Fintech Recruitment Trends 2022

by | Feb 24, 2022

Mapping FinTech trends in a post-COVID world can be risky if you forget one thing – the employees driving innovation do not expect, or want, the same things from their work as they did as little as 2 years ago. 

The business of human capital has shifted into unchartered territory, and throughout 2021 almost every sector faced unprecedented churn of talent as the long-term effects of the pandemic made themselves felt. 

The global tech sector saw exponential growth in 2021, especially in FinTech, SaaS, cloud-based, and infrastructural sectors. For example, 

  • In the UK, “tech IPOs raised a record £6.6 billion in 2021, double 2020 figures”,
  • In the USA, “the five tech superpowers — Amazon, Apple, Google, Microsoft, and Facebook — had combined revenue of more than $1.2 trillion”,
  • In Asia, “semiconductor equipment makers from Japan and China were among the biggest winners of Asia’s stock market in 2021, doubling their valuation from the end of the previous year”.

However, the biggest upset to the rampant expansion of digital demand was the Great Resignation – a global movement of labor and talent away from industries that do not represent the needs or demands of a much-changed workforce. 

2022 is, in some regards, looking to mirror 2021, especially in the field of labor-management and recruitment. In fact, in some areas, the effects of the great resignation are trending to be potentially more pronounced in Asia over the next 12 months.

But it’s worth noting that, while the worst of the pandemic is over, and as supply chains, workforces, and employment levels return to some semblance of “normal”, talent shortages are only acute insofar as employers ignore their employees’ demands for a more empathetic, sustainable and purpose-led way of working.  

These three demands underpin the recruitment trends of 2022. However, it’s worth looking at trends in the FinTech market to get some context on how recruitment within this essential sector will also change. 

 

What are the most in-demand FinTech roles in the APAC region?

The APAC region has the highest number of FinTech users in the world. The trends that dominate the APAC region will impact global trend-setting. In light of that, here are some of the most in-demand FinTech roles in the APAC region:

  • Data Science and Analysis,
  • Artificial Intelligence & Machine Learning,
  • WealthTech and Robo-advisors,
  • RegTech (Governance, Risk, and Compliance using tech),
  • Cyber Security,
  • Blockchain and Cryptocurrencies,
  • Algorithmic Trading/ HFT,
  • App Development.

What are the new industries or niches within FinTech that will see a growth of talent demand?

  • Cross border payments,
  • Blockchain,
  • Cashless,
  • Wealthtech,
  • Payroll FinTech.

What are the ongoing workforce pain points?

Digital Workforce Trends notes a Mercer pulse survey involving companies in Indonesia, Malaysia, Thailand, and the Philippines from October of 2021, stating:

“55% of the employers listed employee dissatisfaction with pay as the leading cause for attrition, followed by the employee’s ability to get better benefits at another company (46%) and limited career advancement (43%)”.

Our advice is to revisit and expand on the three main points of feeling underpinning the great resignation – empathy, sustainability, and purpose – and look at paying a truly competitive salary.

  • Empathy: “A global study found 42% of people have experienced a decline in mental health. Specifically, 67% of people are experiencing increases in stress while 57% have increased anxiety, and 54% are emotionally exhausted”. The pandemic may have ushered in the age of hybrid work, but the blowback from many millions of workers has been their feeling of worthiness and happiness in their careers. 
    • FinTech leaders have a unique opportunity to build new cultures of staff management and the opportunity to improve recruitment and retention.

  • Sustainability: FinTech has an opportunity to be a standard-bearer for sustainable working environments – especially considering their proximity to often highly unsustainable manufacturing processes of the very devices FinTech needs to operate. 
    • Sustainability also means creating more supportive working environments; better mental health support; better career opportunities; and better community outreach and support. 

  • Purpose: As McKinsey states in their report Purpose: Shifting from why to how, “Business also has an opportunity, and an obligation, to engage on the urgent needs of our planet, we’re waiting for governments and non-governmental organizations to act on their own through traditional means such as regulation and community engagement carries risk”. 
    • Enterprises need to take stock of both an ethical imperative to do right by our communities and environment, but that workers demand their values are reflected in their employer’s behaviors.
    • As per this EY report, “90% of executives recognize the importance of having “an aspirational reason for being which inspires and provides a call to action for an organization…and provides benefit to society”. Make sure your FinTech enterprise is doing the same.

Finally, remuneration has to be truly competitive. Employers in the FinTech sector cannot undercut salaries, or pay an average salary. You need to use financial incentives to attract talent to you, and close the deal by offering a supportive working culture that values their input and career mapping.

Connect with Datasearch Consulting

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Need help in finding tech talents for a Singapore-based company? You can count on Datasearch Consulting to lend you a hand. 

While the talent market has undoubtedly become more competitive for both recruiters and HR professionals, we remain dedicated to connecting our partners with the right tech or IT talent. 


Connect with us at Datasearch Consulting for more information about our recruitment solutions for tech companies and functions.

Ariel Cabada is a Senior Consultant at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.

You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here Alternatively you can view the Datasearch Consulting website or contact them directly on info@datasearchconsulting.com for a more detailed discussion

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