How to negotiate pay in the FinTech sector
In the UK’s post-pandemic recovery, few sectors are experiencing the level of pay inflation as seen in the FinTech sector. We know that it’s a candidates’ market in most sectors but the competition for securing talent in FinTech is particularly fierce, with pay negotiations and counter offers the norm, and candidates in multiple recruitment processes.
We work closely with HR and Talent Acquisition teams to share knowledge and best practice, and pay negotiation is a particularly hot topic that we often discuss. Here is some guidance on how to negotiate pay and win the talent you need.
Research carefully
It is essential to research the market thoroughly to offer a salary that manages expectations and avoids being outbid by counter offers. However, it’s a fine balance between offering a competitive salary from the offset and ensuring there is some room for negotiation down the line.
Be mindful
While pay inflation is a matter of fact, it’s important to be mindful when it comes to advertising pay, in order to limit potential upset for existing employees. You will need to weigh up the pros and cons of advertising pay, where not publishing it may limit applications, but publishing it may cause internal discontent.
Encourage honesty
We always advise that honest conversations with candidates at an early stage will help to win talent, and this is especially true of pay expectations and other incentives e.g. bonuses. It will save time and confusion to have honest and transparent conversations from the get-go.
Respond promptly
With candidates in multiple recruitment processes, there is no room for unnecessary delays or confusion, and that’s where preparation is key. By beginning the recruitment process with a well-researched and competitive salary band, it will enable you to respond and negotiate with clarity and without delay.
Use motivations
By having an honest conversation with candidates at an early stage, you can also use candidates’ motivations to respond to counter offers with a more long-term view e.g. learning and development opportunities or hybrid working in their favour. It is clear that financial remuneration forms just part of the package – long-term rewards are also important.
Finally, we advise employers to be wary of those who move for money or aggressively pursue counteroffers. You might find this working against you in the future.
We hope this information is useful for securing the talent you need. If you’re looking to hire for interim or permanent senior leadership roles, get in touch to see how we can help you or connect with us/send a message on LinkedIn.
With warmest regards,
the Suzie Walker Executive Search team
Suzie Walker Executive Search is a firm of specialist headhunters with an expert team recruiting interim and permanent senior leaders for marketing, data, digital and tech roles in FTSE 350 and private equity-backed companies. Find out how we can support you by connecting with a Consultant below.
