With inflation steadily climbing, several fintech companies announcing layoffs, and the continued knowledge that those who work in fintech have enjoyed higher rates of pay compared to other industries over recent years, it may appear as if now is the wrong time to ask your boss for a raise.
But in actual fact, industry research plus news from the recruitment sector that The Great Resignation has resulted in the tightest labour market we’ve seen in years, shows that now might actually be the best time to approach your employer and renegotiate your worth.
But first, let’s discuss the elephant in the room – the recent layoffs at Klarna which saw its workforce being reduced by 10%. If this could happen to a fintech unicorn, and a company long considered to have a strong and favourable work culture, shouldn’t everybody in fintech settle in for the long haul and be happy with their current package? Well, yes – and no.
It’s also worth noting that other tech companies such Meta and Uber have lowered their hiring quotas – showing that across the board tech companies are getting lean.
However, experts believe that companies are becoming leaner because hiring quality staff has become considerably more expensive over the past two years, and so they’re putting money aside to address financial concerns around recruitment.
In fact, research shows that many corporations are sidelining up to 4% of their payroll to be split between new hires and to go towards raises intended to retain current staff. When coupled with the fact that new hires are able to demand salary increases of anywhere between 10 to 20% when they move companies, it becomes apparent that your current employer may want to ensure your expertise and tacit knowledge stays put through financial means.
Those in recruitment and talent acquisition for the fintech industry suggest presenting a mix of monetary gain and soft benefits when presenting your case for a raise. Base your argument for a raise on your achievements, how they directly benefited the company, and your market value should you decide to go elsewhere. Softer benefits include additional holiday days, flexible hours, or hybrid working, and can be included to buffer the financial conversation.
This is also a strategy you can use to negotiate a package with a new employer should your request be denied – after all, the fintech industry, like all others, needs talent. So, why continue to support a company that refuses to recognise your worth? We have three open roles below and plenty more to be found on the FinTech Futures Job Board.
Client Quant Developer, Bloomberg
The role: The Client Quant Developer will work as part of the solutions engineering team working closely with Bloomberg clients to assist them in how to implement quantitative investment strategies and research using a new Python Quant development platform.
The responsibilities: This role will involve full life-cycle development, from initial pitches to prospective clients to requirement gathering, prototyping, implementation, deployment, and adoption. This is in addition to the creation of resources and strategic client-facing content.
The requirements: Advanced coding skills in Python, previous front office work experience in financial markets, and knowledge of other programming languages such as R or VBA are required.
Senior Product Owner, Hazy
The role: Do you have a passion and understanding for synthetic data? Then the Senior Product Owner role at Hazy is for you. The role itself will see you interact with customers as you start to understand how their needs are being impacted by industry trends before then crafting and delivering a solution.
The responsibilities: You will serve as the product ambassador and first point of contact internally and externally, sharing knowledge and answering questions related to the product. The role requires you to be able to influence your team and cross-functional stakeholders towards alignment and execution, driving Hazy to the next level.
The requirements: The role requires at least two years of experience in technical product teams and an understanding of state-of-the-art ML/ETL development with Agile software development.
Senior Product Manager, Generalist, Monzo
The role: The Senior Product Manager will help build and improve products that have demonstrable positive impact on Monzo’s customers’ lives.
The responsibilities: You and your team will set big, ambitious goals and then have freedom to determine how to meet them. You will develop Monzo’s understanding of its users at a deep level, building a strategy to help them reduce anxiety over money and feel more in control of their finances.
The requirements: You should be data driven, passionate about metrics, and intellectually honest about how your work is performing – and driven to continuously improve it. Additionally, you will have previously shipped world-class products at a fast-growing company.