In the latest edition of the Singapore Fintech Talent Report 2023, jointly presented by the Singapore Fintech Association and Accenture Singapore, valuable insights emerge for industry leaders, HR professionals, and policymakers. The report serves as a comprehensive analysis of the evolving trends and challenges in the fintech talent landscape.
A key finding of this report is the robust optimism within the fintech sector, which anticipates a 30% growth in its workforce in the coming one to two years. However, this optimism is slightly tempered compared to the previous year, with a 19% decline in fintechs expecting accelerated sector growth. Nonetheless, a 22% increase in firms believe that growth will persist, albeit at a slower pace.
The study highlights several factors influencing hiring trends, including increased concerns over limited funding and investment, regulatory changes, and macroeconomic factors. Despite these challenges, fintechs are innovating in their talent acquisition strategies. The most popular channels for sourcing talent remain employee referrals (97%), online job portals (90%), and headhunters (53%).
Additionally, there’s a growing inclination towards alternative recruitment methods such as internal mobility, partnerships, and social media, alongside a notable rise in tapping into gig marketplaces and communities such as GitHub and Stack.
In terms of in-demand roles, software developers, product managers, project managers, and data analysts remain at the forefront. However, the sector is also gearing up for acquiring more niche roles like AI engineers, technology service management specialists, cybersecurity experts, and blockchain engineers in the next couple of years.
One of the major challenges faced in hiring is the gap between candidate expectations and offers, with 74% of fintechs citing candidates expecting higher pay than what is offered. Moreover, 64% of candidates show a preference for working with incumbents, and 56% lack the relevant skill sets required.
To bridge this talent gap, fintechs are increasingly focusing on internal learning and development, with a 10% rise in firms prioritising this approach. The investment in employee development has also surged, with 62% of fintechs spending over S$500 per employee annually.
The report concludes that for fintechs to future-proof their teams, it is crucial to continually reassess various aspects like business strategy, financial runway, and external factors for effective workforce planning.
Additionally, given the limited size of Singapore’s labour market, the report encourages fintechs to explore alternative local talent sources such as gig workers, contract hires, and mid-career switchers to expand their talent pool.