The fintech industry is evolving at lightning speed, fueled by advancements in decentralised finance (DeFi), emerging payment technologies, embedded finance, AI, and a new focus on efficiency and enhanced customer experiences. All these innovations have one thing in common—they generate intense demand.
As companies race to complete projects and push the boundaries of innovation, the need for skilled contract workers has skyrocketed. However, much like fintech recruitment for permanent roles, attracting the best contractors in this highly competitive market is a challenging task. Demand for specialised talent is booming, and companies compete fiercely to secure the right professionals.
In this guide, we'll explore why contractors have become so essential to the fintech industry, discuss the competitive aspects of this market, and share practical strategies for attracting the talent needed to keep your projects on the cutting edge.
Understanding the Current Contracting Market
Fintech recruitment has always thrived on creative hiring strategies. Leading financial tech firms are recognised for their cutting-edge technology and ability to adapt and find the best talent in a constantly changing environment.
Over the past five years, the fintech sector has experienced significant growth, with experts predicting that the industry will triple in size over the next decade. Companies began reporting strong growth in the first half of 2020 compared to 2019, highlighting the industry’s resilience and steady rise—and the development hasn't stopped since, only accelerating.
Contract workers have become an essential part of the fintech workforce. As companies face increasing demands for innovation and project completion, they turn to contract workers to fill key roles requiring specialised skills. Unlike permanent employees, contractors offer flexibility and bring expertise exactly when needed.
Three factors are currently driving the need for contractors in fintech:
The Growth of Fintech: The fintech industry is expanding quickly, driven by technological advances and increased investment. As the industry grows, so does the demand for specialised roles like blockchain developers, data scientists, and cybersecurity experts.
The Need for On-Demand Skills: Fintech companies increasingly rely on contract workers to keep up with ongoing changes. These professionals bring valuable industry knowledge and project-specific expertise to drive innovation and achieve objectives.
Shifting Work Styles and Expectations: The workforce is changing, with more professionals opting for the flexibility and independence that contracting offers. This shift means fintech contractors now have more choices and bargaining power in the job market, making it more challenging for companies to attract and keep the best talent.
Contract workers are now a key part of the fintech industry. Many leading organisations are eager to benefit from contract workers' specialised skills, intensifying competition for these professionals.
As the workforce continues to change, the flexibility of contracting has shifted the advantage to fintech candidates. Contractors often already have the skills and experience your business needs, so the real challenge is standing out and attracting top fintech contractors in this competitive market.
Top 5 Strategies to Attract Top Fintech Contractors
The power may fall on contractors in the industry to decide where they should put their specialised skills to work, but this shouldn't mean that businesses shouldn’t work on attracting techniques. If the future of fintech recruitment is contractor-based, improving and tailoring strategies to their needs is imperative in their attraction.
Let’s explore five key strategies to ensure your business stands out and attracts top fintech contractors.
1. Build a Strong Employer Brand:
Employer branding is an essential part of any hiring strategy. It’s not just a checklist item; it’s crucial for attracting and retaining the right people. A strong employer brand helps you effectively communicate what makes your company a great workplace and why top professionals should consider joining your team.
For fintech contract workers, a compelling employer brand can be a game-changer. They’re looking for more than just a paycheck—they want to work with companies that align with their values, provide growth opportunities, and offer an excellent work-life balance. Highlighting what makes your company unique and different from others can be the key to catching their interest and making them want to be part of your team.
When contractors look for their next project, they consider more than just the salary. The way companies present themselves can make a big difference. Imagine two fintech companies offering similar projects but with very different approaches to supporting their contractors.
Example 1: Basic Offer Company A, a respected name in fintech, offers a contract role to a contractor with ten years of experience. They provide a competitive salary but little beyond that—no flexible work options, no additional benefits, and standard project parameters with limited room for flexibility.
Example 2: Attractive Offer Company B, another prominent fintech firm, also wants this contractor. Their offer includes a competitive salary, but they go further by offering flexible working hours, remote or hybrid work options, and opportunities for professional development. They also provide a variety of projects to keep the work engaging and aligned with the contractor’s interests.
If you were the contractor, which offer would catch your eye: the straightforward package from Company A or the more flexible and supportive offer from Company B?
Why Employer Branding Matters
How a company is perceived can significantly influence its ability to attract top talent. It’s not just about having a good salary offer; it’s about showing potential contractors what makes your company a great workplace. A strong employer brand helps convey your company's values, culture, and unique benefits, which can be a deciding factor for many contractors.
Fintech organisations can begin to build a strong employer brand for contractors in fintech by:
- Design Attractive Packages: Create contract offers that go beyond just competitive pay. Include flexible working conditions, diverse project opportunities, and perks like professional training and career development.
- Highlight Your Work Culture: Show what’s unique about your work environment. Share details about your team, your company values, and the positive impact of the work.
- Promote Flexibility: Offer remote or hybrid work options to appeal to contract workers who value flexibility and work-life balance. This shows that your company is modern and accommodating.
- Showcase Growth Opportunities: Even for contract roles, make it clear that there are chances for professional growth and skill development. Provide access to training, mentorship, and opportunities to advance.
- Share Testimonials: Let current or past contractors tell their stories. Positive feedback from people who’ve worked with you can help build your company’s reputation and attract new talent.
Fintech companies can make themselves more appealing to skilled contractors by focusing on these areas. A strong employer brand helps you stand out and attract the right people for your projects.
2. Implement Data-Driven Recruitment:
If you're looking to hire a skilled fintech contractor but don’t understand key market components—like when to hire, salary benchmarks, and general talent availability—your chances of attracting them in a particularly competitive and organisation-dominated industry are slim. While developing attraction strategies is important, sometimes you can’t just sit and wait for contractors to come to you. You have to be proactive.
Implementing data-driven recruitment strategies in fintech recruitment can significantly enhance your ability to attract top talent. Here are a few examples of how these strategies can make a difference:
Identifying the Best Time to Recruit Contract Workers
One way to enhance fintech hiring with data-driven recruitment is to pinpoint the best times to hire contractors. Companies can make smarter decisions by analysing trends in contractor availability and industry hiring cycles.
Take the start of the fiscal year, for example. Technology can highlight this as an ideal time to hire because contractors are planning their schedules for new projects, and companies are finalising budgets and project plans.
By using data tools to time recruitment efforts around these periods, you can tap into a larger pool of available talent, boosting your chances of finding the right professionals.
Determining the Right Salary Range
Another area where data-driven strategies are beneficial is in determining competitive salary offers. Platforms like Glassdoor and Payscale provide detailed salary benchmarks tailored to specific roles and regions. Using this data, fintech organisations can ensure their salary offers are competitive and aligned with current market expectations.
This can be a very significant element in your attraction strategies. It is particularly important in specialised fields such as blockchain development or cybersecurity, where skill demand can increase. A well-researched, competitive salary is key to standing out in the market and attracting top talent.
Anticipating Future Hiring Needs
Predictive hiring tools such as SAP SuccessFactors and Workday can further enhance fintech recruitment efforts by helping organisations anticipate future hiring needs and identify potential talent pools.
By analysing historical data and monitoring industry trends, these tools can forecast when and where the demand for specific skills will increase. This allows organisations to engage with contract workers before they become highly sought-after, ensuring they can access the right talent when needed.
Tailoring Your Employer Brand
Data-driven recruitment can also refine your employer brand to attract contractors. Insights from platforms like LinkedIn Talent Insights can reveal what contract workers value most, such as flexible working conditions, opportunities for upskilling, or project diversity. Understanding these preferences allows you to tailor your recruitment messaging, making your organisation more appealing to the contractors you want to attract.
If your hiring teams focus on incorporating these insights into your employer brand, you'll be better positioned to connect with top talent.
3. Engage with Niche Talent Communities:
Even with a strong employer brand, attracting top fintech contractors often requires more than just presenting a compelling image. Networking and engaging directly with niche talent communities can significantly enhance your recruitment efforts.
Fintech contractors are often deeply embedded in industry-specific circles and are likely to participate in specialised forums and events. To reach these professionals, immerse yourself in the spaces where they congregate. Attend key fintech conferences like the fintech Talents Festival, Web Summit, and FinovateEurope, where you can connect with potential contractors and stay informed about the latest industry trends. These events are great for networking and offer a platform to showcase your company’s unique offerings and values.
In addition to in-person events, be active in online fintech communities. Participate in forums and social media groups dedicated to fintech topics. By contributing to discussions and sharing insights, you can build relationships and establish your presence within the industry. This online engagement helps to reinforce your employer brand and demonstrates your company’s commitment to the fintech sector.
Getting involved in both physical and virtual industry spaces helps elevate your profile and signals that your company is a key player in the fintech arena. This proactive approach can make a significant difference in attracting and retaining the right contractors.
4. Highlight Innovative Projects and Technologies
To attract top fintech contract workers, you need to spotlight what truly excites them: the innovative projects and cutting-edge technologies your company is working on. Contractors are drawn to roles that let them engage with the latest tools, tackle complex problems, and be part of something groundbreaking. By showcasing these aspects, you can make your company stand out and appeal to those eager to make a real impact in fintech.
In fintech recruitment, it’s important to understand what contractors are looking for. They’re often interested in projects that push the boundaries of technology, such as developing new blockchain solutions, enhancing AI for predictive analytics, or creating next-generation digital payment systems.
Contract workers are motivated by opportunities to work on innovative initiatives that have the potential to shape the future of finance. They want to be involved in work that challenges them and helps them grow professionally.
Here’s how to present these opportunities effectively:
- Highlight New Technologies: Share what you’re working on, like blockchain advancements, AI for fraud detection, or real-time payment solutions. Even if you can’t share every detail, letting contractors know you’re involved with the latest tech grabs their attention.
- Emphasise Innovation: Discuss your projects in emerging areas like decentralised finance or next-gen digital payment systems. This will help contractors see that you’re ahead of the curve and invest in the future of finance.
- Showcase Skill Development: Make clear how your projects offer chances for contract workers to grow their skills and tackle exciting challenges. This way, they know joining your team means more than just a job—it’s an opportunity to advance their career.
- Share Your Vision: Share your plans for the future with potential hires, whether it’s integrating smart contracts or exploring new financial technologies. Contractors who are passionate about shaping the future will find this particularly appealing.
While it’s easy to focus on what contractors can bring to your company, remember it’s equally important to consider what you can offer them. Promote your innovative projects and technologies through job adverts, social media, and direct communications. By being upfront about the exciting work you’re doing and how it will benefit their careers, you’ll attract the kind of talented professionals who are ready to dive into fintech recruitment and make a significant impact.
5. Partner with a Specialist fintech Recruitment Specialist
Attracting top fintech contract workers can be a significant challenge due to the high demand for specialised skills and intense competition among companies. As the need for professionals with both financial and technical expertise continues to grow, finding the right talent becomes increasingly difficult. For project-based work, having contractors with the right skills is crucial, but it’s equally important that they fit with specific project needs and timelines.
This is where a specialist fintech recruitment agency becomes invaluable. These agencies deeply understand the fintech sector and its unique demands. They don’t rely solely on standard attraction strategies but proactively connect with skilled contract workers through their extensive networks.
Here’s how their network makes a difference:
- Wide-Ranging Connections: Specialist fintech recruitment agencies have extensive networks of highly skilled contractors. They maintain relationships with professionals who might not be actively looking for new roles but are open to the right opportunity. This access to a broad pool of talent is essential for finding the right fit for your projects.
- Proactive Outreach: These agencies don’t wait for candidates to come to them. They actively engage with their network to identify and attract top talent before they enter the general job market, giving you a competitive advantage.
- Tailored Talent Pools: With their in-depth knowledge of fintech roles and requirements, these agencies can quickly identify candidates who meet your technical needs and align with your company’s culture and project objectives.
- Strategic Timing: They understand market trends and contractor availability, allowing them to time recruitment efforts for maximum effectiveness.
By partnering with a specialist fintech recruitment agency, you gain access to a well-curated network of contract workers and a proactive approach to talent acquisition. This ensures you can find and secure the right professionals to drive your fintech projects forward.
Fintech Recruitment: Closing Insights on Attracting Top Talent
With fintech recruitment evolving and the need for project-based skills on the rise, attracting top contractors has become more challenging. Contract workers are in high demand, and their specialised skills are becoming increasingly vital to the industry's future. Given the growing competition for this talent, implementing a focused and specialist strategy is more important than ever.
By tailoring your approach to meet contractors' needs and highlighting what makes your opportunities unique to interested industry talent, you can stand out and secure the top professionals needed to drive your projects forward.
Partner for Values-Driven Contractor Success
At Harrington Starr, we’re dedicated to aligning fintech recruitment solutions with your core values and project needs. We understand that attracting the right contractors goes beyond matching skills to job descriptions.
Our commitment to positivity, excellence, and continuous improvement means we meet your immediate recruitment needs and contribute to the long-term success of your projects by ensuring a perfect fit on both a technical and cultural level.
Contact us today to find out how we can connect you with top-tier talent who will drive your projects forward and support your strategic objectives.
