As we exit the pandemic-driven slowdown, the battle for FinTech talent has reached fever pitch.
Companies at Series C or D stage, who have been lucky enough to raise large sums at mouth-watering valuations, find themselves competing with publicly traded big tech companies who are busy buying up the talent market in key locations. This intense competition drives problematic wage inflation and creates the painful sensation of an overheated market.
These market conditions pose a real threat to companies who are earlier in the start-up lifecycle. We have spoken to more than one founder recently who has lamented the fact that the money they have raised – 70% of which they would have expected to spend on salaries – is still burning a hole in their pocket. Their first choice candidates have multiple offers in hand and what would have seemed a decent start-up cash offer 2-3 years ago, now looks distinctly underwhelming.
Hiring has always been difficult, but we have now reached a point where many companies feel compelled to explore new talent pools to avoid compromising on quality.
Breaking down borders to find talent
One of the more promising trends from the pandemic has been the demonstration that you don’t always have to be working in the same room to generate team-based outcomes. A forward thinking and proactive approach to team culture makes it possible for timezones to be straddled and some companies have used the pandemic to create strong muscle-memory for global collaboration.
The borderless commercial potential of FinTech suggests a global approach to building a team. While it is possible to end up too distributed (having an employee in every US state is not on the OKRs of any HR Heads that we know) as long as you have established a people hub in a chosen location, you can connect and grow culture successfully.
Bermuda’s entrepreneurial mindset
Given the recent rise in DABA licensed digital asset companies in Bermuda, we performed some outreach to the Bermuda talent market to see who might be interested in pivoting their careers towards new roles in FinTech. We got a strong response across a range of disciplines and experience levels, with clear enthusiasm for the prospect of joining a globally focused team from a Bermuda location.
Bermuda professionals are well-trained, creative, and a FinTech-friendly entrepreneurial mindset is often on display. Best of all, most Bermuda professionals are already very well-versed in working seamlessly with colleagues in the US, Europe and Asia, plus Bermuda offers a unique mid-Atlantic timezone advantage to help reduce friction.
Having been lucky to have participated in the build-out of numerous FinTech companies over the years, including hiring over 500 hundred people into the sector, we can say with some authority that Bermuda offers an untapped talent opportunity to globally focused recruiting teams!
Get licensed, secure talent
Along with the well-documented regulatory delights of the DABA regime for serious FinTech players looking to innovate in an environment of regulatory certainty, this receptive, untapped talent pool is another great reason to put down roots in Bermuda.
We’re excited by the myriad ways that Bermuda is able to support the growth of the global FinTech and InsurTech ecosystems. If you’d like to share thoughts or ask us questions please reach out to info@y.partners
