FinTech and Payments drawing Sales professionals away from Financial Services

Lucy Foster 18.10.2018

There were fewer Sales professionals available during the holiday period but employers were still actively looking to fill roles.

What has happened to Sales recruitment in Q3?

On the whole, the Software and Cloud sectors have been robust. However, there has been a growing number of professionals within the Financial Services domain expressing interest in a move elsewhere in the European Union. This has resulted in some challenges, particularly in terms of roles where language skills are required.

Vacancies in FinTech and Payments firms have increased 6% compared to Q3 2017, particularly at startups, so the appetite from clients to hire does appear to have been suppressed in light of Brexit.

A strong quarter of jobs available

Throughout the entirety of Q3 there was a good flow of roles available, however, the annual school holiday period slowed processes down considerably, resulting in a bottle neck in completed moves. Towards the end of Q3 there was a sense of urgency among clients looking to fill roles that may have taken longer than usual, meaning September was a strong month in terms of roles being filled.

Not so strong numbers of professionals seeking opportunities

Overall, there were low numbers of professionals available in Q3. Sentiment from candidates in the market was clear that they don’t actively look for roles over July and August due to the ‘summer slowdown’ and less engagement from potential employers. In September, when the holiday period is mostly over, candidates returned to the market and were looking more actively.

On the financial services side of Sales, an ever increasing number of candidates have been looking to leave roles in banking in favour of more disruptive payments and FinTech firms where their knowledge of the banking industry will be a positive asset. Professionals are attracted to the FinTech industry with its challenging and different nature - the thought of working with exciting new technologies and at a smaller firm where they have more of a voice is attractive. Candidates are, however, being very selective when looking at startups, paying a lot of attention to how they are being funded in the hope of avoiding being let go.

Top sales roles throughout Q3

Sales jobs available

  • BDM - Payments Processing - up to £120k basic in London: There has been a need for consultative sales candidates, usually with a number of years sales experience alongside an in-depth technical product/industry understanding.
  • BDM - Research and Analytics Solutions for Financial Services - up to £100k basic in London: Candidates must have experience working in senior roles within financial services and typically must be educated to a high level.

What will be the main contributor to success for the end of 2018?

We expect the increase in roles available to continue throughout the start of October. It’s important that those actively looking for new roles take advantage of this before we hit the Christmas period when things will inevitably slow down again. This is also the time of year when those professionals looking for a new role to start early in 2019 need to be considering their options.

Clients must bear in mind some candidates may still be entitled to additional bonuses at the end of their sales year, which can often coincide with the end of the year (or they may be paid commission quarterly or biannually) - in this situation, bonuses or large commission cheques may come in at the end of January, meaning candidates will seek joining bonuses if employers require them to start before they receive their previous commission.

Lucy Foster's picture
Consultant | Sales Recruitment
lfoster@morganmckinley.co.uk