Report: China faces severe fintech talent crunch

China is facing an acute shortage of professional talent in fintech right now, according to a finding from recruitment company Michael Page China.

A total of 92 percent of fintech companies surveyed agreed that they face a shortage of relevant talent, and 38 percent of them view the quality of talent as a critical factor to sustained success in the industry, according to the latest China Fintech Employment 2018 Report by Michael Page China.

Through the survey, the recruitment of fintech talent was found to be a challenging experience, with 85 percent of employers expressing difficulties. As cited by 45 percent of respondents, the largest hurdle for them remains the shortage of necessary skills available. Retaining these professionals is not easy either as 47 percent of those surveyed stated that they had changed jobs in the last 12 months.

"Within fintech, we are observing a growing demand for talent with skills relating to artificial intelligence, machine learning and deep learning. These skills are also sought after in sectors outside of fintech, such as other Chinese internet companies, creating a wider talent gap in the market," said Rupert Forster, managing director of Michael Page North and East China.

Addressing the talent crunch, Rupert Forster added: "The gap between employer demand for skills and available talent is not a problem exclusive to fintech. We see this across many sectors, which is purely a reflection of the fast-growing, innovative nature of modern China. The most successful companies are those who are able to implement in-house talent development programs."

With fintech often facing the challenge of keeping up with new technology, Max Liu, co-founder and CEO of EMQ, said that when hiring, they look for candidates with the right attitude who are comfortable with change. Ideally, potential fintech employees who can think independently and are proactive problem solvers will also have an advantage.

Wang Jiaqi contributed to this story.