Summary. The Singapore Technology Talent Report 2024 highlights key challenges in FinTech talent management, including disruption from generative AI, skills gaps, and misaligned employee value propositions. AI is expected to boost efficiency by 22-30% while creating new roles requiring cross-disciplinary skills. The report emphasizes the importance of rethinking FinTech talent strategy through HRIS solutions to automate workforce planning, support continuous development, and ensure compliance. Companies must adapt to changing employee expectations regarding benefits, flexible work arrangements, and career development opportunities.
Financial technology is one of the most exciting and dynamic industries in the world right now. New products, shifting customer expectations and rapid-fire regulations are all part of it, and managing FinTech talent strategy has never been more challenging.
This was made clear in the Singapore Technology Talent Report 2024, which looked at the disruptive forces organizations need to be aware of, as well as opportunities within FinTech to get a leg up on the competition.
Once such avenue for success with FinTech talent management is through leveraging human resources technology like HRIS systems. In this piece, we’re going to walk you through the findings from the Singapore Technology Report and offer some solutions to consider for FinTech organizations looking to remain competitive.
Key Findings of the Singapore Technology Talent Report 2024
The Singapore Technology Talent Report 2024 highlights several key trends and FinTech talent strategy challenges shaping the talent landscape in the FinTech industry. From the impact of AI to a quickly-changing regulatory environment, the report called attention to these key areas:
Disruption from Generative AI (GenAI)
- Automation of tasks: GenAI is automating many tasks, leading to concerns about job displacement and the need for reskilling and upskilling initiatives. According to the report, AI promises a 22-30% boost in efficiency but remains concerning for its governance and social impacts in the workplace.
- Emergence of new roles: GenAI is also creating new roles and opportunities to be incorporated into, requiring cross-disciplinary skills in areas like data science, AI ethics, and prompt engineering.
Skills gaps
- Increased demand for behavioral and cross-functional skills: The report emphasizes the increasing importance of behavioral skills, such as communication, collaboration, and problem-solving, as well as cross-functional skills that bridge technology and business domains.
- Lack of structured development: Many organizations lack structured frameworks for tracking and developing these skills, hindering their ability to adapt to the changing talent needs of the FinTech industry.
Learn more: Shrinking Employee Performance Gaps Through Analysis and Continuous Learning
Employee Value Proposition (EVP) misalignment
- Disconnect between employee expectations and employer priorities: There's a disconnect between employee expectations and employer priorities regarding EVP. Employees are increasingly prioritizing benefits like learning and development (L&D) budgets, flexible leave policies, and comprehensive health benefits, while employers may be lagging in these areas.
- Attracting and retaining talent: This misalignment can make it challenging to attract and retain top talent, especially in an increasingly competitive market. The report noted that employees rank both “opportunity” and “reward” as their highest motivating factors.
Workforce engagement and retention
- Generational differences: Different generations have varying expectations and priorities in the workplace, complicating retention FinTech talent strategy. Younger generations may prioritize purpose-driven work and work-life balance, while older generations may value stability and career progression.
- Demand for flexibility: The report highlights the high demand for work-life balance and flexible work arrangements, with many organizations struggling to deliver tailored experiences that cater to diverse employee needs.
Regulatory and technological challenges
- Governance and risk management: Regulatory pressure is increasing on FinTech companies to strengthen governance and risk management practices, requiring talent with expertise in these areas.
- Ethical AI and risk literacy: The report emphasizes the need for comprehensive training programs to develop ethical AI practices and enterprise risk literacy among employees, ensuring responsible innovation and mitigating potential risks.
Read next: 6 FinTech Industry Challenges & How Omni’s Global HRIS Solves Them
Tips on Progressing Your Fintech Talent Management
The findings of the Singapore Technology Talent Report 2024 underscore the need for FinTech leaders to rethink their FinTech talent management and adapt to the evolving needs of the industry. Here are some key tips to guide your FinTech talent strategy efforts:
Rethinking talent management
Traditional FinTech talent management approaches often focus on linear career paths and standardized development programs. In today's dynamic FinTech landscape, a more agile and personalized approach is needed.
Encourage a culture of continuous learning and development, providing employees with opportunities to acquire new skills, adapt to technological advancements, and stay ahead of the curve.
Shift your FinTech talent strategy focus from traditional job titles and roles to the specific skills and competencies needed to succeed in the FinTech industry. This allows for greater flexibility in talent deployment and career development.
Embracing tech-driven talent optimization
Use HR technology, such as FinTech talent management platforms and AI-powered tools, to streamline HR processes, analyze data, and make informed decisions about talent acquisition, development, and retention. Gather data on employee skills, performance, and aspirations to identify trends, predict future needs, and personalize development plans.
Explore AI-powered solutions for talent acquisition, such as resume screening and candidate matching, to improve the efficiency and effectiveness of your hiring process.
How HRIS Solutions Can Benefit Your Fintech Talent Strategy
In the ever-evolving FinTech landscape, HR Information Systems (HRIS) are a strategic asset that can empower your FinTech talent strategy and drive your organization’s success. Today’s HR is about more than administrative tasks—it's about holistic organizational strategy, and the right HRIS can make all the difference for HR departments looking to offer organizational leadership.
Learn more: How Does HR Contribute to Business Success? Strategies for Growth
Automating workforce planning
Data-driven insights: An HRIS provides valuable data and analytics on your FinTech talent strategy, enabling you to identify skills gaps, predict future talent needs, and make informed decisions about hiring and resource allocation.
Strategic forecasting: Use your HRIS to forecast workforce requirements based on business growth projections, market trends, and internal mobility patterns. This will help your organizational leaders plan long-term FinTech talent strategy and minimize reactionary tendencies.
Succession planning: Identify and develop high-potential employees for future leadership roles through performance data and talent assessments tracked within the HRIS.
Foster continuous development
Learning Management Systems (LMS) integration: Integrate your HRIS with a Learning Management System (LMS) to provide employees with access to relevant training programs, courses, and development resources.
Personalized learning paths: You can use data from your HRIS to personalize learning paths and recommend development opportunities based on individual employee skills and career aspirations.
Performance tracking: Track employee performance and identify areas for improvement, enabling targeted development initiatives and coaching programs.
Enhancing EVP with tailored rewards
Compensation management: Your HRIS can manage compensation and benefits programs, ensuring fairness, transparency, and compliance with local regulations.
Personalized benefits: Offer personalized benefits packages based on employee preferences and needs, using data from the HRIS to tailor offerings and improve employee satisfaction.
Performance-based incentives: Design and manage performance-based incentive programs, tracking employee achievements and rewarding high performers.
Improving cultural fit and engagement
Onboarding and culture integration: Streamline the onboarding process and facilitate cultural integration for new hires through automated workflows, online training modules, and access to company resources within the HRIS.
Employee surveys and feedback: Conduct employee surveys and gather feedback through the HRIS to understand employee sentiment, identify areas for improvement, and foster a positive and inclusive work environment.
Communication and collaboration: Use your HRIS to facilitate communication and collaboration among employees, promoting a sense of community and shared purpose.
Streamlining flexible work arrangements and remote hiring
Remote work management: Support remote work arrangements and manage distributed teams effectively through features like time tracking, performance monitoring, and virtual communication tools integrated within the HRIS.
Global hiring: Facilitate global hiring by managing international payroll, benefits, and compliance requirements through a global HRIS solution.
Integrating compliance and risk management
Compliance tracking: Monitor compliance with labor laws, tax regulations, and data privacy standards through automated workflows and alerts within the HRIS.
Risk mitigation: Identify and mitigate potential risks related to employee safety, data security, and workplace harassment through comprehensive reporting and analytics.
Data security: Ensure your HRIS has robust security measures in place to protect sensitive employee data and comply with data privacy regulations.
How Omni Empowers FinTech Leaders for Success
In an era where AI promises up to 30% efficiency gains and employee expectations are rapidly evolving, staying ahead of FinTech talent management isn’t just about hiring; it’s about building a future-ready workforce.
Take Reap, for example, who achieved 5x faster onboarding and saved 2 hours per week on leave management through automated workflows and streamlined processes.
"I'm blown away by Omni's commitment to build better HR software to help businesses resolve their HR challenges. We are able to customize the system based on our company's needs, which I can't say would have been possible with other bigger players in the market. For any fast-growing companies out there, Omni is the HR system for you." - Sally Fu, Operations & Finance Manager at Reap
Read more about Reap's success here!
Join forward-thinking FinTech leaders who are:
- Automating their workforce planning with data-driven insights.
- Streamlining global hiring across the APAC region with multi-country payroll and bank-grade security.
- Supporting remote work with integrated time tracking and performance monitoring.
- Ensuring compliance with local regulations through automated workflows and comprehensive reporting.
Don’t let manual operations further hinder your FinTech talent strategy. Schedule a demo with our team today and discover how Omni can help transform your HR operations.
