The fintech industry is known for being innovative and forward-thinking, so why is it proving such a struggle to fill vacancies? Part of the reason is that COVID has changed the recruitment landscape, with foreign workers no longer easily accessible, and domestic candidates seeking a work life balance that better supports their families, hobbies and interests.
Attracting fintech talent to vacancies often relies on headhunting known talent from competitors, with the promise of extra financial incentives, a better business culture or enhanced opportunities for career progression. This is an old fashioned approach and one that is being rapidly superseded.
The fintech talent that exists is not hiding. Whilst many are gainfully employed, others are searching for new opportunities and many more have yet to realise that a career in fintech is a suitable career path for them. There is an entire cohort of graduates with complementary qualifications who may not have considered a career in fintech. There are even more students who are still at school and although they demonstrate an aptitude for STEM subjects, they have not received the advice and guidance that they need to identify fintech as a potential career option. Supporting those in education is an important and often overlooked step in securing the future talent for this sector.
To recruit into existing vacancies, it's essential to first understand what obstacles exist and identify ways of overcoming them. The first thing to consider is the gender balance within the fintech industry. A report by Deloitte [1] highlights that women make up less than 30% of the fintech workforce. Clearly, attracting more female candidates to roles in the industry will help to balance the statistics, in addition to filling vital vacancies.
There is another, more pressing reason why attracting women to the industry is essential. To successfully implement AI and machine learning software, both of which are widely acknowledged as the future of the industry, employees with high levels of emotional intelligence will be required to ensure that this move is made without jeopardising the confidence of investors and customers alike. By embedding personnel with outstanding people skills as well as strong technical backgrounds into appropriate roles, trust will be built and maintained, easing the transformation process.
Fintech has a very low number of female founders and board members, so businesses should start by looking internally to address their recruitment issues. By offering upskilling and development opportunities to talented women in their existing workforce, firms can not only improve their retention rates but increase the diversity within their organisation at the same time, as women leaders act as a beacon to attract new female entrants to the business.
Fintech businesses need to consider their employer value proposition (EVP). Salary is no longer enough to attract and retain fintech talent. To convince graduates to consider fintech careers, it may be necessary to look across a broader range of industries, targeting those with relevant transferable skills and experience and offering them the compensation packages that will make a move worthwhile.
This may require supporting remote or hybrid working patterns, flexible, part time and job share roles, or financial compensation packages that can enable employees to be financially resilient throughout their working lives and right through to retirement. By building a culture of diversity, inclusivity and reward, fintech can maintain its place in the innovation leaderboard and continue to hire the talent that will help it to stay there.
For help in finding the top tier talent that your business needs, please contact Inspire [2] today. We have the tools, connections and experience to deliver the results that you need.
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