Competition Intensifies for Tech Talent in US Financial Serv
CENTENNIAL, Colo., Sept. 9, 2020 /PRNewswire/ -- DHI Group, Inc. (NYSE: DHX) announced today that eFinancialCareers, the trusted specialist financial services platform, has released The Financial Services Tech Job Report as it celebrates its 20-year anniversary. The report analyzes technology job postings from financial services organizations across the first seven months of 2020 and includes the fastest growing locations, employers, occupations and skills for three of the primary global financial markets: United States, United Kingdom and Singapore. In sharing these insights, eFinancialCareers is proud to lead the finance-tech recruitment space by partnering with the world's most respected financial organizations to provide unique industry insights and efficiently place best-in-class professionals.
Globally, technology professionals have been a top hiring priority for all major financial services organizations in recent years. In the US, financial services tech hiring in early 2020 trended positively, with most cities hiring above 2019 volume. As COVID-19 spread, the pandemic understandably created uncertainty, causing employers to slow their immediate hiring needs. However, despite the far-reaching effects of the pandemic, including a closed economy, the data indicates areas of year-on-year positivity in several US cities and prominent tech occupations.
- For more details on UK and Singapore-specific data: eFinancialCareers Releases Financial Services Tech Job Report for US, UK and Singapore on 20th Anniversary
Desired Occupations & Skills Speak to Upcoming Competition for Talent
Throughout 2020 thus far, software developer, business analyst, application developer, senior software developer and systems engineer all topped the list for the most sought-after occupations. A wide range of occupations ranking at the top of the list suggests that employers are maintaining focus on their product development roadmaps, as well as maintaining systems and infrastructure.
"US financial institutions have had to prioritize positions they considered most vital to their organization amidst the uncertainty of 2020, especially to support teams that historically have less experience working remotely. Since employees are now settled into remote work or planning a return to office, the range of positions in demand has expanded, speaking to the innovation and competition taking place in the financial sector as the demand for technologists continues to increase," said Art Zeile, CEO of DHI Group, parent company of eFinancialCareers.
Job postings for .NET developer rose 49% year-over-year and application support engineer climbed 37% due to engineer reliance on the .NET framework for app-building. Cybersecurity Consultant rose 28%, which is consistent with the need for financial organizations to stay ahead of hackers who are looking to take advantage of dispersed teams and networks.
U.S. Occupation by Job Posting Growth
Application Support Engineer
Cyber Security Consultant
Business Intelligence Developer
Technical Support Engineer
Overall, skills related to systems, infrastructure, development and data are on the rise, as financial services firms determine how to better support remote working, collect and analyze data, as well as build next-generation applications. This explains the demand for technologists who are adept at managing massive amounts of data, as well as coding in ubiquitous languages such as Python and Java.
Financial institutions seem as focused as ever on professionals who can build out the all-important data structures necessary for analysis with Apache Kafka (+43% YoY), MongoDB (+33%) and other data-related tools growing year-over-year. As more of these companies look to the cloud for everything from storage to computing muscle, technologists with system engineering (+62%), systems analysis (+39%) and cloud computing (+32%) skills will only become more in-demand.
US Skill by Job Posting Growth
Several US Cities Show Marked Growth in Year-Over-Year Tech Job Postings
Although it's too soon to say that a full recovery is on the horizon, several cities are seeing positive job growth. Pittsburgh, PA and Philadelphia, PA topped the list of cities with the most tech job growth in the first seven months of 2020 at 69% and 63%, respectively. Texas hosts three of the top 10 fastest growing US cities: Irving (+58% YoY), Roanoke (51%) and Dallas (30%). Tech hiring in southern US comes as leading banks continue nearshoring talent out of high-cost locations. In addition to Raleigh, NC increasingly positioning itself as a tech hub, the city is also becoming a tech center for financial institutions. With 53% year-over-year growth, Raleigh's top hiring companies include Wells Fargo, BB&T, Cohen Financial and Charles Schwab.
US City by Job Posting Growth
Job Posting Volume Mimics Pandemic's Downturns
New York, NY leads the US in tech jobs posted by financial institutions through the end of July although job postings are down due to COVID-19 and subsequent lockdowns. Ranking second to New York is Charlotte, NC, due to a combination of financial institution headquarters in the city and a high volume of tech talent. San Francisco, CA is third, leveraging the vast network of Silicon Valley technologists and Wells Fargo headquartering in the city. Fourth is Chicago, which has utilized its network of commodities trading. Fifth is Minneapolis, MN, with top finance companies Wells Fargo and U.S. Bancorp as Minneapolis' top employers.
US City 2020 Rank by Job Posting Volume
New York, NY
San Francisco, CA
Jersey City, NJ
eFinancialCareers' Financial Services Tech Job Report focuses on the tech hiring activity within the financial services industry and reviews tech job posting volumes from the US, UK and Singapore (via Burning Glass Technologies). To add clarity, insurance organizations and professional services organizations such as the "Big 4" were removed. The data covers two primary datasets:
- Comparisons between January 1st – July 31st of 2020 and 2019 in the US, the UK and Singapore
- Deep dives into the fastest growing locations, employers, occupations and skills
Download eFinancialCareers' Financial Services Report:
eFinancialCareers, a DHI Group, Inc. brand, is the world's leading financial services careers website, and the place to go for financial careers and talent. eFinancialCareers provides finance and tech professionals with the latest job opportunities, career information and invaluable industry insights they need to maximize their potential. The site connects them to roles within many of the world's most respected financial organizations. Through its recruitment solutions, eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions - quickly and efficiently. eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centers of the Middle East.
About DHI Group, Inc.
DHI Group, Inc (NYSE: DHX) is a provider of software products, online tools and services to deliver career marketplaces to candidates and employers globally. DHI's three brands—Dice, ClearanceJobs and eFinancialCareers— enable recruiters and hiring managers to efficiently search, match and connect with highly skilled technologists in specialized fields, particularly technology, those with active government security clearances and in financial services. Professionals find ideal employment opportunities, relevant job advice and personalized data to best manage their whole technologist life. For 30 years, we have leveraged the latest technology to foster career connections in multiple markets including North America, Europe, the Middle East and the Asia Pacific region. Find out more at www.dhigroupinc.com.
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SOURCE DHI Group, Inc.