As Fintech sales recruitment specialists, one of the most common questions we get asked is “what’s the market like?”.
Here are the five key Fintech trends we’re seeing as we head into Q1 and how they’re impacting recruitment.
It’s a period of consolidation
Fintech had been experiencing meteoric growth in the years leading up to 2022. This translated into a hiring frenzy with the number of fintech roles in the US alone increasing by 223%.
But over the past year it’s been impossible to miss a host of redundancies with a slow-down in investment in Fintech.
With the backdrop of high-profile bank failures, including SVB, Signature Bank, and Credit Suisse, the resulting market instability makes companies and investors cautious.
Concerns about other bank failures may see growth plans put on hold. For candidates, some will be reluctant to move in an unstable market whereas others at companies that have been affected might start looking for a new role with more security.
Focusing on existing team members
Rather than cutting roles, some organisations are looking at different ways they can redeploy their existing team members to respond to changing market conditions.
For example, those with expertise in the customer journey and a head for data may be moved into a newly formed Revenue Operations team.
Thinking beyond the job description not only helps the business flex to changing demands, it can also provide development opportunities to stretch and engage existing staff.
Focusing on existing customers
This “bird-in-the-hand” mindset also applies to customers. Securing new accounts is often the focus for many sales teams with only 40% of businesses putting an equal focus on acquisition and retention.
But with research showing that a 5% increase in retention can boost profits by as much as 25%, organisations are recognising the importance of existing customers in delivering growth and investing in the right people to support them.
Efficiency as an opportunity
The rollercoaster of world events over the past few years has driven all businesses to carefully consider their spending and their processes.
In parallel, the increasing number of tools and technologies businesses are using means there’s a huge amount of data just waiting to be turned into actionable insights and a more efficient business.
People often think that “efficiency” is code for cost-cutting and redundancies. But we’re seeing a more fundamental shift in ways of working with a greater focus and agile principles at the centre.
Employees don’t buy it
Despite high-profile redundancies, we’re seeing an uptick in recruitment heading into the new financial year.
Redundancies foster employee uncertainty. Those who weren’t made redundant still feel uneasy about their job security and look to pre-empt future cuts with a new opportunity. Almost 50% of Fintech workers planned to move jobs in 2022, and it’s a trend that’s only set to continue this year.
It’s an important reminder to companies managing a recruitment process to engage and reassure the employees they’re retaining to avoid being understaffed.
Pick our brains on the latest Fintech market trends or tell us about your latest vacancy by getting in touch with the Finiti Search team today.
