With forecasts, on the one hand, pointing towards the creation of 30,000 new jobs by 2030, and uncertainty around the UK’s immigration policy post-Brexit on the other, it’s little wonder that a talent drought could be on the horizon for the UK FinTech sector. Founder and CEO of Find.Exchange, Ricky Lee shares his top tips on how startups can futureproof themselves in the race for top talent acquisition and retention.
According to a global fintech survey by London Stock Exchange and TheCityUK, UK-based FinTech companies are anticipating 88% growth in the next three years – higher than the average of the eight countries surveyed. Furthermore, the UK is being identified as a top-three market for businesses seeking cross-border expansion. And yet, as an industry that relies heavily on global talent – to the tune of 42% – these positive growth forecasts are being marred by the uncertainty surrounding the UK’s approach to immigration in a post-Brexit scenario. With this in mind, according to recent findings from Innovate Finance, the already challenging task of attracting overseas talent is on course for an uphill struggle that could cost the sector £361m.
While a shortage of skills on the FinTech scene is undeniable, especially in terms of design and development, the many inferences to a ‘talent war’ between the startups and traditional heavyweights are not yet fully founded. The reason for this is that there will always be two types of candidate in this market: those who are guided by stability and money, and those who are motivated by the ability to disrupt....