Fintech Recruitment Trends to Look Out for this 2021
Many industries are seeing new trends or expecting a few changes here and there. This coming 2021, you can expect to see drastic changes as the world slowly eases into the post-COVID era. With that in mind, we decided to take a look at the possible recruitment trends in 2021.
How will the recruitment market for fintech and data change? What can professionals and companies expect? Let’s take a closer look at these topics in the discussion below.
The world slowly getting back on track
The last few months of 2020 came with a lot of challenges as the pandemic affected a lot of countries. It has completely redefined how we work today. Millions of fintech professionals transition from their usual office set-up to a remote and virtual one.
It has also impacted recruitment in various industries because of lockdowns, quarantine protocols, loss of funding, and an unstable economy. Fortunately, as the world welcomes a new year, various fintech companies are gradually rebuilding and expanding.
For example, we now see an upward trend in C-level recruitment, indicating growth and possible company restructuring. Some of the roles we source for here at Datasearch Consulting include sales executives, digital sales manager, solution development manager, and senior DevOps lead.
High demand for tech roles
Besides hiring C-level professionals, plenty of companies also look into expanding their tech teams. In fact, in banks alone, the demand for tech talents has dramatically increased to respond to the current market demand and the surge of digital banking. The latest stats reveal that about one-third of jobs in banks are related to tech, a significant rise compared to the 23 percent rate in the previous years.
Other fintech sectors such as cryptocurrency, WealthTech, and digital payments also continue to grow their tech workforce in response to the changes brought by COVID-19. Some of the in-demand roles in these sectors include:
- Crypto brokers
- Software or mobile app developer
- Data analysts
IT consultancies on the rise
IT consultancies are also gaining more and more traction as companies expedite their digital transformation journey. Due to the current market changes, you may see an influx of talent demand, especially for roles like:
- Data engineer
- Financial analyst
- AI and machine learning expert
- DevOps engineer/developer
- InfoSec professional
- UX/CX designer
- Cloud engineer
More growth in the Fintech market all over Asia
The best part about the booming fintech sector is that you can see the progress all over Asia. Take for instance, Israel, one of the rising stars of fintech in West Asia. The country is taking the sector by storm thanks to its promising startups such as eToro, Lemonade, and Melio. Israel also has a growing number of fintechs, now reaching up to 500 and 12 companies valued at more than $1 billion. Israel attributes its huge success to its small size and its population’s high mobile engagement.
Meanwhile, in Southeast Asia, Singapore remains the leading fintech hub. In fact, the Global Fintech Report says that Singapore ranks as the 4th largest global fintech hub.
It will be interesting to see how the talent crunch will play out in 2021, especially in the tech sector. By 2030, Korn Ferry predicts a 1.1 million deficit in highly-skilled workers. This could be a tough problem for companies, especially with the country’s decision to prioritise local talents and the limited talent pool available for fintech companies.
Besides Israel and Singapore, it’s also equally exciting to see how other fintech hubs in Asia will progress as the market demand steadily increases.
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Then and now – A positive market outlook
Much has happened in the previous months, which caused major disruptions in fintech. Although the financial technology market did better than most sectors, many companies faced setbacks that caused them to push for innovations or change course. It has slowed down some processes and caused a massive surge of unemployment.
But it’s crucial to note that besides causing severe and life-changing problems, the pandemic has also brought us much-needed changes. For one, it has emphasized the importance of technology and digitisation. It has also promoted the use of more convenient payment methods as well as flexible work arrangements. In a way, it has highlighted the role of fintech in the development of the world.
It has, indeed, been a rough ride. We can expect to see more and more changes as the world adjusts to the new norm. We must keep our eyes peeled for what happens next and start preparing for the uncertain.
Whether you’re looking to fill a fintech job in APAC or find top-notch fintech talent, our team at Datasearch Consulting can help you. Get in touch with us today, and let’s build a better 2021 together.
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 email@example.com for a more detailed discussion
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