While talent attraction remains a significant priority in the FinTech and payment industry, it’s unlikely salaries will increase significantly for the time being, according to new research by Headcount.

The FinTech & Payments survey said that even though demand remains high, salaries may have “peaked.”

According to the report, for a few months at the height of 2020 lockdowns many employers implemented a “critical hires only” policy, but most quickly resumed.

But it said that hiring budgets generally have less headroom than before.

Despite a turbulent 12 months, salary rates held broadly steady in 2020, with Headcount tracking a small reduction of 1 per cent from 2019-20.

Although most professionals can expect only modest increases to rates this year, because of a continuing talent shortage, some areas will see inflated salaries.

According to the research, professionals in commercial, legal and tech are in short supply and can expect increasingly generous compensation.

Big earners in 2021 will be found particularly in product, commercial and tech departments.

Commercial directors could see a jump from £120,000 to £300,000, while data BI analysts could see salaries grow from £40,000 to £70,000.

Chief financial officers could see their pay increase from around £110,000 to £150,000.

The research also found that 61 per cent of FinTech businesses made no redundancies in 2020.

Growth plans were 35 per cent lower in 2020, with workforce expansion plans significantly downgraded last year.

However, 47 per cent of those surveyed said they still plan to grow in 2021.

80 per cent of interviews were done remotely last year, with hiring processes continuing throughout 2020.

75 per cent of the FinTech industry trained staff remotely with eLearning and virtual courses, like those offered by iFinance Academy.

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