The FinTech industry is undergoing a remarkable transformation in 2024, spurred by technological advancements, regulatory shifts, and evolving market demands. In this rapidly changing landscape, contract recruitment emerges as a strategic lever for FinTech companies aiming to stay agile and innovative. This piece explores insights from our UK Managing Director, Jake Gottlieb, on how project-based hiring can drive success in FinTech.
The Rise of Niche Skills in FinTech
The FinTech sector is swiftly embracing cutting-edge technologies such as blockchain, artificial intelligence, and machine learning. This trend has led to a significant increase in demand for professionals with specialised skills in these areas. Hiring contractors has enabled FinTech companies to engage experts for specific projects without long-term commitments. Over the past 12 months, many FinTech companies have faced an urgent need for specialised and niche skills, which they have addressed by significantly increasing the hiring of specialist contractors.
Top 4 In-Demand Contract Roles for 2024
- AI and machine learning continue revolutionising financial services, resulting in a 30% uptick in contract roles for data scientists and machine learning engineers this year.
- Given the rise in cyber threats, the need for cybersecurity professionals on a contract basis has grown by 35% since 2022.
- Since 2023, there has been a 26% increase in contract roles focused on regulatory expertise.
- As blockchain technology becomes integral to FinTech solutions, the need for blockchain developers has been skyrocketing. Demand for contract blockchain developers has increased by 13% this year alone.
Embracing Remote Work and a Global Talent Pool
FinTech companies have been focusing on finding the best talent to stay ahead of the competition. As a result, we are seeing greater numbers offering fully remote jobs for contract roles. In the first half of 2024, there was a 22% increase in the number of fully remote contract roles. “Remote work has opened up a global talent pool,” Jake explains. “We can now access specialised skills from anywhere in the world, reducing time-to-hire and increasing diversity in our clients’ teams.”
Navigating Regulatory Changes with Contract Experts
The FinTech industry faces constantly evolving regulatory requirements, varying considerably across different regions. Staying compliant is crucial to avoid penalties, build customer trust, and expand business. Since 2023, there has been a 26% increase in contract roles focused on regulatory expertise. Contract professionals such as compliance officers, risk managers, and legal consultants are increasingly being hired to help FinTech companies navigate complex legal landscapes. “Regulatory compliance is a moving target,” says Gottlieb. “Having specialised contractors allows our clients to adapt quickly to new regulations and maintain operational stability.”
Future Outlook: Predictions for Contract Recruitment in FinTech
As we look ahead, the landscape of hiring contractors will evolve further, bringing new opportunities and challenges. Here are our expert predictions and insights into the future of contract recruitment in the FinTech industry:
- Growth of the Contract Workforce: The contract workforce in FinTech is projected to grow substantially, with contract workers expected to make up 35% of the FinTech workforce by the end of 2024, up from 28% in 2023. This shift is driven by the high retention rates of contract professionals, with 80% extending their contracts beyond the initial term, indicating strong satisfaction and fit with their roles.
- Competitive Advantage: Utilising contract recruitment provides a competitive advantage, with FinTech companies reporting a 25% faster time-to-market for new products compared to those relying solely on permanent staff.
- Cost Efficiency: Companies can reduce project costs by up to 20% by scaling resources as needed while diversifying their talent pool. 70% of FinTech companies report that contracting has brought unique perspectives and innovative solutions.
- Regulatory Compliance: Contract recruitment helps FinTech companies navigate regulatory challenges more efficiently. Thanks to specialised compliance contractors, companies utilising these services are 40% more likely to comply with changing global regulations.
As FinTech continues to evolve, contract recruitment is a critical strategy for fostering innovation, agility, and cost-efficiency. By leveraging this approach, FinTech companies can navigate the complexities of regulatory landscapes, access global talent, and accelerate their time-to-market. “Understanding these future trends and predictions,” Gottlieb concludes, “allows FinTech companies to strategically plan their contract recruitment efforts, ensuring they are well-positioned to capitalise on new opportunities and overcome emerging challenges in the industry.”
Strategic contract recruitment is not just a trend but a pivotal element in driving sustained growth and competitive advantage in the FinTech industry. Explore how contract recruitment can empower your business to innovate and thrive in 2024 by reaching out to Jake at jake@ec1partners.com
