Skilled professionals are the most valuable resource you can provide for your Fintech. At the same time, it is the most difficult to access. The availability of candidates in the MENA market is limited, and at the same time competition for them is increasing. How do you build a technology team to help you achieve your business goals?
Building IT teams in a dynamic technology environment such as the MENA region can be a challenge. After all, you need more than just filling vacancies.
Your biggest challenge is to find the right people. The recruitment process must be precise enough to identify individuals who possess not only technical expertise but also the ability to innovate and adapt in a high-speed environment. Especially since global trends show that the role of software developers has changed in recent years.
MENA Recruitment – missing talents
A survey by Fintech Saudi indicates that attracting and retaining talent is the third most significant challenge for fintech companies, affecting 43% of businesses. This issue ranks higher than challenges related to customer access, which concerns 31% of companies, regulatory hurdles impacting 26%, and product development difficulties affecting 23%.
The demand for skilled IT professionals far exceeds the available supply, creating a fiercely competitive environment where companies must go to great lengths to attract the right talent.
Why is this talent deficit such a pressing concern? The rapid expansion of the fintech sector has outpaced the development of local talent. The specialized nature of fintech requires a unique blend of technical skills and industry knowledge, making it even more challenging to find suitable candidates.
The Maze of Regulations and Compliance
The acquisition of suitable talent can be further hindered by complex and diverse local regulations: laws related to data protection, cybersecurity, and financial management. This necessitates the hiring of specialists not only with technological expertise but also with a deep understanding of the MENA market’s specifics.
Additionally, regulations concerning the employment of foreigners may restrict the recruitment of international experts. This situation increases costs and lengthens the time required to build an adequate team, further complicating the development of innovative fintech solutions in the region. Low Top Tech Talent availability
A flexible way to build your team
The shortage of technology specialists and the unique market dynamics require you to adopt a flexible and well-thought-out recruitment strategy. We have prepared 3 tips for you to help you successfully and efficiently build technology teams:
- Broaden Your Horizons
Specialists from virtually anywhere in the world can join your team. Remote work is nothing new to you, right? Don’t limit your search! Check rankings like HackerRank or the National Cyber Security Index to see which countries are at the top. Polish software developers, for example, have been among the pioneers in various rankings in recent years. - Don’t Hire, Outsource
Different forms of collaboration can offer various benefits. IT outsourcing can be a service that not only helps you quickly and efficiently find the right specialists but also allows you to manage their collaboration within the operational budget. - Learn from the Experience of Others
Regardless of where you want to recruit your specialists from and what form of collaboration you establish with them, make their experience your priority. Know-how is currently the most valuable currency, especially in the context of the regulations you need to comply with.
