In recent years, Norway has emerged as a hub for FinTech, with a progressive regulatory climate, high levels of digital literacy, and a stable economy.
But, as with other global markets, the hiring and talent landscape in the Norwegian FinTech space shifted dramatically in response to COVID-19 – and these changes appear to be having lasting effects on the industry.
Here’s our round up of the latest trends and their implications for recruiters and senior hirers looking to navigate Norway’s evolving FinTech talent market.
An increased demand for digital skills
Norway’s digital skills have always been strong. The country has long been classed as one of the most digital in Europe, scoring highly in terms of broadband connectivity, internet use, business digitalisation and digital public services.
But the pandemic was responsible for forcing most businesses to accelerate their digital transformation plans, and FinTech companies were no exception. As a result, there’s been a surge in demand for professionals in Norway with specialised digital skills such as blockchain, cybersecurity, and artificial intelligence (AI).
Implications for hiring and talent
– Broader search criteria needed: To find the talent required, recruiters may need to broaden their search criteria to include candidates outside their traditional industry verticals. The key to success will be developing a selection process that includes rigorous testing for technical competency and transferable skills.
– Rethinking compensation packages: As the demand for digital skills increases, so does the competition for top talent. This could lead to a rise in salary expectations among job seekers with these skills and companies may need to reconsider compensation packages.
– Investment in training and development: Increased investment in training and development programs may be necessary. By upskilling current employees or offering training to new hires, companies can develop the necessary digital skills in-house.
– Prioritising diversity and inclusion: As companies broaden their search criteria, it provides an opportunity to increase diversity within their teams. A diverse workforce can bring a wider range of perspectives and ideas, which is particularly important in innovative sectors like FinTech. Therefore, companies should ensure their hiring practices promote diversity and inclusion.
Remote work is here to stay
While remote work arrangements were already gaining popularity before the pandemic, the crisis accelerated the adoption of remote work across industries – FinTech included. In fact, tech roles are among the most popular to be carried out remotely. And many companies in Norway have embraced remote work as a long-term solution with over 40% of people working from home at least once a week.
Implications for hiring and talent
– Embracing remote work: With the demand for digital skills outstripping supply, companies may need to look beyond the local talent pool. This implies a shift towards remote work and global hiring. And companies will need to establish effective remote working policies and collaboration tools.
– Offering flexibility: Employers should also offer flexibility in working hours and conditions and cultivate a strong workplace culture that fully supports and values remote workers.
– Widening talent pools: With a remote working culture and policies in place, hirers can benefit from a broader talent pool. When employers are open to hiring outside of their geographic region, they gain access to additional candidates.
Contingent labour is on the rise
As companies adopt increasingly digital business models, the use of contingent workers is on the rise. FinTech companies are increasingly turning to independent contractors to fill digital skills gaps and support rapid growth.
Implications for hiring and talent
– Developing effective onboarding programs: With the rise of contingent workers, companies need to develop effective onboarding programs that can quickly integrate these workers into their teams and culture. Consider virtual training sessions, mentorship programs, or even social events for building connections between permanent and contingent staff.
– Establishing clear communication channels: Companies will need to establish effective communication channels to manage dispersed teams and keep remote workers informed and engaged.
– Updating legal and HR policies: The rise of contingent workers also has legal and HR implications. E.g., companies will need to ensure they’re compliant with laws relating to contract work and may need to update their HR policies to cover issues like performance management, confidentiality agreements and benefits eligibility for contingent workers.
– Investing in talent management systems: To efficiently manage a workforce that includes a mix of permanent and contingent workers, companies may need to invest in robust talent management systems. These systems can help companies track the skills, performance, and development of all their workers, regardless of their employment status.
A candidate-driven market
We’ve already addressed that in Norway’s FinTech market, there’s a shortage of talent with the right skills and experience. As a result, candidates are increasingly in a position to negotiate the terms of their contracts, which has its own implications.
Implications for hiring and talent
– Enhanced employee benefits: To attract and retain top talent, companies may need to enhance their employee benefits packages. This could include health insurance, retirement plans, paid time off, etc. – not just salaries
– Adoption of employee-centric policies: As candidates gain more negotiating power, employers might need to adopt more employee-centric policies that improve attraction and retention. These could include flexible working hours, work-from-home options, or even sabbatical leave.
– Stronger employer branding: Companies will benefit from building a positive employer brand, highlighting aspects like company culture, career growth opportunities, and commitment to employee wellbeing to stay competitive.
– Investment in employee development: To attract candidates with the right skills and experience, companies may again need to demonstrate a commitment to employee development. This could involve offering comprehensive onboarding programs, ongoing training opportunities, and clear paths for career progression.
– Increased Use of recruitment technologies: As the competition for talent heats up, companies might need to invest in ‘rectech’ to streamline hiring processes. This could involve using AI-powered tools for candidate sourcing and screening, or virtual reality for conducting immersive job interviews.
The FinTech industry in Norway is experiencing rapid growth and transformation, and, if you’re a recruiter, it’s important to navigate this changing landscape to attract and retain the best talent.
As the industry moves towards a more digital-first approach, hirers should be open to new ways of working, be flexible in their recruitment practices, and focus on building a strong and attractive employer brand. It’s an exciting time for FinTech in Norway, and those that successfully navigate these changes will be well positioned for long-term success.
To learn more about the current hiring trends in Europe, download our full Europe 2024 Salary Guide.
