Google’s search engine job cuts are visible on screen with Google’s mobile app. (Photo illustration by Jonathan) … (+)
Tech companies in the US have laid off workers 131,000 According to Crunchbase, massive job cuts are on the rise this year. But beyond the doom and gloom, fintech companies are still hiring. The problem is the misconception that landing a job in fintech requires skills in the broader tech field.
While this is true in some cases, the fintech sector differs significantly from large tech companies. For starters, fintech companies have a startup culture, so hiring managers are looking for people with more interpersonal skills than traditional tech companies.
“Hiring managers are always looking for people who have grit and the ability to adapt easily to a fluid environment,” Katie Hamm, senior recruiting manager at HighNote, told me in an interview about how her fintech company actively recruits. “No two days are the same at a fintech company, and showing your willingness to roll up your sleeves goes a long way.”
The workers of big tech companies may have to adapt their mindset to this new environment while remaining open to emerging fintech sectors.
Who is recruiting?
The fintech industry boomed at the start of the pandemic, raising record funding thanks to low interest rates and consumer appetite for digital financial services.
Today, fintech companies are maturing and streamlining faster than expected, and job cuts are a quick way to do that. Yet the opportunities for candidates are fruitful. For example, ZipRecruiter found 79% of layoffs Tech workers found new jobs in three months.
Companies are hiring talent in consumer and business-to-business fintech. To find out for sure, I checked the sector via Twitter by asking who is recruitingCompanies like Alloy, Fintech Sandbox, Seismic, and Zeta, among others, have indicated that they are actively hiring. For more information, here is a job board filled with fintech companies hiring.
The mentality gap
While demonstrating technical skills has historically been an easy way to get into fintech, today’s environment has increased the need for interpersonal skills, such as growth mindset, strong communication, reliability, effective teamwork, and active listening. However, 75% of employers need help finding talent with these skills, according to a 2022 study by workforce solutions company Manpower
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“People still think that only those with a technical background can work in fintech,” Nikita Gupta, co-founder of Careerflow, told me. “In reality, many fintech companies are hiring for a variety of roles.”
While you don’t need to be a coder or engineer to work in fintech, people without a technical background should remain open to the idea of working with financial data and datasets. If they do, their chances of landing a job increase, according to Gupta.
For example, if you’re applying for a job in human resources but don’t yet have experience with data analytics tools, the employer may be more likely to hire you if you can demonstrate effective communication, empathy, and openness.
These interpersonal skills can often be more beneficial when it comes to finding a job in fintech because they are harder to acquire or teach, according to Nadia Edwards-Dashti, founder of the Harrington Starr Group.
“These skills that have traditionally been attributed to women are now 80% more likely to be among the top five skills in fintech,” she told me in an interview. “Fintech is attractive because your technical skills are applicable, but your voices will be heard.”
Order Web3
Demand for blockchain skills is increasing by more than 500%, A report by DevSkiller found that Web3 companies are offering open opportunities to job candidates. Additionally, resources like Base58 and Women in Blockchain have made it easier for candidates to meet their future employers.
However, the decline of cryptocurrency industry leaders like FTX and Sam-Bankman Fried could lead job candidates to need training on the future of Web3, according to Lauren Combs, a recruiter for Web3 development platform Alchemy.
“We do a lot of education and try to enable people who have already had experience at Google
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Combs stresses that a candidate must show that they are able to hit the ground running. That means researching the company, understanding what it stands for, and being passionate about its mission. This is essential for any job, but even more so for those emerging in the Web3 space.
Tips for job seekers
Networking remains an essential tip to stand out from the competition. Leveraging your personal connections and alumni networks is the best way to make a good impression.
“Unfortunately, there is still a lack of skills and awareness within the industry, and these issues can often lead to unfair dismissals,” Sonya Barlow, founder of the Like Minded Females network, told me in an interview.
Job seekers in the fintech sector should seek out networking support such as the Like Minded Females network, a place where women can fill their skills gap through mentoring and masterclasses.
Once a job seeker has found a fintech company they want to apply to, the best chance of success is to apply directly to that company through their website. First and foremost, it is essential not to copy and paste resumes when applying for jobs. You need to personalize applications.
“Most companies have slowed down their hiring, so they’re being more selective with each hire,” Highnote’s Hamm said in an interview. “If you’re actively in the job market, I highly recommend demonstrating what you can bring to a team or a company in terms of differentiated experience, skills, or perspective.”
Ultimately, fintech companies are a startup culture and require a personal approach to pitching, so demonstrating an understanding of the company’s story and a passion for improving the financial services industry for all is essential.
This will show that the candidate has a fintech mindset and is ready to take on new challenges, learn new skills and seek new opportunities for growth and development in a rapidly changing industry.