Fintech Recruitment in 2022: What You Need to Know
In the past decade, FinTech companies' hiring underwent significant changes. From globalisation to speed, let’s take a look and learn more about it in this article.
It is safe to say that FinTech job marketing is booming. Most financial services are looking to FinTech recruiters to fill complex and tech-related positions. The customer demand for various services like cryptocurrency investing and digital banking means that FinTech brands need to keep expanding their tech team. Based on research, it has been found that nearly 46% of all jobs in UK banks are related to technology.
What Is FinTech?
Before we jump into the main gist of this article, let us first look into the basics. A FinTech company is any business that utilises technology to enhance, modify, or automate financial services for consumers or other businesses. Some great examples include trading platforms like Robinhood, automated portfolio managers like Betterment and Wealthfront, peer-to-peer payment services like CashApp and Venmo, and mobile banking apps. Apps that deal with the trading and development of cryptocurrencies can also be categorised as FinTech companies.
What Are Some Recruitment Trends In FinTech Companies?
Businesses now face increasing competition to draw the best applicants for new job roles due to the explosion in FinTech prospects. You will have to keep a close eye on the current hiring trends to stay updated on the ongoing shifts in the market and land the top talents for your organisation. Some recruitment trends you can see in FinTech hiring include:
Candidates Have Started Caring About Company Values
Before, candidates could look into and research the company they are applying for and track its records. They have also started caring more about the things they discover. These individuals now seek employment with companies that uphold their underlying beliefs and provide them with a feeling of purpose in their work.
We do not mean that the candidates are not looking for benefits and salaries. These are still considered key factors in deciding whether they accept the job offer. However, only competitive salaries do not guarantee that the candidate will join the company.
If you want greater hiring success for your brand, you must show them the commitment to your core company values and be transparent and proactive with the candidates.
FinTech Companies Have Gone Global
If you did not know before, Singapore is one of the largest international FinTech hubs today; its global ranking is 4th. In the past few years, significant growth has been seen in other Southeast Asian nations like Vietnam, the Philippines, Thailand, and Indonesia. Moreover, Israel has started noticing a strong start-up culture, with more than 12 FinTech companies like Melio and Lemonade. Even Mexico has witnessed significant growth in this sector.
The expansion of FinTech companies and work-from-home opportunities has strained the talent pool for most FinTech brands, which now have to compete internationally. As the demand for talent keeps increasing, the candidates will expect additional benefits and compensations, especially among international professionals.
Since the early 2020s, the time to hire has witnessed a sharp growth. Companies are looking for ways to quicken the hiring method, whether in-person or in a virtual setting. Since hiring departments have started using more tech-based tools like SignalHire, the average hiring speed has only increased. In most of these tools, they use an automatic search for people’s contacts, also providing information about social networks and past places of employment. Also, similar e-mail finders allow you to write to candidates directly in the tool and track further recruitment progress. All these features will help minimise the time required for hiring. You can learn more about quick candidate search here.
If you use a complicated way to hire candidates, you will miss out on the top talents. You need to look for ways to simplify the recruitment pipeline and streamline all the processes in hiring, like interviews, etc. This will also allow you to extend the job offer to the candidates more quickly, thereby preventing the loss of potential hires.
Job Roles Are Increasing On All Levels
When it comes to FinTech hiring, most of the conversation will centre around the roles of the contributor, like back-end app developers, IT staff, analysts, and crypto brokers. While these job roles will still be important in the future, these are not the only ones available. As such, companies are expanding their tech staff and adjusting the leadership structure to reflect these changes.
Since 2020, C-level positions and tech-centred executive roles have been on the rise. Positions like Chief Technology Officer or digital sales manager are slowly becoming common leadership positions in financial companies. This is a new type of demand that can be seen in FinTech companies as brands are looking for candidates with both tech skills and leadership qualities.
Expect A Global Workforce
There are two important reasons. FinTech companies are global—the first reason is easy to understand. Since the lockdown, most people have started working remotely and can work from any place as long as it has WiFi.
The second reason is more specific towards FinTech companies. The epidemic has brought attention to the size of the unbanked population worldwide and the suffering it causes. Unlike traditional banking, FinTech companies can help solve this problem.
European-focused FinTech brands have started entering the global market, which will lead to such companies unlocking unbacked markets like Pakistan, Mexico, Nigeria, Indonesia, India, and Bangladesh.
The only thing you need to remember is to hire a talent acquisition team that can work globally. Or, you could simply hire such a service.
What Are Some In-Demand FinTech Roles?
If you want to streamline your FinTech recruitment process, you need to have a strong understanding of the jobs in demand and the companies hiring. Now that you have a general idea of the current trends in this industry, let us take a closer look at some in-demand jobs in the FinTech industry.
As mentioned before, this is a type of industry that deals with robust technology. When building their online services and platforms, these companies need to try to acquire the best of the best.
Most of the open roles available in FinTech companies are related to software engineering. While many software engineers are available today, only some will be selected based on their coding knowledge and unique skill sets. On further research, it has been found that FinTech companies look for people who have knowledge of coding languages, like:
While software engineers form the backbone of FinTech companies, it is the operating segment that drives the company forward. Most FinTech companies allocate 13% of the total company workforce to Operations.
Operations is not easy – it takes a lot of collaborative effort and coordination to ensure that the software engineers can create the product on budget and on time. The workers also need to ensure that the customers are happy and satisfied. The top three job roles that are highly in demand in FinTech companies include:
Data and Analytics
FinTech companies have to deal with many numbers and data; these companies often look for candidates who translate the incoming data into insights. Therefore, they are hiring a data analyst to help sort out the data they receive daily. Most FinTech companies allocate 11% of the total workforce for these positions.
As you can see, the increase in job opportunities in FinTech companies means more competition to attract the best candidates for the job roles. You will have to keep an eye out for the current hiring trends and ongoing shifts in the market so that you land the best candidate for your FinTech organisation or company. What are your thoughts on the subject? Let us know in the comments!