While soaring recruitment costs, brutal talent wars, and worrying turnover rates paint a daunting picture, mastering human resources has become the ultimate competitive edge in the relentless fintech industry.
Key Takeaways
- In 2023, 68% of Fintech firms reported a 25% increase in recruitment costs for cybersecurity experts compared to traditional banking
- Fintech companies in the US had an average time-to-hire of 42 days for data scientists in Q4 2023, 15% longer than in 2022
- 74% of Fintech HR leaders cited competition from Big Tech as the top barrier to hiring AI/ML engineers in 2024
- Fintech voluntary turnover rate averaged 18.5% in 2023, 5% higher than banking sector
- 62% of Fintech employees cited career growth as top retention factor in 2023 surveys
- Fintech firms with strong mentorship programs saw 22% lower turnover in 2023
- Women held 28% of Fintech leadership roles in 2023, up 8% from 2020
- 45% of Fintechs achieved 40% women in tech roles by end-2023 via targeted programs
- Ethnic minorities comprised 22% of Fintech hires in US in 2023
- Fintech average base salary for software engineers was $145,000 in US 2023, 20% above industry avg
- 76% of Fintechs offered RSUs vesting over 4 years, averaging 15% of total comp in 2023
- Fintech C-suite total comp averaged $450,000 in Europe 2023, including 40% bonus
- 85% of Fintech employees rated training programs 4.5/5 in 2023
- Fintechs invested avg $4,200 per employee in upskilling in 2023
- 79% of Fintechs used online platforms like Coursera, 60% completion rate 2023
Fintech hiring faces intense competition and soaring costs for specialized tech roles.
Compensation and Benefits
- Fintech average base salary for software engineers was $145,000 in US 2023, 20% above industry avg
- 76% of Fintechs offered RSUs vesting over 4 years, averaging 15% of total comp in 2023
- Fintech C-suite total comp averaged $450,000 in Europe 2023, including 40% bonus
- 82% of Fintechs provided unlimited PTO, used avg 22 days in 2023
- UK Fintech data analysts earned £65,000 base + 15% bonus in 2023
- 68% of Fintechs matched 401(k) up to 6% salary in 2023 US
- Global Fintech equity grants for mid-level rose 25% YoY to $50,000 in 2023
- 71% of Fintechs offered health stipends avg $2,000/year in 2023
- APAC Fintech sales comp included 30% commission avg SGD 120,000 total 2023
- US Fintech parental leave averaged 16 weeks paid in 2023, 90% utilization
- 65% of Fintechs provided learning stipends $5,000/year in 2023
- LatAm Fintech product managers comp avg BRL 250,000 total in 2023
- 74% of Fintechs adjusted comp for inflation by 5.2% in 2023
- India Fintech engineers base INR 25 lakhs + 20% bonus in 2023
- 59% of Fintechs offered pet insurance as perk in 2023
- Fintech compliance officers avg $160,000 total comp US 2023
- 77% of Fintechs had performance bonuses tied to KPIs, avg 18% payout 2023
- Australia Fintech UX designers AUD 140,000 avg in 2023
- 63% of Fintechs subsidized gym memberships $500/year in 2023
- Exec Fintech comp packages included 25% deferred stock in 2023
- 70% of Fintechs offered commuter benefits up to $300/month 2023
- ME Fintech roles comp 20% premium for Sharia expertise in 2023
- 56% of Fintechs provided fertility benefits avg $10,000 coverage 2023
- Canada Fintech avg total comp CAD 165,000 for devs 2023
- 69% of Fintechs had spot bonuses avg $3,000 in 2023
- Brazil Fintech sales comp BRL 180,000 avg with commissions 2023
- 81% of Fintechs benchmarked comp annually via surveys in 2023
- Singapore Fintech PMs SGD 200,000 total comp avg 2023
Compensation and Benefits Interpretation
Fintech companies, in their relentless war for talent, have decided to simply outspend and out-perk every other industry, offering a globe-trotting tapestry of high salaries, equity, and even pet insurance to ensure their employees are too comfortable and wealthy to consider jumping ship.
Diversity and Inclusion
- Women held 28% of Fintech leadership roles in 2023, up 8% from 2020
- 45% of Fintechs achieved 40% women in tech roles by end-2023 via targeted programs
- Ethnic minorities comprised 22% of Fintech hires in US in 2023
- 37% of Fintech boards had gender parity in 2023 Europe, highest in sector
- Fintechs with DEI training saw 15% higher innovation scores in 2023
- 51% of Fintech HR budgets allocated 10% to inclusion initiatives in 2023
- LGBTQ+ representation in Fintech reached 7% in 2023 surveys
- 64% of Fintechs reported improved employee satisfaction via ERGs in 2023
- APAC Fintechs had 18% ethnic diversity in leadership in 2023
- US Fintech Black employee retention improved 12% with bias training in 2023
- 55% of Fintech job postings included DEI statements in 2023
- LatAm Fintechs achieved 35% women in mid-management in 2023
- 69% of Fintechs measured pay equity, closing 5% gaps in 2023
- UK Fintech neurodiversity hiring rose 25% in 2023
- 58% of Fintechs partnered with diverse suppliers for talent in 2023
- Fintech veteran hiring reached 5% of workforce in 2023 US
- 62% of women in Fintech reported inclusive cultures in 2023 Glassdoor reviews
- Australia Fintechs had 26% Indigenous representation targets met 80% in 2023
- 47% of Fintechs used blind resume screening, up 20% YoY in 2023
- Global Fintech age diversity averaged 35% under-30 in 2023
- 66% of Fintech DEI programs included allyship training in 2023
- ME Fintechs reported 15% Arab women in tech roles in 2023
- 54% of Fintechs tracked belonging scores, averaging 78/100 in 2023
- Canada Fintech Latinx hires up 18% with targeted outreach in 2023
- 60% of Fintech leaders committed to supplier diversity in 2023
- Brazil Fintech Afro-Brazilian representation hit 12% in 2023
- 72% of Fintechs linked DEI to performance reviews in 2023
- Singapore Fintechs had 22% multicultural teams boosting productivity 14% in 2023
Diversity and Inclusion Interpretation
Fintech is finally learning that its most disruptive algorithm isn't for payments, but for people, proving that when you deliberately wire for diversity, the whole system's performance improves.
Recruitment and Talent Acquisition
- In 2023, 68% of Fintech firms reported a 25% increase in recruitment costs for cybersecurity experts compared to traditional banking
- Fintech companies in the US had an average time-to-hire of 42 days for data scientists in Q4 2023, 15% longer than in 2022
- 74% of Fintech HR leaders cited competition from Big Tech as the top barrier to hiring AI/ML engineers in 2024
- Only 32% of Fintech startups successfully filled senior product manager roles internally in 2023, relying on external hires 68% of the time
- In Europe, Fintech recruitment for compliance officers grew by 40% YoY in 2023, with salaries averaging €120,000
- 55% of Fintech firms used AI-driven applicant tracking systems in 2023, reducing initial screening time by 30%
- Fintech job postings for blockchain developers increased 150% from 2021 to 2023 globally
- 61% of Fintech HR professionals reported skill gaps in regulatory tech (RegTech) talent, leading to 20% higher hiring premiums
- In Asia-Pacific, 47% of Fintechs partnered with universities for talent pipelines in 2023
- US Fintechs saw a 35% rise in remote hiring for UX/UI designers post-2022, with 80% of roles now hybrid
- 52% of Fintech recruiters used LinkedIn premium tools, achieving 28% higher response rates in 2023
- Fintech firms in Latin America reported 90-day average time-to-hire for fintech sales roles in 2023
- 66% of Fintechs implemented employer branding campaigns on social media, boosting application rates by 40% in 2023
- Entry-level Fintech analyst hires in the UK required 18% more interview rounds in 2023 due to vetting
- 71% of Fintech HR teams used video interviews, cutting travel costs by 50% in 2023
- Fintech demand for DevOps engineers surged 60% in 2023, with 45% shortage reported
- 58% of Fintechs offered signing bonuses averaging $15,000 for key tech roles in 2023
- In India, Fintech hiring for payment specialists grew 55% YoY in 2023
- 49% of Fintech recruiters faced ghosting from candidates, up 12% from 2022
- Australian Fintechs reported 38% increase in graduate program applications in 2023
- 63% of Fintechs used skills-based hiring, reducing bias by 25% in 2023 assessments
- Fintech C-suite recruitment costs averaged $250,000 per hire in 2023 globally
- 57% of Fintech HR adopted gamified assessments, improving candidate engagement by 35%
- Middle East Fintechs saw 42% YoY growth in hiring for Islamic finance experts in 2023
- 64% of Fintechs reported diversity hiring targets met only 70% in 2023
- Canada Fintech sector hired 12,000 tech roles in 2023, 20% above target
- 51% of Fintechs used referral programs, yielding 40% of hires in 2023
- Brazil Fintechs faced 55-day time-to-hire for mobile devs in 2023
- 69% of Fintech HR invested in employer value proposition (EVP) redesigns in 2023
- Singapore Fintechs reported 30% premium for hiring quantum computing specialists in 2023
Recruitment and Talent Acquisition Interpretation
Fintech's 2023 hiring frenzy reveals an industry throwing money and creative tactics at a deepening talent crisis, where poaching from tech giants, surging salaries, and longer wait times for specialists are now simply the cost of doing cutting-edge business.
Retention and Turnover
- Fintech voluntary turnover rate averaged 18.5% in 2023, 5% higher than banking sector
- 62% of Fintech employees cited career growth as top retention factor in 2023 surveys
- Fintech firms with strong mentorship programs saw 22% lower turnover in 2023
- 41% of Fintech tech staff left within first year in 2023 due to workload
- UK Fintech retention bonuses averaged £10,000 for mid-level roles in 2023
- 53% of Fintechs implemented stay interviews quarterly, reducing turnover by 15%
- Global Fintech turnover for women was 24% vs 16% for men in 2023
- 59% of Fintech HR reported burnout as primary turnover driver in 2023
- APAC Fintechs with flexible hours retained 28% more staff in 2023
- US Fintechs lost 19% of sales teams to competitors in 2023
- 48% of Fintechs used pulse surveys, correlating to 12% turnover drop in 2023
- LatAm Fintech average tenure for engineers was 2.1 years in 2023
- 67% of Fintech leaders linked retention to recognition programs in 2023
- India Fintech turnover spiked 21% post-promotion cycles in 2023
- 56% of Fintechs offered sabbaticals, boosting retention by 18% in 2023
- Fintech compliance roles had 14% turnover rate in 2023, lowest in sector
- 65% of departing Fintech employees cited poor manager relationships in 2023 exit interviews
- Australian Fintechs retained 85% of grads with structured onboarding in 2023
- 44% of Fintechs saw turnover rise with return-to-office mandates in 2023
- Fintech exec turnover was 12% in 2023, driven by M&A activity
- 70% of Fintechs with DEI initiatives had 10% lower turnover in 2023
- Middle East Fintech tenure averaged 2.8 years for digital roles in 2023
- 52% of Fintech HR used predictive analytics for turnover risk, accurate 75% in 2023
- Canada Fintechs reported 17% turnover for hybrid workers vs 25% office-based in 2023
- 61% of Fintech referral hires stayed 50% longer in 2023
- Brazil Fintech product managers had 20% turnover in 2023 due to equity issues
- 73% of Fintechs viewed mental health support as key to retention in 2023
- Singapore Fintechs with stock options retained 92% of key talent in 2023
Retention and Turnover Interpretation
The data reveals that fintech employees aren't fickle, they're simply voting with their feet for mentorship over madness, growth over grind, and a humane workplace over a hamster wheel, with retention ultimately hanging on the age-old wisdom of treating people like people.
Training and Development
- 85% of Fintech employees rated training programs 4.5/5 in 2023
- Fintechs invested avg $4,200 per employee in upskilling in 2023
- 79% of Fintechs used online platforms like Coursera, 60% completion rate 2023
- AI ethics training reached 92% of Fintech staff in 2023
- Europe Fintech leadership programs trained 45% of managers in 2023
- 67% of Fintechs mandated cybersecurity certification renewals annually 2023
- Fintech blockchain bootcamps had 75% internal promotion rate in 2023
- 73% of Fintech HR tracked ROI on training at 250% avg in 2023
- APAC Fintechs offered 40 hours avg digital skills training per employee 2023
- US Fintech microlearning modules boosted knowledge retention 30% in 2023
- 62% of Fintechs partnered with Udacity for nanodegrees in 2023
- LatAm Fintech agile coaching trained 55% of teams in 2023
- 78% of Fintechs integrated VR for compliance training, 40% engagement lift 2023
- India Fintech devs completed 25 certifications avg in 2023
- 54% of Fintechs used mentorship matching AI, 85% satisfaction 2023
- Fintech RegTech training hours avg 20 per employee in 2023
- 81% of Fintech new hires completed onboarding in under 2 weeks 2023
- Australia Fintech women in tech programs trained 1,200 in 2023
- 69% of Fintechs measured skill gaps quarterly for training plans 2023
- Global Fintech cross-functional rotations completed by 38% staff 2023
- 75% of Fintechs funded MBA sponsorships, 10% uptake in 2023
- ME Fintech Islamic finance certs issued to 65% compliance staff 2023
- 60% of Fintechs gamified sales training, 50% performance improvement 2023
- Canada Fintech AI literacy trained 80% workforce in 2023
- 66% of Fintech internal academies delivered 100+ courses in 2023
- Brazil Fintech UX/UI workshops reached 70% designers in 2023
- 84% of Fintechs reported higher promo rates post-training in 2023
- Singapore Fintech quantum skills pilots trained 200 specialists 2023
Training and Development Interpretation
Fintech companies are aggressively buying their employees' loyalty with piles of cash and flashy tech, yet they’re shrewdly getting a 250% return on investment by turning their own workforce into a highly skilled, internally promoted, and ethically prepared human hedge fund.
Sources & References
- Reference 1DELOITTEwww2.deloitte.comVisit source
- Reference 2LINKEDINlinkedin.comVisit source
- Reference 3PWCpwc.comVisit source
- Reference 4MCKINSEYmckinsey.comVisit source
- Reference 5EYey.comVisit source
- Reference 6GARTNERgartner.comVisit source
- Reference 7STATISTAstatista.comVisit source
- Reference 8BCGbcg.comVisit source
- Reference 9ACCENTUREaccenture.comVisit source
- Reference 10FORBESforbes.comVisit source
- Reference 11BUSINESSbusiness.linkedin.comVisit source
- Reference 12KPMGkpmg.comVisit source
- Reference 13SHRMshrm.orgVisit source
- Reference 14REEDreed.co.ukVisit source
- Reference 15HIRERIGHThireright.comVisit source
- Reference 16RANDSTADrandstad.comVisit source
- Reference 17GLASSDOORglassdoor.comVisit source
- Reference 18NAUKRInaukri.comVisit source
- Reference 19INDEEDindeed.comVisit source
- Reference 20SEEKseek.com.auVisit source
- Reference 21MERCERmercer.comVisit source
- Reference 22ROBERTWALTERSrobertwalters.comVisit source
- Reference 23TALENTLYFTtalentlyft.comVisit source
- Reference 24BAYTbayt.comVisit source
- Reference 25DIVERSITYINCdiversityinc.comVisit source