In its 2021 Needs Analysis Report, The European Software Skills Alliance (ESSA) underlined some key skills gaps for software engineers and developers.

ESSA identified skills gaps in the areas of data analysis, and found that the key areas influencing software skills are AI, Big Data, Industry 4.0, and modelling––particularly in research.

The report stated: “There is a shift to new kinds of developers, like full stack developers and low code developers.”

In addition to those essential and specific hard technical skills, “the most important insight is that developers are becoming more and more part of the regular organisation instead of a separate entity. Soft skills and knowledge of the business are therefore increasingly important for developers to be able to function.”

Supply and demand imbalance

Despite highly-publicised layoffs, workers with tech skills remain in high demand––and software developers and engineers are particularly needed. That is thanks to the increasing pace and adoption of digitalisation and because software developers are required across almost every industry, not just tech.

Deloitte’s Finance 2025 report found that the battle for top talent can be attributed to the accelerated pace of automation-driven change across the business world.

These factors have led to a supply and demand imbalance, where skilled software engineers and developers can command high salaries, and perks and benefits.

The gap is so severe that in the US, the global consulting firm Korn Ferry estimates the country may lose $162 billion worth of revenue annually due to a shortage of tech talent by 2030. Globally, that number rises to $8.5 trillion.

That pain is felt particularly strongly in the fintech sector, where the rapid pace of technological advancements places it among the most rapidly growing industries in tech overall, surpassing the wider market by 300%.

A high level of specialism is required from fintech developers, and it’s not surprising that according to a recent talent report, software engineering and development are the most in-demand skills globally across the industry, accounting for one-third of all open positions.

Most in-demand roles

Another recent hiring trends report found that starting pay for developers and engineers is 64% above the UK average, and 46% of those surveyed said their most common reason for turning down a job offer is because they’ve already gotten a new job, further indicating the impact of the skills crunch.

Over 40% of the UK’s tech talent is hired in London, with Manchester, Birmingham, Milton Keynes, and Reading coming in as other top locations. When it comes to software roles, there are three key standout functions commanding top salaries.

Backend, full stack, and frontend engineers are the top three most in-demand roles in the UK, receiving the highest volume of interview requests compared to other roles. In particular, demand for frontend engineers is outpacing that for backend engineers according to recent data findings.

Despite layoffs and downsizing, 68% of engineers are confident they will remain in work. When it comes to pay, UK engineering salaries will increase by 8% from 2021 to 2022 as well.

Roles hiring now

If you are working in the areas of backend, full stack, and frontend, it’s a good time to check your options. You can see what’s available on the Finextra Job Board.

Software Engineer, Spendesk

If you are looking for a new fullstack role, Spendesk is hiring a Software Engineer in London.

You will implement secure, reliable and scalable solutions, improve technical architecture and develop backend features, and be responsible for all aspects of technical design, development, testing, documentation, deployment, and maintainability. If you can write well-designed, testable code and have three years of experience in web development (JavaScript/TypeScript), you can apply now.

Staff Software Engineer, Ripple

At Ripple, another fullstack role is up for grabs in London. The Staff Software Engineer, Liquidity, will join a growing team charged with determining and delivering optimal liquidity for customers in a cost-effective, robust and scalable manner.

You will also mentor other software engineers, setting and demonstrating high standards and technical excellence. At least eight-plus years of web development experience with modern Javascript frameworks (React, Redux preferred), HTML5, CSS/SASS, Webpack, NPM is required. See all the details here.

Senior Software Development Engineer, GoCardless

GoCardless is similarly on the hunt for a full stack Senior Software Development Engineer - Growth. You will be working on business problems that have a direct impact on company growth and revenue, primarily using React, TypeScript, JavaScript, Ruby on Rails, Postgres, BigQuery, and Google Cloud Platform.

If this sounds like the job for you and you have professional experience in coding with JavaScript/React on frontend and Ruby on backend, and are enthusiastic about working in a strong culture of experimentation, you can get lots more information here.

For more high-paying opportunities in tech or fintech visit the Finextra Job Board today.