Cracking the Code to Talent Acquisition in India's Booming FinTech Industry

Key Takeaways

India's FinTech sector is rapidly growing, with over 7,000 companies, drawing substantial investments, and contributing significantly to the economy.

By 2025, the Indian FinTech market is expected to be valued between $150-200 billion, driven by socio-economic factors, technology adoption, and market dynamics.

A shortage of skilled professionals in the Indian FinTech sector is a growing concern, with increasing competition to attract top talent.

Tech-driven roles like software development, cyber security, data analytics, and UX/UI design are highly sought after, along with soft skills and financial expertise.

To win the war for talent, FinTech companies should focus on better pay, equity, career growth, and flexible work options. They should also streamline their hiring process, offer transparency, and provide training in cutting-edge technologies to stand out from competitors.

Home to over 7000 FinTech companies, according to Tracxn figures, the Indian FinTech market is one of the fastest-growing FinTech markets globally, with a plethora of opportunities for innovation and growth. It has emerged as a significant contributor to the Indian economy, drawing billions of dollars in investments and generating job opportunities.

With a projected valuation of $150-200 billion by 2025, the Indian FinTech sector is poised for a giant leap, driven by a number of factors including

socio economic factors such as increasing per capita income, rise in formal employment, deepening financial inclusions
technology triggers such as growing smartphone adoption and better internet penetration, and
market factors such as increasing venture capital inflow, growing addressable market, and proven exits and scales.

However, with prosperity comes its challenges.

The persistent shortage of skilled professionals in the Indian FinTech sector has been a major concern – something predicted to worsen in the year 2023.

As FinTech players seek to establish a foothold in this accelerating and evolving landscape, there is intense competition to secure top Indian talent with a real breadth of experience worldwide.

The most sought roles in FinTech are mainly tech driven. FinTech companies are primarily interested in hiring professionals with skills in areas such as software development, mobile application development, cyber security, data analytics, user interface and user experience design, and backend system management.

Along with technical expertise, FinTech companies are touting for professionals who possess soft skills such as flexibility and versatility in adapting to rapid changes, the ability to work and communicate in teams, and have prior experience in the financial space.

Additionally, professionals who are decisive, willing to put in extra effort, exposed to fast-pace financial environments and terminologies, exhibit a strong sense of passion and mission, and can produce immediate results with precision and accuracy are on the hunt by FinTech recruiters in India.

On the other hand, FinTech professionals themselves are actively searching for a combination of competitive compensation (better pay and perks) and opportunities for career advancement. They are particularly interested in working alongside skilled technical teams and seasoned managers who have worked for renowned global corporations.

For FinTech companies struggling to win the war for talent, it is important to prioritize four key factors that set them apart from their competitors:

better pay,
equity,
opportunities for career growth,
flexible and remote work styles.

These areas of differentiation can be the deciding factors for potential candidates when considering job offers.

Additionally, to attract and secure suitable FinTech talent, FinTech companies should avoid creating an excessively broad list of talent criteria and rather prioritize must-haves over nice-to-have requirements.

Experienced professionals in the FinTech industry expect hiring managers to be transparent about their company's operations, as well as how the skills of potential candidates align with the company's mission and vision. They want to understand how they can contribute to the company's growth and success, and how their role fits into the bigger picture.

Last but not least, to successfully attract top FinTech talent from a limited pool, companies should expedite their hiring process and immediately start interviewing candidates who meet their criteria. They should also offer clear opportunities for training and upskilling, particularly in cutting-edge technologies that employees may not have access to elsewhere. By providing such opportunities, FinTech companies may stand out from the competition and attract the most qualified candidates.

Ready to attract exceptional executive talent for your FinTech organization in a highly competitive job market? Write us today at enquiry@silverpeople.in to find out how our expert FinTech executive recruiters can help you win the war for top talent by hiring the best, faster!

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