London remains a hotspot for fintech jobs, facing strong competition from Amsterdam, Paris, and Geneva. The fintech market is highly candidate-driven, with top talent typically receiving two to four job offers.
That is according to Harrington Starr, a recruitment firm specialising in financial technology, which has delved into trends into the current job market.
Harrington Starr’s 2024/25 salary survey provides an analysis of the current job market, highlighting both challenges and opportunities. The London, Belfast and New York-based recruitment firm offers a deep-dive into salary trends, hiring practices, as well as market dynamics amid economic recovery.
In the survey, Toby Babb, CEO and co-founder, remarks on the “green shoots of recovery” visible halfway through 2024, with investment flowing back into the tech and fintech sectors.
He outlines that strong candidates can expect multiple offers, reminiscent of the competitive job market in 2022, and advises companies to offer fair market rates and comprehensive packages to attract top talent, cautioning against unsustainable bidding wars.
“The message to employers is to pay a fair market rate,” writes Babb. “To present strong all-round packages and to create an interview and on-boarding process that makes it easy to say yes to your business. I have never agreed with bidding wars and I strongly believe that companies should not gamble their long term profitability but over paying for average talent.”
Reflections
Ian Bailey, VP at Harrington Starr reflects on the past year’s turbulence, marked by economic challenges that led to reduced growth hires and fewer vacancies. Despite this, the demand for individual contributors with established networks has remained high. Bailey predicts a more robust job market in the latter half of 2024, driven by increasing investor confidence and strategic senior hires.
“The availability of talent often meant that firms have been less inclined to hire on potential, opting instead for ‘the finished article’ and someone who would ‘hit the ground running’,” he said. “Whilst this always seems like the logical thing to do, I believe it will lead to retention problems when the market turns (as it always does) with new candidates either feeling they are stagnating by not learning new skills, or not earning as much as they could elsewhere
Rob Grant, COO at the recruitment firm, discusses the significant layoffs and economic instability of the past 18 months. He notes that 2024, despite a slow start, shows signs of market stabilisation.
“2024, despite a relatively slow, start is showing some extremely encouraging signs as we head into the second half of the year,” he said. “As things begin to stabilise, it will be interesting to see how salaries will reflect the friction between clients looking to promote a return to office culture and candidates who have quickly embraced the “brave new world” of hybrid and remote working. There’s a creeping sentiment that candidates feel a premium should be added if flexibility is reduced.”
Diversity matters
Nadia Edwards-Dashti, CCO and co-founder at Harrington Starr, underscores the importance of advancing gender pay equity. She outlines five strategies to promote fair compensation for women, stressing the need for an inclusive work environment and equitable pay practices.
“Businesses must be willing to be open and transparent about such matters to attract and retain the best talent. Those who understand this are paving the way for reducing the gender pay gap,” she says.
The Harrington Starr Financial Technology Salary Survey 2024/25 offers an interesting overview of the fintech job market as it navigates economic recovery. The insights from this survey are crucial for employers and job seekers aiming to succeed in a competitive and evolving industry.
