In the dynamic world of FinTech and PayTech, the task of attracting and retaining top-tier talent remains one of the primary duties that resonates across the industry. As the Global Head of HR at payabl. this is a challenge I am facing daily.
We aim to delve into the current state of FinTech talent in Europe, exploring what it’s like to work in this fast-paced sector, the unique qualities that set FinTech apart, and the strategies we employ at payabl. both to attract and retain the best talent.
The chronic skills shortage in FinTech
FinTech is constantly going through innovation and change, and as a result, adaptability and concrete skills hold significantly high value. It’s widely acknowledged that a persistent concern within our industry is the ongoing risk of skills shortage. According to recent research by the Korn Ferry Institute, the skills shortage in global tech as a whole will reach 4.3 million workers by 2030. This means that holding onto talent is now more important than ever.
FinTech’s need to offer more than just a salary
To successfully attract talent in FinTech industry, we must go above and beyond the standard salary offer. Talents are seeking companies that not only offer competitive compensation but also align with their lifestyle preferences, personal beliefs, values and provide opportunities for career growth.
At payabl., we offer a range of benefits that go beyond the ordinary. These include extensive training programs, commitment to diversity and inclusion, the opportunities for global travel and active participation in various events. We strongly believe in empowering our team with continues learning and growth experiences that reach far beyond the walls of payabl.!
At payabl., we understand the importance of work-life balance, which is why the company offers flexible work arrangements, including hybrid and remote options upon availability. Our offices are strategically located to enhance the overall work experience. Vibrant London office, nestled near iconic areas like the British Library, Covent Garden and Soho, even features a gym! Meanwhile, our Cyprus offices are conveniently located in the central part of Limassol with assigned parking spots to each employee, and just a few minutes away from the beach. Our Tech Hub in Germany is located in the vibrant East side of Frankfurt, walking distance to European Central Bank and River Main. And the newest addition, our recently opened Dutch office is in Zuidas, Amsterdam, a prominent FinTech hub.
Additionally, payabl. offers various benefits, including the option to choose provident fund and the opportunity to use a company car after a probationary period. Our team members can enjoy daily lunches and entertainment contributed to by the company, further enhancing their work experience.
What truly sets us apart is our commitment to diversity and our women-led leadership, which adds a unique and enriching dimension to our work environment. We take pride in fostering a multicultural atmosphere where everyone can thrive!
The first step in retaining talent, regardless of the industry, is understanding what employees are seeking in their job roles. However, the FinTech sector offers a unique landscape compared to traditional job markets in Europe. Professionals are drawn not only by competitive salaries and benefits but also by the opportunity to be at the forefront of financial innovation. Working in FinTech means being part of a sector that’s shaping the future of finance, with opportunities for growth and impact.
Companies need to stay as agile as the industry we operate in and be willing to “read the room” and support employees before they set their eyes on the door. Offering packages that encompass career and life benefits will win against those that are salary based only.
What skills are in demand for FinTech?
An effective strategy for tackling the FinTech skills shortage involves cultivating talent from the ground up. This entails the attraction of recent graduates and individuals who are relatively new to the industry. Currently, there is a substantial demand for the following skills within the FinTech sector:
1. Growth mindset (embracing a mindset that seeks continuous improvement and innovation).
2. Data analysis (proficiency in analysing and interpreting data to make informed decisions).
3. Effective business to customer communication (ability to communicate with customers in a way that fosters positive relationships).
4. Enterprise thinking (capacity to consider the bigger picture and long-term goals).
5. Technical knowledge (strong foundation in technical aspects relevant to FinTech).
6. Cybersecurity (ability and knowledge to ensure the security and protection of sensitive data).
7. Technical sales & marketing (ability effectively promote and sell technical products and services).
8. Strong compliance (devotion to regulatory and compliance standards).
9. Accuracy & efficiency (attention to detail and the ability to work efficiently).
10. Problem solving (ability to identify and resolve complex issues).
11. Result orientation (focus on achieving desired outcomes and goals).
By nurturing talent with these skills, the FinTech industry can work towards overcoming its skills shortage and promoting growth and innovation. By embracing these adaptable skills, we can broaden our talent search, leading to faster sector growth. FinTech offers ample career opportunities and the chance to make a significant impact in finance, making it an attractive choice for those looking to excel in this field.
A career at payabl.
payabl. is not just a FinTech company; we are one of the fastest-growing players in Europe that empowers, recognizes, appreciates and engages professionals who feel passion for their careers, have strong work ethics, are reliable and have a positive attitude. At payabl., we are always excited to welcome new talent into our innovative and dynamic team, where forward-thinking is not just a mindset but a way of life.
Here are a few fast facts that we think make payabl. pretty special:
• We take pride in contributing to the global FinTech community, sharing our knowledge and expertise at global events.
• Our product portfolio remains in a constant state of expansion, reflecting our commitment to innovation and growth.
• We recently acquired FCA EMI authorisation, and we will actively expand our team in UK office very soon.
• We champion gender diversity with an impressive 50/50 gender split among our workforce. • Our leadership team is 60% female.
• We have our dedicated tech team in Frankfurt to be at the forefront of innovation and product development.
• As part of our commitment to employee growth, we provide continuous professional development and training opportunities to our team.
Attracting and retaining talent in FinTech is no easy feat as it requires constant evaluation for success, but it is something that we are dedicated to excelling in at payabl.
Are you interested in a career at payabl.? Meet our HR team at booth 52 at Reflect 2023 or explore the current vacancies on the payabl. website!