FinTech Talent Report 2023

FINTECHTALENTREPORT2023 AFinTechLeader'sGuideto NavigatingtheTalentLandscape TABLEOFCONTENTS 01|ExecutiveSummary4 02|IntroductionCautiontakesprecedence8 12 #1:Thefourtalentprofilescontinuetoberelevant #2:It'saskillsgame22 03|Findings&Recommendations 04|Conclusion 05|Appendix #3:Decliningcareervalueproposition 34 41 #4:Fromhumanresourcestopeopleexperience 47 #5:Cultureandleadership: theinvisibleenablerofgrowth 52 53 FinTechTalentReport20232 FOREWORD AstheFinTechlandscapecontinuestobevolatile,investingintalentisakeydrivingforcetopowergrowth. Intheever-evolvingFinTechlandscape,investmentintalentbecomesmorecriticalthanever.TheFinTechsectorhasencounteredmultiplechallengesin2023,includingvaluationpressures,cryptomarketfluctuations,risinginterestratesandinflation.Despitefacingathree-yearlowinfundingactivityinH12023,theFinTechsectorcontinuestobeoptimisticaboutgrowthandopportunities. AsFinTechsnavigatethroughthesechallenges,thereisaneedtodisplayresilienceandreadinesstoseizeopportunitiesonthehorizoninordertobouncebackstrongerthanbefore. InthisfiftheditionoftheFinTechTalentReport,wewillexplorethefollowingthemes: •HowFinTechsareadaptinginthecurrentlandscape. •HowFinTechsaredevelopingtheirtalentamidsttheskillsshortage. •HowFinTechsleverageleadershipandculturetoenablegrowthandperformance. ThisstudyaimstoprovideFinTechleaders,HRprofessionals,andpolicymakerswithinsightsintothelatesttalenttrendswithintheindustry,alongwithanunderstandingofthechallengesandprospects,equippingthemtoshapethefuturedirectionoftheSingaporeFinTechsector. Weextendourheartfeltappreciationtotheleaders,practitioners,members,andpartnerswhocontributedtothisresearch,helpingtoshapethefutureofSingapore'sFinTechtalentlandscape. ShadabTaiyabi President SingaporeFinTechAssociation NesanGovender ManagingDirector TalentandOrganisationLeadAccentureSoutheastAsia FinTechTalentReport20233 01 EXECUTIVESUMMARY FinTechTalentReport20234 Cautiontakesprecedence FinTechscontinuetobeoptimisticabouttheyearaheadbutdisplaycautionaboutgrowthopportunitiesduetothemacroeconomicenvironmentandacontinueddipinfunding: 36%declineinnumber ofdeals&57%declineintotaldealvalueinQ32023vs.Q32022. 20%declineinFinTechscitingthatgrowthwillaccelerateinnextonetotwoyears. TheFinTechworkforcesizeinSingaporeisestimatedtobe18,000,a30% growthfromtheprevious year. FinTechworkforceinSingaporeisforecastedtogrowby30%inthenextonetotwoyears. #1:Thefourtalentprofilescontinuetoberelevant FinTechscontinuetobetechnologyfocusedwithaprojectedincreaseintheircommercialworkforce. FinTechsaspiretobalancetheonshorevs.offshoreworkforcemixandareleveragingforeigntalentinSingaporeforspecificroles. Talentprofilecomposition: 22% 41% 21% 16% 2023 29% 39% 18% 14% 1to2years time CommercialEvangelistsTechnologyWizardsOperationsChampionsCorporateDrivers Workforcelocation: 59% 41% 2023 64% 36% 1to2years time BasedinSGBasedoverseas Topsourcesoftalent: 1.Employeereferrals 2.Onlinejobportals 3.Employmentagencies Emergingsourcesoftalent: 1.Internshipsandapprenticeships 2.Internalmobility 3.Industrypartnerships Roleswhere>25%areheldbyforeigntalent: 1.Softwaredeveloper 2.Salesandmarketing 3.Productorprojectmanager #2:It'saskillsgame Workforceexperience(years): FinTechsare‘diamond-shaped’organisationalconstructswithahighconcentrationofskillsinmiddlelayers. FinTechslookinternallytoaddresstalentneeds. Leadership&Managerial 17% 26% 27% 16% Experts(>10)Experienced(5to10) 15% Intermediate(3to5) Junior(0to3) 56%ofFinTechsciteskillsgapasahiringchallenge. 56%ofFinTechscitelearning&developmentasaneffectivemeanstoaddresstalentneeds. 59%ofFinTechsarespendingabove$500onlearninganddevelopmentperemployeeperyear. Toptechnologyrolesindemand: 1.Softwareengineer 2.Productorprojectmanager 3.Dataengineer Topnon-technologyrolesindemand: 1.Salesandmarketingexecutive 2.Customersupportspecialist 3.Serviceoperationsspecialist Growingdemandforspecialisedtechnologyroles: 1.AIengineer 2.Blockchaindeveloper 3.Cybersecurityspecialist #3:Decliningcareervalueproposition 64%citethatcandidatesprefertoworkfor incumbents. 10%increasein MorepeoplearejoiningandleavingFinTechsforthesamereasonswithincreasingcompetitionfromincumbentsfortalent. 74%citethatcandidatesexpecthighersalarythanoffered. Morepeoplearejoiningandleavingforcareeropportunitiesandstability,monetaryandnon-monetaryrewards. employeesstayinglongerthanthreeyears. 10%to15%averageattritionrate,similarto2022. #4:Fromhumanresourcestopeopleexperience TypeofHRcapability:Businessmetricsvs.HRmaturity: FinTechsaspiretocreatehighvalueHRandplantobolstertheirHRcapabilitiesinthenextonetotwoyears. Strategic 26% 23% 22% 29% AdvisoryAdministrative DoesnothaveHR 14%ofFinTechsprojecttohireHRspecialistsinthenextonetotwoyears. HRMaturity Businessmetrics Top3HRareasbasedonmaturity: 1.Onboarding 2.Performancemanagement 3.Successionplanning #5:Cultureandleadership:theinvisibleenablerofgrowth CultureandleadershipemergeaskeylevertoattracttalentandFinTechsadoptan‘entrepreneurial’cultu