Experts warn skills shortage could hamper fintech start-ups
A limited talent pool could hamper Scotland’s booming fintech sector, experts have warned.
Consultancy Core-Asset’s latest annual salary guide has warned that qualified staff are getting snapped up quickly by fintech firms in Scotland.
The report highlights demand within fintech for business analysts and developers, particularly those with cloud technologies, and technical and solutions architects and engineers.
But Anthony Rafferty, chief executive of online pension transfer service Origo and a member of Fintech Scotland’s advisory board, says it is becoming harder for firms to attract the right skills.
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“Fintech is thriving in Scotland and our excellent universities are producing a pipeline of really good candidates, but on a UK level there is a shortage of specialists and experts,” he said.
“Fintech is a hot recruitment market, which is testament to the number of firms which warrant good developers, testers and business analysts, but with wage inflation and higher expectations from candidates, there is no doubt it is becoming more difficult to find the right skills than it was just a few years ago.”
“Our initial fears at the start of lockdown was that productivity would drop, but the opposite happened and working from home has really suited this part of the financial services sector,” he said.
“The idea of only recruiting people locally or within 30 minutes of Edinburgh is no longer the case and is totally outdated.”
It comes after a recent survey by flexible workspace provider IWG found that almost half of office workers (49 per cent) would quit their job if asked to return to the office five days a week.
Three quarters would prefer the long-term ability to work flexibly over going back to the office five days a week with a 10 per cent pay rise.
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