Singapore is home to some of the largest FinTech companies with complex operations around the world. Rapid digitalization has given rise to a surge in new FinTech initiatives that spark a change in consumer demand. Today, FinTech has won the hearts of many and consumers are switching to use online financial services as it provides convenience, cost savings, increased accuracy, and greater agility. Conventional banks have felt the emerging threat of FinTech companies and this has prompted banks with long-standing history to transform their businesses in order to remain competitive.
As FinTech gains momentum, it has also created many new job opportunities. Businesses with FinTech initiatives are constantly on the lookout for candidates who are well versed and trained in the FinTech field. Given that the FinTech industry is fairly young, the talent pool is limited, with over 50% of them possessing between only 2 to 5 years of experience. When it comes to talent, demand definitely outstrips supply, transforming the FinTech recruitment industry into a candidate’s market. FinTech candidates are now in demand and more companies are struggling to secure qualified FinTech talents needed to stay on top.
To overcome the challenges in talent shortage, companies worked with FinTech specialised recruitment agencies to widen their reach and secure FinTech professionals. To survive and gain an edge in this competitive industry, a strong team of FinTech talents is crucial and necessary for companies to execute their business plans with speed and agility.
With both major and minor players in the financial sector try to keep pace and introduce digital tools and features to meet consumer expectations, the FinTech talent war is exacerbated by the competition amongst corporates and startups in trying to secure the same profiles within a limited pool of FinTech talent. Coupled with the limitations of our education system, where it is not geared to produce a sufficient supply of professionals with the required technical skillset and financial knowledge. The talent deficit is a growing concern in the FinTech Recruitment scene.
The recruiting, managing, and retaining of FinTech talents are also relatively new to companies who are transiting into this industry. Some recruiting managers faced the challenge of sieving out suitable talents as they are not familiar with technical terms such as programming languages, AI, and machine learning. Others find it hard to retain their employees as tech giants offer more attractive salary packages.
While companies focus their resources on core competencies and digital transformation plans, EPS Consultants is glad to assist organisations in building a strong FinTech team and bring ideas to fruition.
The skills gap in the financial industry is constantly expanding and FinTech companies are facing challenges in attracting and sourcing for the right talent. This issue has come to the attention of the Singapore government where the Monetary Authority of Singapore (MAS) has committed millions to accelerate technology and innovation-driven growth in the FinTech sector. However, even with the introduction of funded training programs aiming to support skills and knowledge transfer to Singapore talents, companies are still facing a talent deficit in FinTech space.
The posting of job advertisements on various job portals is a common recruitment approach adopted by companies. However, the results have been proven to be limited. In a candidate-driven market, it is crucial for FinTech companies to focus on recruitment and retention strategies. This will ensure companies have sufficient manpower support to stay on track with their FinTech development plans. Companies need to gear up their approach and devise more talent acquisition tactics such as posting innovative job advertisements, engaging with recruitment agencies, utilizing social media platforms, and engaging the full spectrum of fintech recruitment activities.
The financial industry has experienced relentless waves of digitalisation, causing certain traditional roles to become less relevant. As a result, many employees who take charge of such positions are considering a mid-career switch to the FinTech industry. This causes a surge in the number of job applicants for FinTech roles, which translates to more time needed to sieve out suitable candidates for the position.
To recruit the right fit, recruiters should have the requisite knowledge and experience. However, not all HR personnel come from a technical background, and having to work on such roles can be effortful and time-consuming. Some recruiting managers have suffered a reduction in productivity level due to a large amount of time spent on researching and understanding the job requirements of certain FinTech openings. This poses a challenge for organisations that do not have tech recruiters to sieve out suitable FinTech candidates.
FinTech companies may start out by trying to hire their own talents as they believe that they have a better understanding of the industry. However, given the limited FinTech talent pool, recruiting qualified talents could pose difficulties if organisations do not have access to passive candidates.
Collaborating with recruitment agencies can help companies gain an edge over their competitors as these recruiters are able to tap on their network of FinTech candidates where relationships have been previously established. The connection to these individuals increases the chance of securing suitable FinTech talents. In addition, recruiters are able to open the doors to passive candidates and pique their interest in exploring new opportunities. By engaging the help of recruitment agencies, companies can now widen their reach in the FinTech talent pool.
With stiff compeititon in the FinTech recruitment market, having the know-how and additional support will definitely go a long way in attracting FinTech professionals.
EPS Consultants is a leading recruitment agency specialising in FinTech recruitment and staffing services. Our consultants are proficient in the FinTech industry and possess the ability to understand the needs of our clients to source for the most fitting profiles. Companies can leverage on our knowledge and expertise to identify and secure the most suitable candidate that meets their hiring needs.
In addition, EPS consultants is equipped with market-leading tools and job portal applications that allow us to expand our search for highly qualified candidates, building a strong team of FinTech professionals who can bring the companies’ development plans to greater heights.
Enjoy time and cost-saving as our consultants take charge of the sourcing, screening, and selection process. In turn, FinTech companies can have better focus on their core competencies while we take charge of the hiring matters.
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