Looking to the Future for Fintech – Five Key Considerations for 2020
The FinTech sector is going through a period of rapid global expansion and development, with new technologies and ways of working constantly being created. With a workforce of just over one million IT professions and the recognition as both a financial powerhouse and thriving base for European start-ups, the UK sits at the heart of the sector’s impressive growth.
Increased investment and growth of the industry has driven high levels of demand for talent in the FinTech space. Merging the prominent tech and finance sectors, FinTech is an understandably attractive field yet the skills needed to sustain and fuel this continued development are already in short supply.
Organisations within the industry and its related neighbours will need to carefully consider how they build their talent pipelines to secure their near and long-term futures. This requires a rethink of how talent is viewed, to avoid the five key pain points which could result in a loss of talent and slowdown in business development.
The five main roadblocks FinTech companies should be careful to avoid this year are:
1. Externally focused development
When businesses decide they require expertise in a new skillset, they often immediately look towards new hires and team expansion. Focusing on the roles that they believe they require can be an expensive mistake that leaves resources untapped. Organisations should look to build out their talent strategies to offer a range of options. Read the full report for our suggestions of where you can develop.
2. A weak employer brand
In a competitive labour market, like FinTech, employers need to work hard to attract the best talent. As new businesses, this can be difficult at first, but there is also significant opportunity to develop a strong, standout proposition that highlights why a particular business, in such a vibrant and diverse industry, is an attractive place to work. But how can organisations manage this?
3. Only looking at permanent hires
By only focusing on permanent hiring, too many businesses are missing out on key opportunities to help boost projects or fill critical gaps. Particularly in a fast-paced sector like FinTech, overlooking key hiring practices can be detrimental to short-term development. Download our full report to learn which hiring practices FinTech firms should consider this year to upskill existing employees and plug gaps quickly.
4. Traditional demographics
Technology and finance roles have traditionally been filled by men and data indicates this is still very much the case. FinTech firms should take clear steps to avoid having the same entrenched issues. Fill out the form below to review the steps FinTech firms should take to become leaders in talent attraction.
5. Geographic limitations
Consistently, candidate demand is highest in London and the greater South East region. In the capital, the number of cyber security vacancies currently outstrips candidates (1,975 vs. 1,420), increasing competition and wages for sought-after roles. Companies could be missing out on a more rich and diverse talent pool with lower salary demands through their location requirements. You can find out more about where the talent is based in our full report.
Download our full report, ‘Industry Insiders: The Rise of FinTech and the Fight for Talent’, to find out more about the most effective strategies to combat these issues.
Industry Insiders: The rise of FinTech and the fight for talent examines which skills are most in demand among FinTechs, the threat to supply posed by established technology and financial services players, and where FinTech firms will need to focus efforts to safeguard their talent pipelines and futures.
Download the report