Winning the War for Fintech Talent in 2022: Compensation Issues
As the Crypto and Fintech companies compete for talent, they are finding different challenges these days. Working for the equity or tokens, or passion for the cause is no longer enough to woo and retain talent. With the recent growth of VC funding, many companies are upping their compensation and perks to stay competitive. Here at AC Lion, we are front line in seeing the changes in the industry every day.
“Crypto Talent Wars Fuel Sweeter Salaries, Better Perks for Employees,” the recent article on Theinformation.com, quoted AC Lion’s Fintech Recruiting lead, Mike Adler, on the challenges facing rapidly growing crypto companies.
“Here at AC Lion, we have worked with many industries undergoing digitization. As DeFi and DAO’s become more mainstream, their segment of the expanding blockchain and crypto markets is constantly evolving with many innovative use cases emerging. As the expansion continues, AC Lion plans to stay one step ahead of the hiring curve as demand broadens.“ said Mike Adler
We are seeing this every day. Crypto is where the tech startup world was a few years ago: it is no longer enough to have five people working 24/7 to build a company on pizza and take out, with hopes for their equity paying off down the line. The bootstrapping days are done. Now, VC funding is massive, employee expectations are evolving, and companies are upping their packages, both in current compensation and benefits as well as long term investment. Are the lavish perks coming? Free food and free gym memberships? Coffee bars and snack bars? Pet friendly workplaces? Anything and everything to attract and retain top talent.
As the VC money flows, so does the talent pool. More and more employees are willing to work in Cryptocurrency and Fintech. The flights from the big banks into Fintech and Crypto is likely to intensify in the coming year, as Fintech compensation and job security come more in line with the more established financial services world. Crypto will need more than just engineers: solutions sellers, asset allocation experience and marketing, among other things.
The appeal of working remotely, when the banks are pushing employees to return to corporate towers, cannot be understated. Some of those employees may not be US based. What started as a move away from the expensive hubs of New York City and San Francisco to cheaper to live locations, is now global. The work from home movement has shown that location is no longer a barrier to employment. For many companies, expanding the talent pool may mean lowering the location barriers, especially for tech, and many behind the scenes jobs.
For sales, marketing, and key strategy jobs, this is less likely to impact the US market. Many Fintech companies want solutions sales or consultative salespeople that are US-based, and closer to their target buyers and consumers. As Banking as a Service and embedded finance continue their march into 2022, the ecosystem is evolving.
It can also be an important best practice for companies to revisit some of their core beliefs and assumptions related to talent acquisition.
“Here at AC Lion, we have worked with many industries undergoing digitization. Banking as a Service and embedded finance are just the latest digitization play, as they integrate into other platforms and industries. That’s our core expertise—and one of the reasons we’ve been named a top US recruiter 5 years in a row and one of the top Fintech recruiters.”, said AC Lion CEO, Alan Cutter
Need help in hiring in fintech or other emerging tech? AC Lion as named one of the top Fintech Recruiting companies by Growth Gorilla
