The UK’s lack of qualified FinTech career candidates has become more apparent since Brexit. Although there are financial repercussions to their decision, the wealth of unfilled job positions in the sector might serve as a wake up call to educational institutions. The need for a more interdisciplinary approach to preparing job candidates will arise in Industry 4.0.
Studies show that in the UK, the financial technology capital of the world, employers are struggling to fill job positions in the FinTech sector. There has been a somehwhat drastic decrease in FinTech venture capital investments recently, declining from $1.2 billion USD in 2015 to $783 million in 2016. The consensus reasons for this unanimously blame the nation’s recent Brexit decision, which has caused a global sense of caution regarding how the new political landscape will affect markets.UK FinTech jobs are more and more unfilled since Brexit.Click To Tweet
Despite worldwide hesitancy to invest in the UK at the moment, this does not spell the end for the UK FinTech industry. Reports from Business Insider show that most of the jobs that are not being filled are interdisciplinary: mechanical engineering, project management, architectural technicians, and programmers are examples.
As we often focus on the global impact of Industry 4.0 here at EdgyLabs, I would be remiss not to mention that, despite circulating fears about the robot revolution, none of these positions can be fully replaced by robots (yet).
Before we get back to the robots, let’s take a step back in time to when America was perceived as the world leader and modern appliances like the washing machine and the vacuum cleaner were game changing new inventions.
The invention of these appliances did not make chores unnecessary.
Instead, it made the work less physically demanding. These machines changed the nature of the work, but they (unfortunately) did not eliminate the concept of work entirely.
Today’s fears that technology and its accompanying automation will be a wave of destruction for the majority of jobs doesn’t have to be true. The fact that there is a lack of skilled workers in UK FinTech proves just that.
With the emergence of drone technology, special pilots and operators are an in-demand position that was created by technology and automation. As for FinTech, exchanges don’t seem to perform well without Blue Chip tech companies, and modern economies won’t be able to function without FinTech and jobs that support the sector.
With each new technological innovation comes more work and, more importantly, work that requires a variety of specialized skills.
Blame The Lack of Preparation
That companies are having trouble filling positions despite the looming threat of the robot revolution is a symptom of how we view labor and education as a whole. Which one is it? The robot might be taking our jobs, but we, as a society, might just not prepared enough to do the work that it takes to adapt human jobs.
The majority of the unfilled FinTech positions require a mix of programming, finance and management skills, which is an indication of how an interdisciplinary culture will define Industry 4.0.
The idea of teaching young students STEM and programming knowledge is gaining traction in schools. This will continue, or at least it should if we are interested in keeping people employed in current and future industrial revolutions.