The global fintech sector has seen a 182% boost in tech job growth for the first quarter of 2022 – with the top eight fintech ‘mega-hubs’ accounting for more than 90% of new fintech jobs advertised globally.

However according to recruiter Robert Walters, the sector will face major hurdles this year as a substantial shortage in global tech talent threatens to halt the growth of the fintech sector.

The Robert Walters’ Global Fintech Talent Report considered various factors across geographies impacting recruitment including skills in demand, retention levels, gender diversity, salary and VC investment.

Researchers found that fintech vacancies have grown year-on-year within fintech (136%), with the UK fintech hiring predominately at the senior-end of the market to accommodate the fast-scaling nature of the market.

Commenting on the stats, Toby Fowlston, CEO of Robert Walters, commented: “The forecast for organisations working in the global fintech market is a very positive one, however, their growth will be dependent on their ability to recruit and retain the right tech talent.

“The most advanced economies have long established that they cannot be ‘good at everything’ and instead have focussed their efforts in becoming specialists in a few core areas.”

Fowlston added: “Whilst 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.”

He continued: “Exit strategies for UK fintechs are front of mind and so it is not uncommon for professionals to move on to another role within 1.5 years once they have seen through one major growth cycle or investment round.”

Globally, the US has seen the biggest jump in new tech jobs within fintech – showing a 223% increase. The US is followed by Japan (214%) – where blockchain technology represents almost a third of all fintech companies in the country.

According to the report, the most in-demand roles within fintech across the globe is software engineering and development – accounting for a third of all job roles advertised by fintech’s.

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Diversity is a problem area across the fintech sector, which is hampering recruitment. Currently less than a quarter of the global fintech talent is female – a stark contrast to the growing representation of female professionals in technology and financial services, which now stands at over a third.

Survey findings found that females are more likely to assess company and job security, diversity policies, and enhanced maternity packages before applying for a job.

Research found that the average cost of employee turnover is around £11,000 per person – and for specialist roles the turnover cost can be significantly higher due to the amount of time and money that an organisation spends to train them.

According to analysts, fintech firms should aim to keep employees for at least 18 months – two years if they are to get maximum potential all whilst keeping a channel open for fresh people and ideas.

Fowlston concluded: “Excessive turnover drives up costs and diverts time and attention from the goals of a fast-growing start-up. For fintechs that are more established, high turnover of staff can lead to a loss of institutional knowledge and hinder efforts to foster a workplace culture.

“Fortunately, most of the drivers behind employee turnover are preventable and fixable. Steps to reduce turnover include rethinking recruiting strategies, enhancing career advancement opportunities and providing more training and development offerings.”

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