94% Fintech Firms Thinks That Singapore Faces Acute Talent Shortageby Fintechnews Singapore September 24, 2019
According to the Fintech Employment 2019 report published by professional recruitment services firm, Michael Page Singapore, 94% of fintech companies surveyed agreed that we are facing a major shortage of fintech talent.
The sample size of the study was not immediately made clear, therefore the study maybe more indicative than it is definitive of the outlook of Singapore’s fintech talent landscape.
39% of the respondents also viewed artificial intelligence and robotics as one of the most important technological advances to impact the future development of fintech in Singapore.
Overall, the respondent community predicts that fintech will play a key role in Singapore’s economic future, with a staggering 94% anticipating a positive impact. Also, the number of local consumers adopting fintech products and services has drastically risen in the last two years, tripling from 23% in 2017 to 67% in 2019. Consumer companies are working hard to stay ahead of the pack with their advanced electronic payment system and digital wallets.
Through the survey, enlisting of fintech talent proved to be a challenging experience, with 64% of employers expressing difficulties. 40% of respondents shared that the biggest obstacle for them remains the lack of professional skills available. Keeping these skilled employees is no easy task either as 37% of those surveyed shared that they had switched jobs in the last 12 months.
Candidates in this space stated that their key motivators are technological capabilities and future adoption, a clear career path and company culture fit. 21% of those surveyed say that they expect salary raises ranging from 12-15% when securing a new role.
Featured image: Edited from Unsplash