Consequently, talent acquisition is a challenge for 2 in 3 fintech firms.
About 36% of fintech employees stated that they have switched jobs in the last 12 months, according to recruitment firm Michael Page. This reflects the loss of manpower widening talent gap in the sector.
Fintech firms feel the pinch as 64% have identified talent acquisition as a challenge.
Firms could utilise four factors that appear to be key motivators in assuming a fintech role: a clear career path (24%), technological capabilities and future adoption (23%), company culture fit (19%), and a salary raise ranging from 12-20% (34%).
“We expect to see a large and sustained increase in demand for talent. This is good news for professionals in the region, but it also has the potential to create a large talent gap, as there is currently a shortage within Hong Kong’s fintech community,” said Natalie Lau, managing consultant at Michael Page Hong Kong.
Recently, the Hong Kong government has made efforts to boost fintech talent in Hong Kong. The Hong Kong Monetary Authority is offering a series of fintech talent building programmes through its Fintech Career Accelerator Scheme 2.0 geared towards smart banking.