UK Recruitment Trend EVPs Can’t Ignore: The Fintech Talent Revolution

Is the finance sector ready to embrace the tidal wave of change brought by fintech innovation? The numbers are speaking, and they are loud and clear: Fintech is no longer just an emerging market within the UK’s financial services; it is leading the charge in job creation and talent acquisition. Executive Vice Presidents (EVPs) and other senior leaders in recruitment cannot afford to overlook the transformative impact fintech is having on talent strategies and the broader employment landscape.

In 2024, fintech has become the beacon of growth in the UK’s financial services, with a staggering 37 percent increase in job openings compared to the previous year. London, a traditional financial hub, has witnessed a 61 percent year-on-year rise in fintech job openings from January to April alone, with IT roles constituting a significant 41 percent of these vacancies (Resource Group Holdings). This surge reflects a broader trend that has been gaining momentum over the past years. In 2018, the sector created 61% more vacancies compared to 2017, marking it as the fastest-growing sector in London’s economy (Robert Walters).

The UK Fintech Salary Survey, part of ‘The UK Fintech Revolution’ series, sheds light on the current and emerging hotspots for fintech talent, the in-demand skill sets, and the composition of the UK talent pool. It also provides insights into the prevailing salary trends, which are crucial for EVPs to understand when competing for top talent (Robert Walters).

The UK Hiring Trends Report reflects on the significant shifts in the job market, with fintech roles evolving rapidly. It is essential for EVPs to comprehend these developments to adapt their recruitment strategies accordingly (Robert Walters).

Fintech companies are increasingly seen as more attractive to candidates, primarily due to their innovative and flexible work environments. This perception has caused a shift in the talent pool, with professionals who might have traditionally sought roles in conventional banking now being drawn towards fintech opportunities (Warner Scott).

Given this context, EVPs must recognize that the recruitment landscape has fundamentally changed. To attract and retain the best fintech talent, they must offer more than just competitive salaries; they need to provide an environment that fosters innovation, flexibility, and growth opportunities. They should also consider broadening their search beyond the traditional talent pools to include individuals with transferable skills from other industries who can bring fresh perspectives to fintech.

Moreover, EVPs must stay abreast of emerging fintech hubs beyond London to tap into new talent pools. Investing in employee development programs to upskill current staff to meet the demands of the fintech revolution is another strategic move that can pay dividends in the long run.

In conclusion, the fintech talent revolution is not just a fleeting trend; it is reshaping the financial services industry in the UK. EVPs and recruitment leaders must adapt their strategies to this new reality or risk being left behind. The question they must now ask themselves is: How can we revolutionize our talent acquisition strategies to harness the full potential of this fintech wave?

About

In the realm of Banking and Investments, Warners Scott excels with international and regional banks and investment houses across London and the Middle East. They specialize in areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, and Risk Management & Compliance, including senior C-suite appointments.

In Accounting and Finance, they collaborate with The Big 4, Top 50 accounting firms, and global consultancies, offering expertise in Audit, Risk & Compliance, Taxation (Private Client, Expatriate, Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.

Their Digital & Fintech practice supports large banks, digital startups, and innovative Fintech companies. They specialize in FinTech innovations such as AI, Blockchain, Cloud Computing, Big Data, InfoSec/Cybersecurity across Application, Infrastructure, Network, Cloud, IoT securities, Digital Leadership, Transformation, Software Development, and Data Science & Analytics, Privacy, and Architecture.

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References

– Resource Group Holdings. “UK Fintech Recruitment Boom.” https://www.resourcegroupholdings.com/uk-fintech-recruitment-boom/

– Robert Walters. “The UK Fintech Revolution 2019 Salary Survey.” https://www.robertwalters.com/content/dam/robert-walters/corporate/news-and-pr/files/whitepapers/rw-uk-en-the-uk-fintech-revolution-2019-salary-survey.pdf

– Robert Walters. “UK Hiring Trends Report.” https://www.robertwalters.co.uk/insights/hiring-advice/e-guide/uk-hiring-trends-report.html

– Warner Scott. “Traditional vs Digital: UK Executive Recruitments Fintech Edge.” https://www.warnerscott.com/traditional-vs-digital-uk-executive-recruitments-fintech-edge/

– Robert Walters. “Fintech Market Report.” https://www.robertwalters.co.uk/content/dam/robert-walters/country/united-kingdom/files/whitepapers/RW-VacancySoft-Fintech-Market-Report.pdf