Tier One People launch FinTech Talent Market in partnership with FinTech Australia.
FinTech Australia has partnered with Tier One People to launch a Fintech Talent Market in response to increasing job losses through the Covid-19 crisis.
The marketplace, run through LinkedIn Groups, aims to connect people in the Fintech community who have lost their jobs to Fintech companies with jobs.
Revolut, Xinja, Up, Wisr, 86 400, Airwallex, ReInventure Group, Tyro, Lendi and Spriggy are just some of the companies to show their support by joining the group. Jobs and opportunities will start to be advertised in the group this week.
“This crisis will cost many their jobs, and the fintech industry is not immune. However the FinTech Talent Marketplace is a way that we can help those whose jobs are impacted and keep them in the ecosystem,”
FinTech Australia CEO Rebecca Schot-Guppy.
“This is a closed marketplace, for people in the Fintech community. While we are setting this up now, we believe that this initiative will play a key role in the recovery phase of this crisis through growing and hiring staff,”
Dexter Cousins, Managing Director of Tier One People added: “We’ve had an incredible response from the community since we started the marketplace. We are encouraging FinTech Australia’s counterparts across the world to follow our lead. We would love to see this become a global FinTech community initiative.
“Hiring in these conditions is incredibly challenging for employers. Where posting a regular job ad could usually lead to one hundred applications, now it could easily see one thousand. Time poor founders can’t manage these volumes of interest.
“This marketplace is helping connect experienced fintech industry talent with the companies that can utilize their skills most. In the process we are keeping talent in the industry. It’s completely free for talent and Fintech Australia Affiliated Companies to join the group. Now is the time for Tier One People and FinTech Australia to play a key role in reinforcing the value of community as we navigate this pandemic. “
How Is Covid-19 Impacting The Fintech jobs market in Sydney and Melbourne right now?
As someone who has been in the recruitment industry since the last millenium, I can tell you we are in unprecedented times when it comes to the job market. Mass unemployment overnight, businesses shut down, workforces banned from their office, I feel like I am living in a Hollywood disaster movie! It calls for a different Fintech Jobs Report this month.
If we take a macro view, then we should rightfully get scared for our jobs. But if we take a micro view, is there reason to be more optimistic?
Let’s look at some of the job advert data first. Tier One People track and analyse Fintech job adverts across Seek, Indeed, LinkedIn and Glassdoor.
Fintech Jobs In Australia.
Most Fintech have put on hiring freezes, some have sadly started to make job cuts.
This is only a guess, but I’m pretty sure that most of the 417 jobs live at the beginning of March remain unfilled. Most of the jobs advertised now are from recruiters and from what I am hearing, it’s desperate times for the recruitment industry. I question how many of the adverts are genuine opportunities.
So, with the market so quiet what can you do to navigate this period? If you are in work, I suggest you become indispensable to your employer. That means increasing productivity and demonstrating where you are CREATING value for the business.
There will be a rebound in the job market, there always is but when it will happen is anyone’s guess. So we need to focus on the microview to get a sense as to what job opportunities may come about in Australian Fintech.
It’s also worth mentioning that anyone who has been successful in a startup is WAY ahead of the curve when it comes to the next phase of growth and hiring. We are already hearing of many stories where employees are struggling to perform working remotely. The highly structured environment of a corporate does not lend itself well to the new world of work we are now thrust into.
If companies do want to hire purely for skills, then with remote working there is a global talent pool to choose from. Why chose you when there are much cheaper options available?
Put simply, your ability to get shit done and demonstrate where you create value for businesses/customers will be your differentiator.
Sydney Fintech Jobs.
With a bigger slice of the business banking pie, expect to see increased activity across this space. Government stimulus packages are mainly geared to SME’s. The big 4 banks will be left to administer the lending, but with enquiries in a single day equalling the total annual enquiries, how will the big 4 cope?
We are already hearing of major problems in the UK where less than 900 loans have been approved since the stimulus package was rushed through parliament 3 weeks ago.
The reality is the banks will have to hire people as they don’t have the systems to cope. And they will also have to partner with Fintech to leverage their technology.
Could we see an early adoption of open banking using API’s to connect small businesses directly with lenders? Can Xero, Intuit, MYOB etc provide the access to general ledgers to enable instant decisioning?
Do Sydney Fintech Startups Face The Biggest Risk To Jobs?
The big danger for the Sydney Fintech scene is the huge number of Fintech startups who are under capitalised and not generating significant (if any) revenue. I fear we could see many startups fail during the next 6 months which could have a huge impact on local jobs. I say could, many of these businesses employ 1-10 staff and many roles are part-time, offshore or outsourced.
This opinion piece by Robin Klein, a board advisor at Transferwise gives a fair view point on where government need to focus, it’s business triage right now.
On the flip side, those Fintech companies well capitalised and generating revenue could be well positioned as we rebound.
While I expect Australia to face a very long recovery, the companies that do well out of every downturn are the innovators. The Fintech industry has every reason to be optimistic. Especially if we embark on a new world order where monetary systems change, digital currencies become a reality and the world moves to embrace fairer systems of wealth distribution. That may be a decade away, but we all know the shift is inevitable. Is now the time for a true digital revolution?
With Melbourne being the home Revolut, Up, AirWallex, Transferwise, Square, Stripe (all well capitalised businesses) I am hopeful that the Fintech scene there will kick on.
There isn’t quite the concentration of early stage startups as Sydney which means there should be fewer redundancies and hopefully we can keep talent in the industry. Revolut, Airwallex and Square are still advertising open positions.
Where are we seeing big job losses so far?
Product Management – We’ve observed for some time that the challenge of Product/Market fit is a people challenge not a product challenge. The Australian market has never quite got to grips with the role and purpose of a product manager. And unfortunately, right now product management seems to be considered a role in which the responsibilities can be shared amongst tech, marketing and customer success.
Talent and HR – Need I explain?
Sales and Marketing – Any big salary earners not generating revenue are at risk. On the flip side we are seeing demand for revenue generating sales professionals and growth marketing.
Strategy and Innovation – Right now these are considered luxury positions. They may make a glorious comeback as the market comes back, at least historically. But any business hiring innovation people after this downturn is probably close to extinction. I would personally love to see innovation move away from being a department and become a core value engrained in every person in the business – dream on!
Tech and Engineering – It is highly unlikely we will see many if any redundancies of top tech talent. Where we will likely see redundancies are those who are currently overpaid and managed to secure high salaries because of supply/demand market forces vs talent. It’s great being in tech when the market is booming, but the very transactional nature of the tech industry means it can be very tough when the market is down. I’m sure we will see the Big 4 banks and mid-tier banks get excited by the prospect of snapping up people from Fintech when tech redundancies happen.
In response to the rapid escalation of job losses across the Aussie Fintech community Tier One People and FinTech Australia have joined forces to build a Talent Market Place, connecting Fintechers directly to opportunities.
The Market Place is a Private LinkedIn Group where founders and hiring managers can advertise jobs, put out requests for skills and engage talent for contracting.
It is totally free to join for talent and hirers. The only stipulations are you’re FinTech Australia member or you’ve recently been made redundant from a Fintech firm (Australian residents only.)
Who is the group for?
Those who have recently lost their job and are in the Fintech industry.
What’s the purpose?
To keep talent in the industry and connect immediately available talent with Fintech leaders who can utilise their skills.
Who should join?
People from the Australian Fintech industry and out of work. We will post daily content, videos and Live chat sessions sharing tips and advice on how to maximise your job hunting efforts. You can connect with hirers direct, no recruitment agencies involved. It’s also a great platform to showcase your skills!
FinTech Australia members looking to hire people.
You can post active roles, project work, consulting gigs and engage with talent direct in the group.
Fintech isn’t for everyone. Here are five questions we recommend asking yourself to find out if Fintech is for you.
1. Are you ready to join a Fintech Startup?
What is a startup? Everyone has their own definition. At Tier One People we have identified distinct phases of growth in a Fintech startup. It is important to make the distinctions as each phase is in effect a completely different business.
We have created some typical profiles to give context.
Usually 1 – 50 people with minimal funding or bootstrapped (self-funded). Generating some revenue but not much. Likely to still be working out of a coworking space or innovation hub. The business is still at a volatile stage and uncertainty remains around long-term success.
Typically 50 – 300 people big. Likely to be well funded or listed and generating significant revenue. Moving out of startup and starting to become an enterprise. A mix of the founding team and new hires coming from more corporate backgrounds. Potential to hit Unicorn status.
Blitz Scale Fintech.
300 people plus, going global and hiring at a huge rate. Now way past unicorn status. HUGE investors onboard. Examples Revolut, N26, Klarna, Afterpay.
The secret to success when joining a Fintech is to get on board when your skills and experience can make the most impact. When we do see hiring fail it’s usually not because the wrong person was hired. But the right person is hired at the wrong time.
2. What is your risk profile?
Have a mortgage or family commitments? You may want to think about joining a business in blitz scale mode. There is likely a lot more security and a higher base salary can be offered with some ESOP. But you have probably missed out on the opportunity to become a millionaire!
Can you take one or two risks financially if the role doesn’t work out? Maybe you are not quite sure if you can adapt to the demands of a startup. Try a scale up.
If you are slightly bonkers, can handle flexible working ie working 24:7 thrive on uncertainty, fear, challenge and building a legacy while not getting paid much then a startup might be right for you.
3. What do you offer?
Most people think that Fintechs are one huge innovation lab where people ride round on skateboards dreaming up how to use blockchain to solve world hunger.
In reality most Fintech are struggling just to stay alive. If you are dreaming of bringing killer ideas and strategising all day long, forget it. Having ideas and making ideas happen are very different. In a Fintech you need to bring relevant skills to the table and demonstrate where you can execute on the vision with minimal resources.
4. Who do you know?
Most Fintechs started out by hiring mates or mates of mates. It stands to reason that when it is your business you want to hire people you can trust to deliver.
75% of the Tier One People network will find their next role through a direct contact. If you don’t have any friends in Fintech then you need to make some.
5. How much do you love Fintech?
I am constantly amazed by people who tell me they are passionate about Fintech, yet know nothing about the sector. At Tier One People we live and breath Fintech. But we have to work hard to keep building our profile and build our knowledge base. Meetups and industry events are a great way to get started if you need to gain knowledge and meet people.
Fintech is a tight knit community and you will find many members are quite accessible when you contribute to the community in a positive way.
Current opportunities advertised with Tier One People receive 150 – 200 applications on average. How can you give yourself a competitive edge and ensure you are the one securing the dream move to FinTech?
2020 marks 21 years in the recruitment game for me. Over that period, I have given career advice to 25,000 plus people and helped thousands of people find a job. And I have developed a simple system that helps people accelerate the job search and maximise their career options.
The system in many ways follows the principles of Product/Market fit applied in Lean Startup methodology developed by Eric Ries. The distinction here is YOU are the PRODUCT/Service and a potential employer is the CUSTOMER.
Step 1. Start with ‘SO what and why should anyone care’
The most common mistake people make when thinking about any career move is who they FOCUS on. When contemplating the next step, we have been conditioned to ask questions such as
‘What am I looking for?’, ‘What will make me happy?’ ‘Where do I want to be in 5 years-time?’
A recent phenomenon, made popular by Simon Sinek is to ‘Start with Why’
I see a big issue with this line of questioning. NOBODY CARES about your why or what you want. Certainly not a FinTech founder putting everything on the line to make a business work. What they really care about is if you can solve their problems.
The first step, especially if you want to break into the FinTech sector is to ask yourself one simple question.
“What is the BIG problem I solve”
Step 2. Are You Solving A Real Problem?
This is a critical step. Because if you are solving problems FinTech’s don’t have or don’t care about you are in trouble.
Typically, people moving out of a large corporate will promote their expertise in Innovation or Transformation. These problems are prevalent in big banks, but not an issue in a FinTech startup.
The growing adoption of AI and rapid advancements in technology mean it’s very easy for our skills and expertise to become irrelevant. Especially to a FinTech at the leading edge of innovation.
Even if a FinTech needs your solution, will they use your service, or will they use someone else? There is a lot of competition out there. Are you as good as, if not better than your competitors?
If not, what areas need improvement to make your product the market leader?
Step 3. Define the benefits YOU bring.
In most instances’ businesses are experiencing one of three problems. Over the years we have come up with different terms, change, transformation, strategy, sales, product fit, disruption. But ultimately, most problems facing a FinTech founder can be distilled to the following:
REVENUE – Sales and Growth
SCALE – Problem Fixers
REVENUE and SCALE – Blue Eyed Unicorns
Ultimately your product (YOU) may have one or two benefits to a FinTech. You can demonstrate where you can GROW revenue and/or SCALE a business. Those who can demonstrate both are naturally in the greatest demand because they will have the most IMPACT on a business. A FinTech startup will ALWAYS hire the person they feel will make the greatest impact.
Watch This Video Presentation Where I Run Through The Principles Of Product Market Fit For Job Hunting.
Step 4. The VALUE CREATION exercise.
It surprises me how few people know or can estimate their value to a business. I often hear the term “Value Add” dropped in resumes and interviews. Yet when I ask how? I am met with a blank stare.
The Lean Startup talks about the Value Hypothesis Test which determines whether a product or service truly delivers value to customers. As you are the PRODUCT, I recommend a simple value creation exercise to determine the value you bring to a potential employer.
List your career achievements and attach a dollar value.
As an example, you may have automated a process, which resulted in a reduction of head count, saving costs. If you managed to reduce headcount by one and that person was on a salary of $100,000, over a five-year period, you have saved the business $500,000. In other words, you have created $500,000 worth of value.
Repeat this exercise for every notable contribution you have made to a business and total the amount.
You might be surprised how much value you can bring to a FinTech startup.
Step 5. Market Fit and Your Go to Market Strategy.
Most job seekers spend 100% of their time and energy with a go to market strategy that doesn’t fit the customer.
The typical job search mirrors a B2C marketing campaign. High volume, low touch.
You’ve applied to hundreds of jobs on line, you tick all the boxes, yet don’t even get a response. You meet multiple recruiters who said you were perfect for the job and you never hear back.
This high volume approach rarely works, especially when your are targeting the wrong person.
A job search should mirror a B2B marketing campaign, low volume, highly targeted with multiple touch points. You need to find a way to get in front of your customers and pitch your solution.
Evan Wong, CEO of Checkbox.ai (RegTech of the Year 2017 and 2018) has this advice:
I had to grow our network of Tier One clients from nothing. Coming straight out of University, I had no existing contacts or network in Corporate land. So, I started out by creating a general profile of people I thought that would be interested in the product. Through a combination of research, Google searches, reading articles, blog posts and LinkedIn profiles I built a target list of ideal customers.
Next, I’d reach out by email asking to set up a short call for feedback, not to sell anything! Just feedback on the Checkbox value proposition. The discussion would usually be followed up a few months later with an in-person demonstration of the product. At the end asking for recommendations or referrals to other contacts in their network.
Today most of our business comes from word of mouth and thought leadership marketing. Being active at industry events and conferences helps our profile a lot.
Step 6. Pivot or Persevere.
Moving straight out of corporate and into a FinTech startup is tough. Especially in this market. You are likely to face lots of rejection. Does this mean you should give up on a move into FinTech?
Don’t despair, this is where you might want to PIVOT or change your strategy. Feedback from interviews and meetings with potential employers can help form the basis of your Pivot.
It may be you need experience in a smaller business before a FinTech startup is comfortable hiring you. A credit union, mutual, or smaller bank undergoing digital transformation can be a great stepping stone to a FinTech.
Could there be opportunities in your current employer that will help you build your skills and experience?
A corporate venture fund?
An acquisition of a fintech startup?
Maybe you just need to PERSEVERE. The key here is to immerse yourself in the FinTech ecosystem. It is what I call Proximity. The more people see you around the FinTech scene the more likely they are to offer you a job.
Go to FinTech meetups, attend events, keep in contact with Founders, post relevant content on Linkedin and Twitter, start following the people who have a profile, look for opportunities to help and connect people.
Follow these steps and before long you will find your Tribe, doing game changing work with amazing people.