Australia’s financial technology sector is vibrant and fast-growing, making it a hotbed for opportunities, especially for skilled professionals.
As of July 2023, the employment rate (for people between the ages of 15 and 64) was 77.5%. And the unemployment rate was just 3.7%.
So, what does the FinTech hiring landscape look like in Australia? For businesses operating or trading within this sector, gaining a deep understanding of the dynamic labour market is crucial for strategic talent acquisition and management decisions. This knowledge will not only help in attracting high-calibre talent but also in creating an inclusive workplace, offering competitive compensation and benefits, and ensuring job security – all of which are currently key drivers in the Australian FinTech talent market.
Emphasis on employee training
Businesses in Australia are gradually investing more in upskilling their employees to meet the growing demand for specialised skill sets. The pursuit of high-calibre talent is driving a significant increase in employee training efforts. And this includes FinTech companies who are recognising the importance of workforce learning and development to stay ahead of the curve. For instance, training helps to develop a culture of innovation by encouraging professionals to explore emerging technologies and identify industry trends. But what does this mean for talent acquisition?
L&D initiatives need to be a priority: Companies are investing in ongoing learning and development initiatives to attract top talent and equip employees with necessary skills. A robust training program can serve as a key differentiator in a competitive talent market.
Shifting hiring practices: This focus on upskilling current employees may lead to a longer-term shift in hiring practices. Businesses may begin to prioritise potential and adaptability over specific skill sets when recruiting new employees. This is because it’s easier to train eager learners and mould them according to the company’s needs.
Enhanced employee retention: The upshot of developmental opportunities is improved employee satisfaction and loyalty, leading to lower turnover rates. Employees are likely to stay longer with companies that invest in their career development and provide opportunities for growth and advancement.
Compensation and benefits are on the rise
The FinTech sector in Australia is evolving, and so are its hiring practices. Companies that offer competitive compensation packages are likely to attract the best talent in this field. According to consultancy, Mercer, Australian employers increased 2023 salary budgets to 4% higher than the previous year. But competitive salaries alone are no longer enough and TALiNT International suggests that 33% of Australian employees are unhappy with their current benefits and packages. Comprehensive benefits are now a crucial part of attracting and retaining FinTech talent. But what does this mean for talent acquisition?
Employers must review offerings: To stay competitive, businesses may need to rethink their compensation packages. This could include expanding their benefits offerings or providing more flexible work arrangements and/or wellbeing programs. It’s important to understand what potential employees value and tailor offerings accordingly.
Market research should be part of strategy: Companies may need to conduct regular market research to stay updated with competitive compensation rates and popular benefits. This can help them adjust their offerings in a timely manner and ensure they remain an employer of choice.
Focus on employer branding: An attractive benefits package can strengthen a company’s employer brand, making it a more desirable place to work. This can give businesses an edge, helping them attract high-calibre talent. It might be beneficial for companies to communicate their benefits clearly in job descriptions, interviews, and other recruitment materials to attract potential candidates.
Inclusive workplaces are beating the competition
Inclusivity has become a major factor for job seekers across the globe – the trend is no different in Australia. According to the Inclusion@Work Index 2021-2022, three out of four Australian workers supported or strongly supported their organisation taking action to create a diverse and inclusive workplace.
And as a clear, competitive advantage, an inclusive workplace environment – as highlighted in this LinkedIn article – is crucial for the growth of FinTech companies. But what does this mean for talent acquisition?
Culture is key: Creating an inclusive workplace goes beyond just meeting quotas. It requires a shift in company culture and practices. Businesses should focus on building diverse teams and fostering an environment where everyone feels valued and heard.
Inclusive hiring: Companies should also focus on inclusivity during the recruitment process. This could involve implementing bias-free recruitment practices and promoting diversity within job advertisements and descriptions.
Broadened talent pool: By promoting diversity and inclusion, FinTech companies can tap into a larger, more varied talent pool. This could potentially lead to higher quality candidates and a workforce with a wider range of skills, experiences, and perspectives.
Enhanced innovation and creativity: A diverse and inclusive workforce can boost innovation and creativity within an organisation. Different backgrounds and experiences will lead to varied ideas and solutions, driving business growth and success in the FinTech sector.
Improved company reputation: FinTech employers that uphold diversity and inclusion values can enhance their reputation, making them more attractive to potential employees.
Increasing demand for specific roles in FinTech
Australia has experienced a surge in demand for roles such as IT and programmers, and cloud engineers in FinTech. Nursing, social workers and teachers, plus trades such as trades like plumbers and builders are increasingly in demand as well. This indicates a need for very specific skills in the Australian job market. But what does this mean for talent acquisition?
Transferable skills are key: Recruiters may need to broaden their search criteria to find the talent required. Developing a selection process that includes rigorous testing for technical competency and transferable skills will be crucial.
Collaboration: FInTech organisations might need to collaborate with educational institutions or participate in industry events to attract talent with the required skills. Building relationships with these entities can help create a pipeline of qualified candidates in the FinTech sector.
Social media’s a must-have hiring tool
According to a Seek survey, 91% of Australian recruiters are using social media to source candidates, making it an essential tool in the recruitment process. This trend is evident in the Australian FinTech sector, where companies are increasingly using platforms like LinkedIn to connect with potential hires. But what does this mean for talent acquisition?
An engaging online presence: FinTech companies need to leverage social media platforms to reach a wider pool of potential candidates. This involves creating an engaging online presence and using these channels for job postings and employer branding.
Reputation is everything: As social media becomes more crucial in recruitment, companies need to monitor their online reputation closely. Potential candidates often research company reviews and ratings online before applying, so maintaining a positive image is key.
Understanding these kinds of hiring trends can help you stay ahead in the competitive Australian FInTecht. It’s all about attracting the right talent and creating an environment where FinTech talent can thrive.
For more insights on hiring trends in Australia and the APAC region, download our full 2024 APAC Salary Guide.