Vacancies and salaries rising
Fintech firms in growing battle for skilled IT staff
Firms are competing for talent
Fintech companies are in a battle with traditional financial services firms for talented staff which is driving up salaries and creating a growing skills shortage, according to new research.
Vacancies in fintech firms have soared due to the rapid growth of the sector, but they are finding it tough to compete with established financial services firms who can attract talent with bigger salaries.
In the past two years alone, the proportion of fintech vacancies for IT professionals has increased by almost two-thirds. In the three months to the end of September fintech vacancies accounted for 3.03% of all IT vacancies, against 1.84% for the same period in 2017.
This growing shortage of staff comes as the number of fintech companies in the UK is likely to double from 1,600 to around 3,300 over the next decade.
But attracting staff is becoming tougher because of widespread digitalisation of skills in traditional financial services companies where permanent salaries attached to tech vacancies rose by more than 4% as companies competed to attract limited talent.
The findings emerged in Industry Insiders: The rise of FinTech and the fight for talent launched today by Experis.
Whilst in the tech sector salaries are more stable, vacancies for specific skills continue to multiply. The number of developers required increased by almost 2% this year compared to last, whilst demand for engineers increased over 3%.
This appears to have galvanised financial services firms into salary one-upmanship. Last year firms in the sector offered, on average, over 9% more for a developer and almost d% more for an engineer compared to their technology counterparts.
Martin Ewings, director of specialist markets, Experis, says: “To secure their future, fintechs need to be strategic about how they attract and retain talent.”