Despite mass layoffs affecting large tech and later-stage fintech companies, there is an opportunity for the people laid off to join the fintech workforce.
Tech companies in the U.S. have laid off 131,000 workers in mass job cuts this year, according to Crunchbase. But doom and gloom aside, fintech companies are still hiring. The challenge is the misconception that landing a job in fintech requires skill sets from the broader tech space.
While true in some cases, the fintech industry differs wildly from big tech. For starters, fintech companies have a start-up culture, so hiring managers are looking for people with more interpersonal skills than traditional tech companies.
“Hiring managers are always looking for folks who have grit and the ability to pivot easily in a fluid environment,” Katie Hamm, senior recruiting lead at HighNote, told me in an interview about how her fintech company is actively hiring. “No two days are the same at a fintech company, and showcasing your willingness to roll up your sleeves goes a long way.”
Workers from large tech companies may need to adapt their mindset to this new environment while remaining open to emerging fintech sectors.
Who Is Hiring
The fintech industry boomed during the early days of the pandemic, raising record funding driven by low-interest rates and consumer appetite for digital financial services.
Today, fintech companies are maturing and streamlining more rapidly than planned, and job cuts are a quick way to do so. Still, the opportunity for candidates is fruitful. For example, ZipRecruiter found 79% of laid-off tech workers discovered a new job within three months.
Companies are hiring talent in both consumer and business-to-business fintech. To be sure, I checked the industry via Twitter by asking who is hiring. Companies like Alloy, Fintech Sandbox, Seismic and Zeta, among many others, shared that they are actively recruiting. For more, here’s a job board filled with fintech companies hiring.
The Mindset Gap
While presenting technical skills is historically an easy way to get into fintech, the current environment has increased the need for interpersonal skills, such as growth mentality, 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 the workforce solutions company Manpower
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“People continue to hold onto the outdated mindset of believing that only those with a technical background can work in fintech,” Nikita Gupta, co-founder of Careerflow, told me.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 across various roles.”
While you don’t need to be a coder or engineer to work in fintech, those with non-technical backgrounds must remain open to working with financial data and data sets. If they do, their chances of landing a job increase, according to Gupta.
For example, if you apply for a job in human resources but have yet to gain experience with data analysis tools, the employer may be more inclined 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, as they are more difficult to acquire or teach, according to Nadia Edwards-Dashti, founder of the Harrington Starr Group.
“These skills traditionally attributed to women are now 80% more likely to be in the top five skills for the roles that the fintech industry is looking for,” she told me in an interview. “Fintech is attractive because your technical skills are applicable, but your voices will be heard.”
Checkout Web3
Demand for blockchain skills is up more than 500%, a DevSkiller report found, as companies in the Web3 space present open opportunities for job candidates. Plus, resources like Base58 and Women in Blockchain have made it easier for candidates to meet future employers.
However, the decline of leaders in the crypto sector, such as FTX and Sam-Bankman Fried, could lead to job candidates needing education around the future of Web3, according to Lauren Combs, a recruiter for Web3 development platform Alchemy.
“We’re doing a lot of educating and trying to let people who have past experiences at Google
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Combs emphasizes that a candidate must show they can 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.
Advice For Job Seekers
Networking is still critical advice for standing out from the competition. Leveraging your personal connections and alums networks is the number one way to make an impression.
“Unfortunately, misalignment of skills and lack of awareness still exist 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.
Fintech job seekers should search for networking support such as the Like Minded Females network, a place for women to bridge the skills gap through mentorship and masterclasses.
Once a job seeker finds a fintech company they want to apply to, the best chance of success is to apply directly to that company through their website. Before anything else, it is critical that you do not copy and paste resumes when applying for jobs. You need to personalize applications.
“Most companies have slowed hiring, so they are being more selective with each new hire,” said Highnote’s Hamm in an interview. “If you are actively in the job market, I highly recommend demonstrating what you can add to a team or company in terms of your differentiated experience, skills, or perspective.”
In the end, fintech companies are a start-up culture and require a personable approach to presenting yourself. It is therefore crucial to demonstrate an understanding of the company’s story and passion for improving the financial services industry for all.
This will show that the candidate has a fintech mentality and is willing to take on new challenges, learn new skills and seek new opportunities for growth and development in a rapidly changing industry.
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