Despite COVID disruptions, economic uncertainty, and the tumultuous tech landscape, the demand for highly talented developers across the technology industry remains.
In the Global FinTech Talent Report, Toby Fowlston, CEO of recruitment firm Robert Walters, explains, “The increasing digitalization of all sectors has meant that software development is in demand across almost any industry.”
For the FinTech industry specifically, the speed of technological advancements means a high level of specialism is required from developers, making the competition for FinTech talent fierce.
The FinTech talent shortage has officials in the UK (the second leading global FinTech hub) speaking out.
Charlotte Crosswell, chief of the Centre for Finance, Innovation, and Technology (CFIT), shared her concerns, stating that the UK “can’t always assume the talent’s going to be there” and encouraged FinTech leaders to get proactive. “It’s not a UK race for talent; it’s a global race for talent,” she said. “We’re up against people who want to hire our talent from the US, or from Asia, or from Europe.”
But just how dire is the FinTech talent shortage? And what can FinTech leaders do to get ahead of it? We discuss all that and more in this article.
Talent Shortages in FinTech By the Numbers
According to Robert Walters’ Global Fintech Talent Report, software engineering and development are the most in-demand skills globally across the FinTech industry. These account for one-third of all open positions.
In addition, the FinTech industry remains among the most rapidly growing industries in tech overall, surpassing the broader market by 300%.
The UK’s job vacancy growth is up 136% year over year. London recently emerged as the world's leading center for fintech investments in 2022, surpassing San Francisco and New York.
With the global FinTech market predicted to reach $225.1 billion by 2027, the talent shortage will continue to be felt exponentially within FinTech.
What’s causing the lack of talent in tech?
The Deloitte Crunch Time series Finance 2025 revisited attributes the war for top talent to the accelerated pace of automation-driven change across the business world.
Fowlston, CEO of Robert Walters, shares his concerns, “While the outcome of competition means heightened innovation and consumer choice, from a talent perspective this creates a challenge and as the adoption of FinTech products continues to grow at an exceptional rate the concern is whether there is enough of the right tech talent to keep up with the growth.”
Another source, the Global Fintech Talent Report, links the issues in global FinTech talent attraction to the skills in demand, retention levels, gender diversity, salary, and VC investment.
Why is there a shortage of talent in FinTech? There is a shortage of talent in FinTech due to a global shortage of software developers, the specialized skills required of FinTech developers, and the accelerated rate of technological developments. FinTech startups also compete with well-established financial institutions seeking the same skill sets in new talent.
What are the consequences of the talent shortage? The consequences of the talent shortage include accelerated competition for talent, increasing salaries, and a slower pace of tech advancements. With more than half of all developers considering new employment, the competitive landscape will make talent retention critical for UK FinTech companies.
4 Ways To Combat Talent Shortages for FinTech Startups
How do you find talent in the Fintech Industry? To find talent in the FinTech industry, consider augmenting your internal teams with remote teams and freelancers, hiring for potential, providing access to training, and clear career development opportunities.
Let’s discuss those in a bit more detail.
1. Hire Remote Freelancers and Teams
Individuals interested in working for the broader tech industry, and in FinTech specifically, value flexible work opportunities. By offering flexibility in scheduling and remote work options, you’ll have more opportunities to attract top talent.
Dan Kroytor, Founder and Director of Tailored Pay, shares his experience using remote contractors, “It's crucial to identify freelancers eager and motivated to work for your brand. Ask them questions such as, ‘What do you like about our business,’ or ‘Have you used our products?’ While it's challenging for many small businesses to retain staff, investing time into finding people who seem eager to roll up their sleeves—especially if they'll be working from home—better ensures a contractor's level of commitment.”
Here at MVP Match, we help companies augment their tech teams by sourcing highly vetted freelancers and full teams. Learn more here.
2. Hire For Adjacent Skills and Training
Software developers in the tech sector are often ambitious, motivated, and desire to work for companies that will accelerate their careers. However, with the rapid evolution in the FinTech industry, hiring for potential and training in the specific areas they lack may be necessary.
For example, consider hiring developers with cyber security, machine learning, or blockchain experience who may lack financial industry experience or vice versa.
3. Reduce Time-to-Hire
FinTech companies can reduce the time required to hire developers by using tech staffing agencies like MVP Match, using a strong applicant tracking system, implementing a pre-employment screening, and taking a structured approach to hiring.
4. Prioritize Retention Strategies
Companies can reduce the number of positions to fill by prioritizing employee retention. Proactively incorporating diversity and inclusion (D&I or DE&I) measures and offering more meaningful benefits are two ways to show your employees you value them.
Tom Chambers, Associate Director of Robert Walters, supports the need for D&I, “Having the right diversity and inclusion structure in place will attract a greater pool of talent and perspectives to help drive businesses forward.”
Chambers explains that cultivating the right organizational culture and leadership are vital to keeping top talent. “What FinTech talent want is for companies to hire the right leaders and constantly be transparent on what the company is working towards financially.”
Hire Top-Tier Talent With Confidence
The competition for talented developers in the FinTech industry has never been stronger. If you’re having trouble sourcing the right talent for your FinTech company, we can help.
By partnering with MVP Match for your talent sourcing needs, you can skip the hiring headache entirely and get access to our highly vetted freelancers or a full remote tech team. Now tell us, what kind of tech expert do you need?
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