannathan, the co-founder and director of cloud-based recurring payment solution provider Paycorp.io, opines the same and spoke with us about the skill sets in demand and how hiring strategy plays a crucial role. Excerpts from the interview:
What has been the hiring scenario for you as you started in the midst of lockdown?
The market as we all know has grown very competitive as the demand for technology staff has grown significantly in the last year. The cost of tech staff has grown almost 4-fold and correspondingly the cost of hire too has grown significantly. Besides, working from remote locations has become the norm. However, we were fully aware of the unfolding scenario when we started. We have focused on getting our core system developed out rapidly through the core founding team. We then followed it up by hiring hand picked talent from the market to form a high-performance technology team for the roadmap development.
What are the skill sets are you looking at as part of your hiring plans and why?
We are looking for JAVA/J2EE skills, Mobile tech skills, UI/UX skills and also domain expertise in the payments industry. Since JAVA, the open-source platform, has existed for more than a decade, it is well evolved and has a lot of sophistication. It also brings the stability that comes with a vast community of developers constantly enhancing it. Hence, we prefer this platform. Payments domain skills are very important to us as we differentiate ourselves from our competition by bringing in nuanced features and functions that will bring exponential value to our customers. This will result in customer affinity and loyalty. So, we focus a lot on building payments domain capability within our organisation.
How crucial is it to have a strategic long-term hiring goal for any company?
As a fintech, the greatest value we bring to the table is the ability to roll out differentiating features and possibilities rapidly and with military frequency. Besides, our business model thrives on technology stability, elastic scalability of volume. As you can see, a strong technology team is essential to achieve these and they form the backbone to growth. Talent acquisition today is not a short-term activity anymore. We need to attract the best talent in the industry and it takes a strategic approach to spot the specific talent, identify their needs, prepare ourselves to offer their needs and then onboarding them. This involves a long term strategic approach and that is how we approach it. We also work on bringing in a good pool of fresh promising talent from the colleges and from Tier 2 cities to work with strong senior talent so that a good blend of fresh perspectives and experience can produce best results.
What has been your growth in terms of revenue generated? And future projections?
We have seen a 4-fold growth in our revenue in our first full year of operation compared to the earlier half year. We project to grow to a Rs. 180-crore company in the next 5 years.
Which financial sector is more keen to adopt your solutions? Any specific reason?
NBFCs, schools, and banks are keen on our solution. We are also targeting the insurance sector and subscription-based businesses. All these sectors have a very high rate of recurring collections business. All the businesses in these sectors depend heavily on collecting payments repeatedly from the same customer month on month in order to realise their revenues. Therefore, their ability to collect payments with least failures and on time is at the core of their cash flows and the resultant healthy growth.
What are your expansion plans?
In the short span of one year we established direct connectivity with 6 banks and acquired 27 customers. We plan to achieve 4-fold growth in this financial year compared to the last financial year. We have clear plans laid out to take our solution to multiple geographies including UAE, KSA, USA beyond expanding rapidly in India.
We have also identified a few high growth sectors involving recurring payments requirements. We will roll out tailored solutions to these sectors in the coming quarter.