As a direct result of working from home, jobseekers are being offered roles overseas under the proviso they can work remotely. In turn, this means that recruiters can seek preferred candidates regardless of location.
One specialised recruiter seeing the benefit of remote working is 3Cubed, which has been looking after clients and candidates in the fintech space for more than four years. Helen Brown and Harriet Grant, co-founders of the augmented, immersive and data-driven technology recruitment company have seen great opportunity stem from remote working in the AI and machine learning categories. With a strong client base in cryptocurrency and blockchain, 3Cubed has noticed a marked change in the scope of candidates now on offer for start-ups interested in engineers with a specific set of skills.
‘It is common for applicants to be reluctant to want to relocate for a role for personal reasons, due to financial implications, family upheaval or acclimatising to an unfamiliar place,’ Helen explains. ‘However, working from home has meant that candidates can be sure that their current role is worth making the move for after being given the opportunity to start remotely. As a result, potential placements have risen by around 10 percent.’
For employers, the candidate pool is significantly expanded; they are more likely to attract who they want, regardless of postcode. This is a huge benefit for tech companies who require specialist engineers and technicians.
Remote working also brings a monetary advantage for fintech start-ups in terms of rent and office space, as they no longer need to be based in pricey tech hub locations to attract specialists (who often reside in those areas for employment). Dually, such specialists have the option to move from those areas and still be confident they will attract the desired roles. From a broader standpoint, this could lead to a global increase in tech companies – and therefore roles – as less funding may be needed to become a success.
Helen also pointed out that the fintech industry appears to be at a time of growth, which has led to more roles being available. ‘We have noticed consistent maturation when it comes to our cryptocurrency and blockchain operations. The increased preference to use contactless, remote and paperless payment and banking systems in reaction to virus spreading will arguably have had some influence on the renewed popularity of software-based banking. When you factor this in with the opportunities that working from home has presented to our clients and candidates, it is a good time to be in the fintech industry.’
In order to further support careers in the Fintech industry, The Fintech Power 50 have recently announced their Fintech Kickstart Scheme that aims to help provide new employment opportunities to 16-25 year old’s. The scheme falls under the UK governments Kickstart Programme that launched in September, however in order for companies to take part they had to be able to take on a minimum of 30 placements, which excludes many fintech companies who do not have the resources or scale to support that many new employees. To combat this, the Power 50 is to act as a gateway representative for the programme, allowing companies as little as one placement as well as offering support throughout the process.
The placements last for 6 months and are fully funded by the government, who will pay the minimum wage for 16-24 year old’s for up to 25 hours a week, plus NI and auto enrolments. The government will also pay a £1500 per placement grant to employers to go towards set up costs, equipment and training. The Power 50 have teamed up with several key companies across the sector in order to help fintech’s access this scheme where otherwise the likely wouldn’t have been able to, and already have from Confused.com, Omnio, Openpayd, Clearbank, Contis, Confused.com and Funding Options to take on placements, with many more joining every day.
Apply to be considered for a placement here