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Is Fintech Recruitment Heading for Troubling Times? 

Think of a sector, any sector…  and without a doubt, technology is disrupting it in one way or another, and the financial services industry is no different. Admittedly, the financial sector is no stranger to technology and disruption. Over the last 70 years, credit cards, ATMs, bank mainframe computers, and the internet, have all had their part to play in the sector’s evolution. The difference today, is that the speed of innovation and adoption is on another level. With such speed, came a new name – Fintech, (short for financial technology), and it’s currently shaking the very foundations of the financial sector.  

What is Fintech? 

Historically, only ‘the establishment’ and its regulated traditional banks were trusted with our money. Bricks and mortar providers were the only option for our financial needs. Now, start-up companies and alternative banking providers are wresting control from a handful of financial institutions, and in turn empowering consumers to manage their money online and in real time. Fintech is quite literally opening up the sector; creating new opportunities, and encouraging innovation from the ground up. It is this innovation that makes Fintech such an exciting industry to work in, especially in the UK.  

Globally, the UK’s financial services sector has long held a leading role. With such financial expertise in the country, it’s unsurprising that the UK’s Fintech sector is on a par with the best in the world. Given that the UK’s Fintech industry attracted over $16bn investment in the first half of 2018, more than any other country, it’s safe to say that the industry is on the up. 

The Fintech Industry in the UK 

Currently, the UK Fintech industry has over 76,500 employees and this is projected to grow to more than 100,000 by 2030. For employers, this growth could signal challenging times ahead when it comes to talent. To actualise its growth potential, the sector will need a steady influx of trained talent. However, according to a recent KPMG report, there are some serious causes for concern. Firstly, market participants from the Fintech sector noted that whilst the UK has strong talent around financial services, it lacks the depth of tech and entrepreneurial skills when compared to some other leading tech hubs such as California and Israel. They also pointed to a limited level of support when it comes to tech education, with few or no training schemes and courses. This lack of UK based training has led many employers to look further afield and according to a Raconteur report, 42% of Fintech workers are already from outside the UK. Looking forward, the authors of a recent report entitled ‘Supporting UK FinTech: Accessing a Global Talent Pool’, have projected a workforce gap in Fintech of 3% by 2030, amounting to 3,200 highly-skilled workers, primarily as a result of difficulties attracting overseas talent. 

Recruiting Fintech Talent For Your Business 

To attract and retain talent, both from abroad and at home, employers will have to do everything they can to vie for talent. Fintech is a competitive recruitment market. To put it simply, companies need people that are smart, talented, and innovative, with a wide range of skills. Unfortunately talent like this is hard to come by. They know their worth and are choosy about who they want to work for. To combat this, employers will need to focus on creating a compelling offer for potential employees. In our opinion a key strategy for attracting Fintech talent has to be offering flexible working at the point of hire.  

Why Flexible Working is Key to Attracting Fintech Talent

 Much of today’s workforce wants to work flexibly. In a recent PowWowNow study, 70% of workers felt that offering flexible working makes a job more attractive to them. This is especially apparent amongst millennial talent who make up a large proportion of the Fintech sector. Tech talent want to be in control of their working hours. They don’t want to waste time commuting if they don’t have to, and they want to work when they are most productive.  

Fintech Recruitment and the Millennials

 PwC’s “NextGen: A Global Generational Study” found that millennials have a new approach to workplace productivity and flexibility. This generation does not believe that productivity should be “measured by the number of hours worked at the office” but rather “by the output of the work performed.” In addition, a recent Bentley University Study indicated that 77 % of millennials believe that a flexible schedule would make them more productive. By offering flexible working at the point of hire, not only will you be more able to attract and retain tech talent, with any luck, you’ll have a more productive workforce.  

At Capability Jane we’re already working with a number of growing Fintech SMEs and startups, both B2B and B2C organisations. Fintech companies need talent for a variety of business functions such as HR, marketing, finance, senior management roles and the more technical / specialist roles. We have a wealth of experience providing top-tier talent that want to work flexibly, and our candidates have the experience that Fintech employers need. Get in touch with our friendly team to see how we can help today.