South Africa’s fintech sector is experiencing a skills crisis that extends far beyond its own industry boundaries. Recent data reveals that over 80% of large corporations struggled to secure highly skilled technology talent in 2025, with demand for software developers and engineers surging from 14% in 2024 to 22% this year.
For organisations competing in this landscape, the knee-jerk response is often to increase salaries. But according to Xpatweb’s 2025 Critical Skills Survey, 84% of large corporations struggled to find tech talent despite salary increases.
Most recruitors are still missing the fundamental question: ‘What are we offering people that’s going to keep them here? What is the value they see in being an employee of your company?’ That’s ultimately what will attract and keep people within the business.
Understanding the scale of the challenge
The talent shortage in the fintech industry generally spans four critical areas. Software developers and engineers remain foundational to any fintech operation, yet their scarcity creates project delays and cost pressures.
Data scientists and analytics professionals are equally sought after as organisations race to leverage AI-driven innovation.
The surge in cybercrime has made cybersecurity specialists perpetually in-demand, particularly critical given the sensitive nature of financial data processing.
Finally, fintech compliance experts who can navigate South Africa’s regulatory environment have become indispensable as complexity increases around FSCA guidelines and POPIA enforcement.
The consequences extend beyond immediate hiring challenges. Talent scarcity delays critical projects, drives up acquisition costs, and creates risk that South African fintech organisations could fall behind their global counterparts in digital transformation timelines.
The mobility reality: More than money
Labour turnover rates for technology positions typically range between 13% and 15%. At Altron FinTech, our turnover rate tracks below the industry average through our focus on culture and the employee value proposition.
Salary escalation reflects this competitive pressure, with technology roles seeing average increases of 12% over the past year and predictions of up to 6% in additional increases needed to retain critical skills.
Yet compensation alone doesn’t solve the retention equation. Hybrid work, is a big factor as it’s now a baseline expectation. If you want to attract the best skills, then you’ve got to be able to offer flexible and / or remote arrangements.
Organisations unable to provide work flexibility find themselves at a fundamental disadvantage, regardless of salary competitiveness. The shift represents a permanent recalibration of employee expectations, not a temporary pandemic accommodation.
Building company culture as competitive advantage
In this environment, progressive fintech organisations are recognising that retention requires a comprehensive employee value proposition.
We need to be asking ourselves what we’re offering people that’s going to keep them here. What is the value they see in being an employee of your company?
At Altron FinTech, we aim to build a purpose-driven culture where our people understand how their work contributes to meaningful outcomes. In fintech companies, this could mean enabling financial inclusion, supporting economic growth in underserved communities, or protecting consumers from increasingly sophisticated fraud.
Purpose-driven cultures result in engagement that extends beyond transactional employment relationships.
The inclusion and well-being imperative
Culture-building also requires creating environments where people feel included, and where we recognise the whole person and their well-being from an holistic perspective, to include their physical, emotional, financial, social, intellectual and spiritual needs.
In South Africa’s competitive talent market, fostering genuinely inclusive cultures isn’t merely about values alignment. The Institute of Information Technology Professionals South Africa (IITPSA) 2024 survey found that 65% of businesses are affected by the technology skills gap, while the World Economic Forum’s 2025 Future of Jobs Report notes that over 60% of South African companies see skills gaps as a key barrier to business transformation by 2030.
Organisations that successfully build diverse teams and inclusive environments access broader talent pools and demonstrate the kind of forward-thinking, innovative culture that ambitious technology professionals seek.
Holistic well-being recognition acknowledges that employees aren’t merely technical resources but whole people navigating complex lives.
Continuous learning as cultural commitment
The rapid pace of technological change in fintech means that yesterday’s cutting-edge skills become tomorrow’s baseline competencies.
That continued focus on learning and development is essential to retention strategies. Employees want to see a clear future within their company.
Forward-thinking organisations are investing heavily in upskilling, reskilling programmes, certifications, and internal mobility.
Organisations that demonstrate genuine commitment to professional development signal that career building matters as much as immediate project delivery.
With Xpatweb’s survey noting that 89% of employers report unfilled critical skills roles negatively affecting operations, continuous upskilling of existing staff becomes strategically essential.
Looking ahead: predictive analytics and strategic recruitment
Forward-thinking HR professionals are also exploring how technology, and AI specifically, can strengthen attraction and retention of scarce and critical skilled people.
Predictive analytics can identify flight risks before resignation notices arrive, creating opportunities for proactive intervention. Improved recruitment processes ensure quicker times to hire and better role-fit from the start.
The culture-strategy balance
For South African fintech organisations competing in an increasingly tight talent market, the question isn’t whether to invest in retention, it’s how to invest strategically.
Salary increases provide temporary relief but don’t build lasting loyalty. Hybrid work flexibility is now a baseline expectation, not a differentiator.
What truly attracts and retains scarce technology talent is the answer to that fundamental question: What value do employees see in working for your company?
Organisations that can articulate compelling employee value propositions, through purpose-driven work, inclusive cultures, holistic well-being support, and genuine learning and career development investment, position themselves to succeed where purely transactional employment relationships fail.
South Africa’s fintech sector has enormous potential to drive financial innovation and economic inclusion.
Realising this potential requires not just technological capability but the human talent to build, secure, and evolve these platforms. In the competition for that talent, company culture itself becomes the competitive advantage.
We’re always looking for new talent, appy for positions here: https://fintech.altron.com/careers