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Saturday, June 15, 2024
HomeNordic MarketsLatviaBreaking into Fintech: The Must-Know Job Market Trends for 2024

Breaking into Fintech: The Must-Know Job Market Trends for 2024

by Dana Kocane, founder, CEO of the recruitment and executive search agency “Tech Recruitment”

Dana Kocane, founder, CEO of the recruitment and executive search agency “Tech Recruitment”

Few industries on a Baltic scale have generated as much innovation as Fintech. It fosters economic growth and has introduced new professions into the job market, ranging from blockchain developers to artificial intelligence ethics specialists. In discussions with experts from the Baltic Fintech industry, I provide insights into the demand and availability of specialists in this fast-growing and attractive sector for investors.

The Fintech industry includes various professions such as data analysts, business analysts, AML specialists, risk specialists, compliance specialists, fraud analysts, Reg-tech specialists, information security analysts, project managers, and more. It’s crucial to highlight that Fintech companies require professionals who have both technical expertise and a good understanding of the financial sector. I had the opportunity to explore the Fintech industry by talking to experts and finding out which Fintech jobs are in demand right now.

Nauris Bloks, the innovation manager at DelfinGroup, points out that the most sought-after professionals in the company are data scientists, analysts, and engineers, as well as marketing professionals with Fintech knowledge. Kaido Saar from the Estonian startup Mifundo adds that the industry also needs lawyers who understand the Fintech market. Anita Kalniņa, the HR manager at Eleving Group, explains that they are looking for managers willing to relocate temporarily to the African region. “We are interested in professionals from the Baltics who could introduce European standards and understanding of business processes in Kenya and Uganda. Our company operates in seven markets in Africa, providing mobility and consumer finance services, and many Latvians and Lithuanians work and live there,” adds Anita.

All company representatives believe that there is a shortage of qualified professionals in the market, especially those with experience in the Fintech sector. This situation fosters fierce competition for talented employees and prompts companies to seek new ways to attract and retain experienced specialists. DelfinGroup addresses the talent shortage through targeted talent acquisition using specialized search and recruitment strategies. Furthermore, DelfinGroup’s stock option program provides insight into how companies strive to stand out and attract employees with attractive benefit packages. “This program allows employees not only to receive regular salaries and standard benefits but also to become shareholders of the company and benefit from the company’s success and development by receiving dividends. DelfinGroup’s stock option program is special because it involves all employees who have been with us for at least a year. In my opinion, this offer creates strong motivation and loyalty to the company,” adds Nauris.

Anita points out that candidates expect more from employers: “We can’t just focus on salary and career growth anymore. Nowadays, candidates care more about the company’s environment, its values, and how things work there — its vision, culture, and sustainability. They want to see the company’s claims reflected in reality, not just in presentations. Flexible work schedules, comprehensive professional development, and training programs are also expected. Overall, competition among companies for talent has risen sharply. It’s not just about salary anymore; companies compete on various benefits.”

With my Fintech experience, Tech Recruitment has successfully sourced skilled professionals in both Europe and Asia. This success is because there often aren’t enough experienced specialists in Latvia. In such scenarios, it’s important to explore alternative strategies such as relocation, securing talent acquisition from diverse cultural backgrounds, fostering an international workplace culture, and promoting diversity. Prioritizing investment in talent development is crucial, anticipating the company’s future needs in six months or even a year. This forward-looking approach enables companies to adapt to future workforce demands and maintain competitiveness in the market.

Representatives of companies emphasized critical thinking, personal effectiveness, and continuous learning as necessary skills and qualifications in the Fintech industry. At the same time, professionals must be able to analyze large amounts of data to make informed decisions and identify potential risks and opportunities. Personal effectiveness is also crucial, considering the workload and requirements in the Fintech field, which includes time management skills, teamwork, and continuous learning. Tatjana Kučerenko, HR manager at DECTA, emphasizes that the required skills and qualifications for Fintech professionals will constantly change. She believes that soft skills and knowledge of alternative Fintech solutions, including cryptocurrencies, will become increasingly important.

The World Economic Forum has ranked Fintech engineers among the top ten fastest-growing professions, as well as data analysts, scientists, business analysts, and information security analysts. Predicting the future demand for talent in the Fintech field, experts point to further growth in this rapidly expanding sector. “Considering the rapid growth of the Fintech industry and its ability to attract investments and new business ideas, it can be predicted that the demand for highly qualified specialists will only increase. The Fintech industry is one of the most dynamic and innovative sectors, offering extensive opportunities for business development and technology integration in financial services. This, in turn, promotes the need for professionals of various profiles, from data analysts to marketing and customer experience specialists,” adds Nauris.

Kaido notes that last year there was a significant decline in venture capital funding in the Fintech sector, which reduced the need for new employees. Kaido explains: “My observation indicates that when venture capital funding returns and investments in Fintech start-up companies increase, the demand for qualified professionals in various fields will also increase. In my opinion, now is the best time to hire employees in the Fintech industry.”

The Fintech industry in the Baltics goes beyond just growth. It symbolizes innovation, economic variety, and talent growth in the region. From what I’ve observed, Fintech offers steady job demand and fair pay, boosting both individual skills and the country’s economy. However, as experts point out, the industry is demanding, and professionals considering retraining or starting a career in the Fintech sector must be knowledgeable and ready to adapt to a changing environment.

NFM Publishing Team
NFM Publishing Team
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