The summer survey conducted by FinTech Founders produced a wealth of intriguing insights. We, of course, were most interested by those related to recruitment.
Recruiting Isn’t Easy
Perhaps the statistic that may come as the biggest surprise is that when surveyed, 34% of UK FinTech founders cited recruitment as the biggest challenge they’re currently facing.
Well, we say it may come as a surprise, but it didn’t to us. Given that a huge proportion of FinTech businesses are made up of fewer than 50 employees – 69% of those surveyed – it makes sense that the quality of each hire is vital.
Add to this the fact that the skillsets required for these new hires are often incredibly niche (especially during a talent shortage)… It’s like finding a staple in a barnful of hay during a hurricane. And the staple’s been painted yellow.
A Few Can Only Do So Much
When asked what their biggest barrier to expansion is, 49% of founders stated that it was a lack of capacity. According to them, they were already pushing their limits on the amount of work they could be doing at any given time.
The obvious solution is to spread this work between more people. That way, everyone has a little more space to expand to new horizons.
Everybody Wants to Rule the World
We’ve established that recruitment problems are a barrier to expansion, but how many FinTech businesses are looking to expand to new countries anyway?
According to the survey, 75%.
That’s 3 out of every 4 FinTech businesses that want to increase their reach and start operating in pastures new. Given what we’ve already covered, it looks like high-quality talent is set to be fought for, tooth and nail.
To go over the main points again, in reverse order:
- 75% of UK FinTech businesses want to expand
- 49% consider lack of capacity their main barrier to expansion
- 34% cite recruitment as their largest current problem
Hopefully it’s starting to become clear why recruitment is such a pressure point for FinTech businesses. And, hey, if you need someone to help you find that next crucial hire… we could point you in the right direction.
Take it With You
No time to read now, or want to have it to refer to later? Download the PDF here!