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Article | Beyond Data

Compensation trends spotlight: Fintech

Beyond Data

February 2022

Compensation surveys and industry research highlight key trends in the Fintech industry.

As with any other sector, the Fintech industry is preparing for a post-pandemic world. Organizations are focusing mostly on figuring out the future of compensation and understanding the impact of the pandemic on longer term work and rewards policies. Innovation in technology and automation is crucial to sustain the exponential growth of the industry and, coming out of the pandemic, organizations expect ongoing difficulties attracting and retaining talent.

Based on our 2021 compensation surveys and research, we observed a few key trends in 2022 for the Fintech Industry.

Projections for salary increase budgets for 2022 are more optimistic than those applied in 2021. This applies to most geographies and across employee categories.

In demand jobs include mainly technology roles, and Inclusion and Diversity roles are now among the highest paid in the Fintech industry.

Long-term incentives (LTI) have higher prevalence in Fintech compared to more traditional Financial Services institutions. In certain markets, LTIs have the highest prevalence in the broader Technology sector.

Base salary movements

Average salary increase rates are expected to rise further as Fintech organizations around the globe allot higher salary budgets for 2022. This is a response to the increasing inflation in major markets and the tougher competition for highly skilled talent.

Our recent Salary Budget Planning Survey results show that only less than 3% of Fintech organizations globally will implement either a pay freeze or salary review postponement in 2022 – significantly lower than that of 2021’s with almost 10%. Ninety five percent (95%) of organizations are expecting to conduct a regular salary review which brings a positive outlook for salary increases in 2022. These scenarios indicate that many markets are now recovering.

Industry in-demand jobs

An increasing demand for labor combined with a limited talent supply means Fintech organizations are ore likely to have ongoing difficulties attracting and retaining talent. Our survey data shows a greater than average increase in market demand for jobs clustered in these main areas: IT Development, Marketing, Product, AI and Machine Learning, Data Protection, Cyber Security, Digital, Risk and Inclusion and Diversity.

Figure 4 shows the highest paid (median actual total direct compensation) roles at the professional career level for major markets. Notably, roles that focus on Inclusivity and Diversity now ranks among in-demand roles for experienced professionals in the Fintech industry, which has consistently kept several steps ahead in modernizing the employee experience.

Figure 4. Highest paid roles at the “professional” career level in major markets
Country Job title Highest paid
Brazil Pre-Sales Technical Support / Systems Engineering 1
Brazil Full-Stack Development 2
Brazil Website Traffic Analysis 3
China Machine Learning 1
China IS and Cyber Security Development 2
China Artificial Intelligence (AI) Applications 3
Germany Diversity / Equal Employment Opportunity 1
Germany Data Protection 2
Germany Pre-Sales Technical Support / Systems Engineering 3
India Back-End Development 1
India Risk Analytics and Modeling 2
India Market Risk 3
United Kingdom Back-End Development 1
United Kingdom Product Development Project / Program Management 2
United Kingdom Diversity / Equal Employment Opportunity 3
United States IT Architecture (Systems Design) 1
United States Product Management 2
United States Digital Experience Development 3

Bonus payout and short-term incentives

Actual bonus payouts for executive and management roles in Europe, Brazil and United States are trending close to or just below targets in 2021. Meanwhile, Asian markets such as China and India have slightly above-target bonus payouts. These trends are the same as those seen in 2020, but bonus funding may vary in 2022. Post-pandemic recovery, geo-political shifts and other market forces may have a positive effect on bonuses in 2022 for the Fintech industry.

Long-term incentives

Long-term incentives (LTI) and equity are important attraction and retention factors in the Fintech industry, as these are a key driver for employee engagement across all levels including executive and non-executive positions. Having a shared long-term vision between leaders and the rest of the employees is a very attractive proposition for both employees and the business, as long as it is managed with flexibility to accommodate a wide spectrum of employees with different interests and needs. Hence, it’s no surprise to see its high prevalence when compared to other sectors such as the more traditional and regulated Financial Services industry.

Across all markets in the Fintech industry, we see highly competitive LTI grants across all levels, as well as higher rates of eligibility and receivership when compared to the Financial Services industry (Figure 4). In line with previous years’ data, prevalence of LTI in Asia is still the lowest, whereas the United States is still leading the way – but closely followed by Europe and Brazil where the prevalence is almost as high for management and professional levels.

Fintech organizations are re-evaluating their rewards priorities and turning their focus on employee experience and the future of work and rewards to address the continuously evolving and uncertain environment brought by the pandemic. The industry is also facing greater difficulties in recruiting, retaining and engaging talent especially those with highly specialized and in-demand skills.

These challenges demand reliable, relevant, and timely data to determine the right pay levels and mix for a workforce that spans regions and countries. Our Fintech Compensation surveys, as well as our broader Financial Services surveys, offer timely and lasting support. Join us.

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