Shortage of Fintech Specialists in Latin America Rises to 48%

The fintech sector in Latin America, which emerged as a disruptive alternative to the banking sector, offers a range of solutions that facilitate the user experience and integrate those who are excluded from the financial system, but faces the demand of finding and retaining the right human talent.

Data from the Inter-American Development Bank (IDB) reveal that 2021 closed with record figures for fintech investment in Latin America, exceeding US$15.7 billion and tripling the amount reached a year earlier.

In this scenario, the challenge for fintech companies is that IT talent is one of the most demanded in the regional market and also the most rotated of all economic sectors.

In its study “Fintech in Latin America: Opportunities and challenges from the IT talent”, the recruitment consultancy PageGroup found that 47% of the companies in the fintech sector do not exceed 10 employees and that the shortage of talent in the region amounts to 48%.

The profiles most sought after by companies are Full Stack Developer, Scrum Master, and Mobile Engineers Developers, with an average permanence in the position of one year. They are followed by Software Architects with an average stay of two years in the position.

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In turn, selection and hiring is 100% virtual in 80% of the fintech companies with a presence in Latin America

The process is usually agile in communication and presentation of candidates; very oriented to the weighting between skills and technical knowledge and, finally, assertive in the consideration of applicants and prioritizing quality versus quantity of evaluated profiles.

In the technology market, it is important to have an agile recruitment process, where the candidate’s technical capacity and adaptation to the company’s culture can be evaluated in the shortest possible time.

A good practice that the rest of the sectors could take from fintech is that the only interview is in panel mode, that is, all decision-makers participate and the candidate is challenged in his or her adaptability, influence, and decision-making capacity.

On the other hand, fintech companies stand out for prioritizing the results and well-being of their employees, and this is reflected in the benefits they offer: Salary in local currency, dollars and/or cryptocurrencies, company shares, lunch reimbursement, referral bonus, unlimited time off, remote and asynchronous work, volunteer days, child, adult and pet care, extended maternity and paternity leave, medical coverage, discounts at gyms and training and language courses.

“The search for technology talent in fintech has more than doubled by 2022. This represents a big challenge for the entire market. Finding the ideal profiles and with the diversity necessary for the development of an organization leads companies to create more efficient recruitment solutions and better loyalty strategies,” mentioned João Nunes, Managing Director Head of Strategic Markets LATAM.

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(Featured image by Innovalabs via Pixabay)

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First published in E&N, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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