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.
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
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
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.
NPM is required.
See all the details here.
Senior Software Development Engineer, GoCardless
GoCardless is similarly on the hunt for a full stack
get lots more information here.
For more high-paying opportunities in tech or fintech visit the Finextra Job Board today.