Sonovate Pointed to Softer Growth of Demand for Contract & Permanent Hires in UK FinTech Sphere

Sonovate Pointed to Softer Growth of Demand for Contract & Permanent Hires in UK FinTech Sphere
12.05.2016 12:00 pm

Sonovate Pointed to Softer Growth of Demand for Contract & Permanent Hires in UK FinTech Sphere

FinTech StartUps , IT Innovations , People Moves

Demand for contract and permanent hires is increasing rapidly among UK fintech companies, according to new research from recruitment finance provider, Sonovate.

Job advertisements for contract roles increased by 64 percent quarter-on-quarter (QoQ) and individual roles have become highly sought after. Roles are being advertised at an average day rate of £430.

The highest volume of postings were for IT positions, which saw a 35 percent QoQ rise and were advertised with an average day rate of £460. Consultancy positions recorded 525 percent QoQ growth, with an average day rate of £475. 

Richard Prime, co-CEO of Sonovate, said: “2015 was a crucial year for UK fintech: while it’s been a cornerstone of our financial and technology markets for a while, we’ve seen clear increases in the industry’s overall investment, growth, and economic contribution.”

He added: “These increases have translated to a surge in advertisements for contract roles. The market for this kind of interim, project-based work is in rude health, and the prospects of those seeking more long-term employment have also improved.”

The research also indicates a 732 percent YoY rise in listings for permanent roles, a 57 percent QoQ rise, at an average salary of £58,000. As with contract positions, IT and consultancy are the top two positions advertised in terms of overall postings, and have seen growth of 61 percent and 157 percent respectively.

“More jobs, more money, and more growth”, Prime commented. “The fintech employment market is experiencing a global boom at the moment – and the UK is at the forefront.”

For full access to the results, which were compiled in conjunction with Innovantage, and for more information on the wider European fintech market, please visit: sonovate.com/market-insights

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