Since the FinTech Ireland Summit late last year and through the start of this year, there has been something bubbling and Ireland must be careful.
The stand out for me at the summit was a point that Mai Santamaria made. Paraphrasing, ‘Ireland is uniquely placed’ is a dangerous term.
The point, I think, she was making was that by believing this, it can lead to the FinTech industry becoming complacent. We are uniquely placed therefore, inward investment will come without much effort. Almost an entitlement.
With this thought rumbling around my head while having numerous conversations with Irish and International FinTech leaders since, there is a huge amount of negativity which will only be fuelled by things like Gemini choosing Malta for their MiCA hub (there will be others by the way)
The general narrative having a number of strands which are played out on repeat:
1. The Central Bank is not a regulator which is supportive of regulated business or those that are looking to become regulated
2. The cost of living in Ireland, housing in particular, is a major barrier to building scale in Ireland
3. We don’t have the talent pools to fill the roles required, particular in Risk & Compliance
There always seems to be a willingness to focus on the negatives when it comes to Ireland’s ability to scale domestic firms internationally and grow real substance when it comes to International regulated firms setting up here. Yet… we are ‘Uniquely placed’.
So, where do we go from here…?
I have seen the busiest start to a year in recent memory. Mainly driven by firms (domestic and international) growing in addition to a handful of new entrants. There seems to be real optimism and it should be capitalised on.
I believe Ireland is truly uniquely placed yet sometimes lacks the ambition to really take our structural advantages while being too quick to point out the negatives. Also, I consistently see an inability to hire being blamed yet, how companies look for senior talent is often incompatible with how the market really is.
Talent is my wheelhouse.
I can categorically say that if you are hiring for a senior role, even in compliance, there is talent available who are looking to move.
Problems with attracting the right senior talent arise due to two main reasons:
1. Your expectations and your offer are mismatched
2. You are not getting your opportunity in front of the right people
All problems have solutions of course.
If your issue is a mismatch between offer and expectations, something needs to be realigned (and this is not just a package issue but it can be). The realignment will always be the responsibility of the prospective employer. Things to consider:
· Is the package of offer sufficiently attractive for what we need? If not, lower your expectations or improve your package.
· Are our plans for Ireland aligned with what the majority of the market is looking for?
· What is the risk profile of our business, how does that compete with other firms currently or recently hiring and how can we compensate for this?
· Your interview process is not what it needs to be – too long, lack of communication, etc.
· Your expectation to compare multiple candidates is not realistic – delayed decision making can be fatal for senior hires.
There is a relatively easy way to diagnose this – you are receiving a sufficient number of qualified applicants yet they are dropping off during a process or at offer stage.
If your issue is not getting the opportunity in front of enough of the right people, you must look at how you are trying to attract the right people. Consider:
· Advertising directly only – you are relying on technically advertising the role correctly on whatever mix of platforms you use but the big problem is, you are depending on the right person (or people) seeing AND applying to your job. The reality is that the majority (c. 90%) of the senior market is passive, not actively looking – you are effectively ruling out c. 90% of your market.
· Using internal talent acquisition or external parties based outside of Ireland – the lack of real market knowledge will absolutely hamper your efforts but more than that, the lack of trust with the market you are targeting will result in fewer engagements.
· Depending on an agency you use to do lower end volume hiring for your executive hires – it is a fundamentally different approach (hence establishing Nexus Search). An executive hire tips the scales from technically sourcing at scale being crucial to close management of a well refined process and skill being critical.
Ireland is uniquely placed. Our ‘problems’ are not unique but other industries have shown that, if we want to, our ability to find solutions and build at scale is at an international level.
If you are leading an Irish or International FinTech, let 2025 be the year of real ambition. Find solutions to problems and harness all of the good we have to offer as a country.
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