Survey finds the fintech sector ready to tackle the talent crisis

  A visitor asked about finance at the Beijing International Financial Expo in January. (Photo by Li Zongxian / for China Daily)

A visitor questions finance at the Beijing International Financial Expo in January. (Photo by Li Zongxian / for China Daily)

China is facing an acute shortage of talent fintech (financial technology), a survey conducted by the recruitment company Michael Page China

About 92% of the fintech companies interviewed face a lack of talent and 38% of them consider the quality of talent essential for the lasting success of the sector, according to the latest report China Factech Employment 2018 by Michael Page China.

The survey found that the recruitment of talent fintech was considered a stimulating experience, with 85% of employers expressing difficulties.

As quoted by 45% of respondents, the biggest obstacle for them remains the lack of necessary skills. Even the maintenance of professionals is not easy. About 47% of the fintech talent interviewed said they had changed jobs in the last 12 months.

"Within fintech, we are seeing a growing demand for talent with skills related to artificial intelligence, machine learning and deep learning, also sought in areas outside of fintech, like other Chinese Internet companies, creating a wider gap of talent in the market, "said Rupert Forster, CEO of Michael Page North and East China.

"The gap between employer demand for skills and talent available is not a unique problem for Fintech, but we see it in many areas that is purely a reflection of the innovative and rapidly growing nature of modern China. The most successful companies are those that are able to implement talent development programs internally. "

With fintech, which often faces the challenge of keeping up with new technologies, the task of hiring candidates for change is crucial, said Max Liu, co-founder and CEO of EMQ, a provider of remittance services, money transfer and financial services in Hong Kong.

Ideally, candidates who can think independently and are proactive problem solvers will have an advantage, he said.

For the best fintech professionals, the best motivations are a strong career path (29 percent), an adequate company culture (24 percent) and a salary (17 percent). And 44% of respondents said they expect increases of between 21% and 30% when starting a new job.

All of these factors contributed to the acute shortage of talent fintech. Fortunately, professionals currently employed in other sectors seem to be willing to change their career for fintech, provided that competitive salaries, good work packages and sound technology platforms are offered. "

" They also consider the less tangible qualities as a brand of the employer, company values, work environment and culture We have seen candidates from the traditional financial services market with the necessary advanced technological skills successfully transferred to fintech ", declared Forster.

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