Fintech pros in Singapore have second highest turnover rate: Report
By Digital News Asia May 20, 2022
- Singapore talent on average stay around 1.3 years before changing jobs
- A 163% increase in fintech tech jobs available in Singapore
As Singapore lowers its pandemic alert level and allows all staff to return to the office, fintech companies looking to aggressively hire and retain talent are advised to look beyond attractive compensation packages and offer flexible working arrangements while keeping communication open between staff and management.
Clear training and upskilling opportunities, especially in cutting-edge technologies, will also help to attract talent, noted that Robert Walters’ latest Global Fintech Talent Report.
In a statement Robert Walters said the Global Fintech Report is undertaken in partnership with UK-based labour data provider, VacancySoft, and they analysed localised data across nine fintech hubs, including Singapore, for 2021.
Findings from Linkedin Talent Insights, as well as Robert Walters’ Salary Survey 2022, complemented the results.
According to the report, the fintech sector sees a meteoric rise in investments, new companies and products, fuelling global talent demand.
Data from Statista indicate that total investments worldwide in fintech rose from about US$9 billion (RM39.6 billion) in 2010 to a high of US$ 215.4 billion (RM948.8 billion) in 2019, and was at US$ 131.5 billion (RM579 billion) in 2021, an overall increase of 87% within eleven years.
With a highly positive growth forecast, recruiting and retaining the right talent is necessary to support the growth of organisations in the fintech market globally, the report highlighted.
It added that the APAC market saw a 169% year-on-year increase in the number of advertised jobs in fintech firms in 2021, higher than the UK & European market (154% increase).
Top fintech professionals in demand globally are products management (IT), software engineers, UI & UX design/development, customer success, and business analysts. operations, artificial intelligence, customer experience, cybersecurity and fundraising are the fastest-growing technical skillsets for Fintech talent across the hubs, the report stated.
In terms of gender diversity, fintech hubs globally have an average of a 24% female demographic, it added.
The report also highlighted that there is a high demand for fintech tech professionals amid a limited talent pool.
According to VacancySoft, Singapore has 483 active fintech firms, as of end 2021. The country is ranked fourth in the world and top in Asia Pacific for the number and quality of privately owned fintech firms and the local business climate, according to the Global Fintech Ranking by Fintech analytics provider findexable and cloud banking platform Mambu.
The top three sectors in the local fintech industry are blockchain, payments and consumer banking, the survey said, adding that among nine key finance hubs globally, fintech professionals in Singapore have the second lowest average tenure, staying around 1.3 years before changing jobs.
It added that fintech players are hiring aggressively in areas including tech sales, IT consulting, product management (IT), customer success and business analysis.
The report noted that industry saw a 163% increase in the number of fintech tech jobs available in Singapore in 2021, compared to 2020, of which one in three openings were for software engineers.
The report also stated that with more than one in four (26%) of fintech professionals being female, the industry sees an average tenure of 1.3 years.
Professionals with relevant technical skillsets (such as data science, operations and artificial intelligence), coupled with softer skills (such as teamwork, agility, passion for technology and the ability to present technical information easily) will be highly sought-after, it said.
Additionally, the report noted that fintech companies are open to hiring these professionals even if they do not have a prior background in fintech or tech.
Faiz Modak, associate director, technology, in Robert Walters Singapore said in a candidate-short market, compensation in terms of salaries and stock options continue to play a big part in fintech professionals’ career decisions.
“However, they are also balancing this need with a desire for good work life balance and open and effective management.
“Fintech businesses are advised to look into emphasising flexibility at the workplace, such as remote working arrangements, as well as training and upskilling opportunities, especially on cutting-edge technologies to attract and retain talent, the survey highlighted.
Hiring managers should deepen their engagement with existing talent as well, by addressing concerns and implementing creative solutions to address flexibility, wellbeing, and communicating the company’s corporate stand in areas such as cultural matters and diversity, it added.
Companies looking to tap on skillsets that are in high demand in the local talent pool can consider the Robert Walters Singapore’s Balik Kampung programme, which helps to attract Singaporeans abroad back, it said.
Related Stories :