The tech talent shortage is the biggest barrier to growth in fintech companies. To solve this, we must be more accessible and share the opportunities for professional and personal growth – here, Copenhagen has something to offer.
As companies become increasingly digital, the need for talented developers increases. Building critical business processes based on software requires the right team to ensure ongoing success. However, attracting and retaining world-class talent is not a straightforward task. For almost a decade, there has been a shortage of competent people with programming skills.
Today, the lack of talent is creating more distortion for companies. The challenge of attracting talent is only made more difficult by the international competition for bright minds.
“This is not solely a Danish issue. Every country in the world lacks a significant talent pool to meet companies’ need for skilled technical competencies. The fierce competition will not slow down any time soon,” says COO of Copenhagen Capacity, Nikolaj Lubanski.
He explains that the quest for competences is not made easier due to the specific type of talent Danish fintech companies are looking for.
“Every country in the world lacks a significant talent pool to meet companies’ need for skilled technical competencies. The fierce competition will not slow down any time soon,”
Nikolaj Lubanski, COO of Copenhagen Capacity
“Most companies are primarily looking for senior talent with the experience to scale digital business models. They are offered attractive compensation packages in their current jobs, and Denmark will not provide special regulations for internationals to a degree where we can compete with the most appealing destinations any time soon,” says Nikolaj Lubanski.
Recommended for you:Get your copy of the Nordic Fintech Magazine Fall Edition 2022
To make things worse, we also see a worrying trend among the most prominent Danish tech companies as they leave Denmark when they grow to a level where Denmark can’t offer the number of skilled talent they need to scale further. This will decrease the pool of senior profiles, and if the trend continues, it will become even harder to find and recruit that type of talent in Denmark and Copenhagen.
“However, we do see a great commitment to Denmark from the two biggest fintech companies, Lunar and Pleo, who are determined to prove that you can scale a business from Denmark,” Nikolaj Lubanski adds.
Where People Grow
And it’s not only bad news. Because Denmark and especially Copenhagen have a lot to offer foreign talent, we must be better at promoting opportunities and a high degree of liveability in the capital.
“Copenhagen can offer high quality of life between 9 to 5 and from 5 to 9. We know from surveys that the high focus on work-life balance and sustainable living are very attractive to a new generation of digital talent that look for meaningful work life and free time, and they are willing to relocate here. And that Denmark is one of the safest countries in the world, and you will have one of the most attractive destinations to live,” says Nikolaj Lubanski.
Recommended for you:Get your copy of the Nordic Fintech Magazine Fall Edition 2022
We need to be better at unfolding this narrative to an international audience and ensure that the talent worldwide knows about Denmark’s unique offerings. And the Danish ecosystem has matured to a level where the professional challenges are at the international level, and Denmark saw four new unicorns in 2021 alone.
“You can achieve a lot here, and you won’t have to comprise your family life doing it. In Denmark, we focus a lot on the human side, and we don’t only grow businesses, we also grow people,” says Nikolaj Lubanski.
