Michael Page survey: Is China facing an acute Fintech talent shortage?

According to the latest China Fintech Employment 2018 Report, released by specialist recruitment firm – Michael Page China, 92% of Fintech companies surveyed agreed that China is facing an acute shortage of professional Fintech talent right now. In addition, the majority of respondents (38%) view the quality of talent as a critical factor to the sustained success in the industry.

The feedback from the Fintech community indicate that most foresee Fintech will play an important role in China’s economic future, with an overwhelming 92% anticipating a positive impact of this industry.

Optimistic about the employment opportunities in Fintech ventures for Chinese professionals, Rupert Forster, Managing Director of Michael Page North and East China, says, “Within Fintech, we are observing a growing demand for talent with skills relating to Artificial Intelligence, machine learning and deep learning. These skills are also sought after in sectors outside of Fintech, such as other Chinese Internet companies, creating a wider talent gap in the market.”

Through the survey, the recruitment of Fintech talent was found to be a challenging experience, with 85% of employers expressing difficulties. As cited by 45% of respondents, the largest hurdle for them remains the shortage of necessary skills available. Retaining these professionals is not easy either as 47% of those surveyed stated that they had changed jobs in the last 12 months.

Addressing the talent crunch, Rupert Forster explains, “The gap between employer demand for skills and the available talent is not a problem exclusive to Fintech. We see this across many sectors which is purely a reflection of the fast-growing, innovative nature of modern China. The most successful companies are those who are able to implement in-house talent development programs.”

With Fintech often facing the challenge of keeping up with new technology, Max Liu, Co-Founder & CEO of EMQ says that when hiring, they look for candidates with the right attitude and are comfortable with change. Ideally, potential Fintech employees who can think independently and are proactive problem solvers will also have an advantage.

In order to attract the best Fintech candidates, professionals in this space expressed that their top motivations are strong career path (29%), right company culture fit (24%) and salary (17%). Of which, 44% of respondents say that they expect salary increments ranging from 21 – 30% when securing a new job.

To ease this acute talent shortage in Fintech, “Talent from other industries are motivated to move into Fintech if the firms can provide competitive salaries, good employment packages and strong technology platforms. They also consider the less tangible qualities such as employer branding, company values as well as work environment and culture. We have seen candidates from the traditional financial services market with the necessary advanced technology skills successfully transfer to Fintech,” observes Rupert Forster.

Editor’s Notes: China’s rapid progress in financial technology and fast-paced innovations has fueled the gap between skills demand and talent availability in the recent years. This is particularly evident in the payment processing sector, which represents a large part of the Fintech industry and the drive towards a cashless China. In view of this trend, the China Fintech Employment 2018 Report was published to identify key sentiments of the Chinese workforce. The report surveyed 734 employers and employees across China’s most technologically-advanced cities – Shanghai, Beijing and Shenzhen. Please download the Michael Page China Fintech Employment 2018 Report here.

Michael Page