Despite its nature as a niche and specialist category, we have seen a significant boom in the Fintech industry and can only expect this growth to continue.
Investments into Fintech start-ups recently quadrupled, growing from just over $3bn in 2013 to over $12bn in 2014 (source: http://www.forbes.com) and global Fintech investment grew 75% in 2015 exceeding $22bn (source: https://newsroom.accenture.com). However, as with many industry booms, it can take a while for the global talent pool to catch up with both the technology and the demand.
Many Fintech businesses are in the market for exceptional candidates to drive and consolidate this growth. The challenge is not only in finding them, but also in ensuring they accurately meet the company’s business needs.
It's rare that one candidate ticks all the right boxes. An industry built upon such rigorous standards around compliance and legislation can find it difficult to realise the high standards it sets itself.
However, as important as it is for the candidate to be a match for the company, the company also needs to be right for the candidate.
Fintech, like many other growing industries, is in a competitive recruitment market with too few suitable candidates for the many positions available.
For the candidate, it's a buyer’s market. A business needs to stand out if it wants to attract the best talent, this can be realised through offering a competitive salary, attractive benefits package, innovative company culture or a flexible work/life balance.
Finding the right talent is the key to success for all companies looking to grow and this activity has resulted in the demand for Fintech skills to rise sharply. Fintech is a fast-paced, evolving industry, so it's crucial to look for and attract the candidates who have skillsets and experience that will enhance this environment.
Growth comes through expansion and innovation, so companies do well to attract candidates that complement and drive these activities.
A basic understanding of design and customer requirement is fundamental for success. It's essential for every successful hire to demonstrate belief in what the company is doing and this will essentially translate into great work.
With the rise of companies like Google, who are consistently the number one company to work for in the US, working culture and the rise of the ‘cultural-fit’ has never been more important for candidates in demand. Source:http://uk.businessinsider.com
One of our major Fintech clients has seen massive growth globally and have accelerators in Czech Republic, Poland, Latvia, Argentina, and Miami.
The core skills in demand are Back End Java and Front End JavaScript Developers, DevOps Engineers, Scrum Masters and Data Scientists.
This is great for the business but working across different areas can mean market discrepancies across technology, systems and business processes.
It also involves the continuous learning of new markets and new concerns when dealing with these candidates, areas such as language, time difference, expectations, and economy needs to be considered. BPS World’s experience of operating in foreign markets means we can offer clients’ our knowledge and expertise with these processes and assists them with their global growth.
For both employers and candidates, it’s always important to know your market intimately and accurately to understand your business needs.
As Fintech continues to flourish, establishing your hiring strategy to take care of your candidate's requirements will set you apart from your competitors and this will be critical in securing future growth for your company.
For more information on recruitment in the Fintech industry please contact me via 754.551.5625 or david.welch@bps-world.com.
*This blog was originally published in May 2016*