Tech Hiring By Financial Firms Remains Very Strong
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Technology is changing the way the financial services industry works, such as: B. Mobile and digital banking or even virtual advisors. Industry-leading digital transformation means hiring tech talent.
Tim Herbert, a senior researcher at CompTIA, an IT industry group, tracks technology jobs across all industries in the United States. I asked him to share his observations.
"The financial sector slightly increased the share of tech vacancies in the first quarter of 2023," Herbert said. “On the one hand, hiring of tech firms by financial firms is below last year's highs; On the other hand, the financial sector is outperforming most other sectors in relative terms.”
He continued: “In the long term, all signs point to continued strong demand from financial services firms for skills in software development, data science and analytics, cybersecurity, cloud infrastructure and artificial intelligence. . The data suggests that any drop in hiring will be relatively short-lived.
According to CompTIA, finance and insurance accounted for 18.7% of technology jobs in the US in the first quarter of 2023, up from 18.2% in the same period last year and 15% in the first quarter of 2021. It increased by 28.1 % in Q1 2022 and 32.1% year-on-year from 25.7% in Q1 2023, followed by the traditional professional, scientific and technical services technology occupation category which ranked second.
© Powered by Fortune"After record job listings in the second and third quarters of last year, a regression to the average of employer hiring activity was expected," Herbert said. Major tech companies such as Amazon, Salesforce and Meta have implicated additional hiring as the reason for recent mass layoffs across the company. Meta, which laid off 11,000 workers in November, announced last month that it would cut another 10,000 jobs and stop hiring for 5,000 vacancies. In a recent article, my colleague Geoff Colvin asked: Are layoffs an admission of bad management?
As for technology in the financial services industry, Rob Alexander, Capital One's CIO, recently told me about the company's hiring plans. "Our technology organization is actively hiring for a variety of positions, including technical positions with a focus on cloud, data, machine learning and cybersecurity, as well as product managers and technical program managers." Development for customers and how we operate our business,” Alexander said.
Meanwhile, insurance giant Prudential Financial is using artificial intelligence to cut many personal life insurance underwriting processes from 22 days to 22 seconds, with its digital claims processing capabilities delivering funds to most customers in six hours instead of six days.
Tomorrow's tech jobs look a lot like finance jobs.
Cheryl Estrada
sheryl.estrada@fortune.com
This story originally appeared on Fortune.com
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