The Global FinTech Talent Report, carried out by the consulting firm Robert Walters, highlights what are the talent challenges that companies in the fintech sector are facing and that are slowing down their tremendous growth.
In the United States they have registered the greatest increase in the creation of technological jobs within this sector, with an average growth of 223%, the talent hubs of New York (+246%) and San Francisco (+200%) are the most prominent.
follow them very closely Japan (+214%), where blockchain technology represents at least a third of all FinTech companies in the country, of which those that focus their business on cryptocurrencies have registered a growth of 51%.
Albert Munoz, director of the Technology Division at Robert Walters, comments: “Technology professionals are part of the group of profiles that present a higher level of rotation between companies, because they continually seek those organizations and sectors in which their skills are best suited to maintain attractive economic conditions.”
“Now that the restrictions to travel and enter other countries are disappearing, it is likely that many of these technological profiles will end up migrating to one of the 8 FinTech mega-hubs, either in person or working remotely”, concludes.
Skills and competencies most in demand
According to the aforementioned report, the most demanded fintech profiles globally are those related to software engineering and developmentadding a third of all jobs offered in the fintech sector.
With San Francisco (40%), New York (33%) and Singapore (33%) Hiring developers en masse, it’s clear that these places want to position themselves at the forefront of innovation by creating companies focused on services, hybrid cloud platforms, integrated finance, as well as consumer experience.
“Digitization in all markets has meant that software development is even more in demand in all kinds of sectors. With the importance of technology in the astronomical advance of the fintech sector, the salaries of development profiles have reached an exorbitant level due to the high degree of specialization required”adds Alberto Munoz.
Fintech talent loyalty rate
A company’s financial performance starts with a strong talent loyalty program. A study shows that replacing an employee can have an average cost of almost €13,000, and for those specialist roles, the average can be even higher because the company invests in a training program to prepare you for the position.
According to analysts at Robert Walters, companies in the sector should try to keep their employees for at least 18 months or 2 years, which is when a professional reaches their full potential and can contribute better ideas.
Currently only New York, the Netherlands and San Francisco are able to retain their employees beyond 18 months, while fintech startups from other countries are failing to retain their talent for longer.
“Excessive turnover increases the costs and time spent meeting the goals of a fast-growing startup. For those fintech companies that are more consolidated, a high level of turnover translates into loss of knowledge and hinders the plans that reinforce the corporate culture of the organization”, argues Alberto Munoz.
“Fortunately, most of the causes that lead to to employee turnover are predictable and fixable. Some of the strategies that help retain talent are rebuilding solid hiring strategies, providing greater opportunities for career development or offering attractive training programs”, concludes Munoz.
