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Despite hiring freezes and downsizing in other tech sectors, 2023 will be a pivotal time for hiring in the FinTech industry, with new talent setting the course for the field’s next decade.
Consultancy firm Korn Ferry’s head of FinTech, Deepali Vyas, talked about why hiring in 2023 was so important, saying, “It’s going to be a pinnacle moment for what the next 7 or 8 years for fintech will look like. We will know by Q1 what that run is going to look like. If there’s [going to] be any critical hiring, it’s going to be happening early next year.”
So, if you’re looking for a new role in FinTech, now is the time to find it. Whereas tech faced wide-scale layoffs in 2022, this new year will be typified by new opportunities in the financial technology sector. In this guide, we’ll discuss how to use FinTech trends in hiring to guide your job search.
☑️ Using FinTech Trends in Hiring to Land a New Role.
FinTech trends in hiring make 2023 the right time to land a role that will set the course of your career. What’s more, companies are thinking about the long-term future of the industry, so you’ll be able to set the course for FinTech over the next decades.
One company looking to make long-term commitments to its employees is DTCC, a New York City-based FinTech with the mission of growing financial market infrastructure and securing the global financial system.
Named by Forbes as one of the best-mid size employers in America for 2023, the company aims to build “a world-class work environment that emphasizes respect, collaboration, retaining and recruiting the best people and ensuring competitive compensation and benefits programs,” said President and CEO Frank La Salla.
☑️ Consider the roles and industries with the strongest potential and need.
Not every field or area within FinTech has as much growth potential as others. So, when considering the type of jobs to apply for (and which skills to build), identify areas with great possibilities for expansion, including the “cloud, cybersecurity, data science… and machine learning sectors.”
Companies are also actively seeking professionals with artificial intelligence knowledge. Organizations aren’t yet able to extract all the value AI will eventually produce, so if you have experience (or can build those skills), you’ll be a sought-after candidate.
“Many organizations struggle to understand how to create value from it, along with the numerous hurdles in taking models from prototype to production. Since the launch of GPT-3, a Natural Language Generation (NLG) model created by OpenAI (also known as ChatGPT), AI has captured the public’s imagination in a way no other technology has – overshadowing even the most popular social media sites,” said Darlene Newman, DTCC’s Executive Director and Head of Internal Technology Research and Innovation.
Marketing, sales, and finance FinTech jobs will also be strong bets in the upcoming year.
☑️ Many FinTech jobs have adopted a hybrid work model, so prepare to demonstrate your ability to excel in both remote and in-person environments.
According to an article published by TechCrunch in late 2022, the majority of recently-posted FinTech jobs were remote positions.
However, with companies such as DTCC now offering hybrid work options, it’s important to showcase your proficiency in both remote and in-person work settings. Keep in mind that if the location is not a requirement, you may be competing with candidates from all over the world.
Therefore, when applying for a hybrid job, expect to be questioned on your effectiveness as both a virtual employee and a colleague in a traditional office setting.
☑️ Recognize that more companies are embracing flexibility – and development that may welcome certain demographics back to the field.
Many professionals prefer flexible work schedules, but this post-pandemic expectation is helping FinTech become more equitable, as well. Women, in particular, were sometimes unable to establish themselves in the demanding FinTech sector because childcare, eldercare, other commitments, and flexible workplaces are helping them advance their careers in the sector.
“As more and more firms are embracing working from home policies, this barrier to entry and advancement has begun to erode, and so more women are interested in and open to working within fintech as it is increasingly compatible with other obligations,” said Marie Downes, Chief Talent Officer at Adaptive Financial Consulting.
☑️ Don’t get bogged down by “ghost jobs.”
One of the less-appealing FinTech hiring trends of 2023 is “ghost jobs.” These are job postings that have already been filled but haven’t been taken down for a number of reasons. For instance, some companies “leave up speculative job posts to help them create a pipeline of talent” but are not actively hiring for the role that has attracted job seekers.
“One way to spot a ghost ad is to check the date it was posted. If it is more than 60 days old, it may well be invalid,” said Kirstie McDermott for FinTech Futures.
Realize that you can find a company that supports your personal mission
One of the drivers of the so-called Great Resignation was that professionals were seeking jobs that let them live their values and personal missions at work. So, if you want to establish yourself at a company you support and respect, you should look for a role that fits that objective.