SEB: the number of IT specialists has risen significantly, according to trends

In 2023, SEB banka conducted a special campaign in the Baltic states to recruit around 100 employees for IT and product development. Around a third of all specialists required will be recruited in Latvia. Observations show that unlike in the recent past, when demand for IT specialists significantly exceeded supply on the labour market, the number of applicants has increased significantly and competition remains fierce. However, there is a shortage of technical specialists with more complex skills, such as Java programmers.

Conducting daily transactions via online banking or a mobile app and even receiving loans without visiting a bank branch is becoming increasingly common in both the private and corporate sectors. The provision of these services requires IT specialists, programmers, and product managers. Therefore, SEB conducted a campaign in the Baltic states in 2023 intending to recruit around 100 product management and technology employees. Since the beginning of last year, 37 specialists have started working at SEB banka in Latvia, which accounts for 35% of the total number of employees recruited in the Baltic states.

According to the observations of HR specialists, it is relatively easier to attract candidates who have broader competencies or technical skills, such as business developers, project managers, mid-level managers, and junior specialists.

“As part of the selection process, we have observed that it is most challenging to find employees with complex competencies or with specialized technical knowledge that is not widely available on the job market. The most striking example is Java programmers. Often, such candidates are sought through s.c. “headhunting” selection, because in Latvia as well as the entire Baltic labor market, demand is high. Also, it tends to be challenging to find software developers to work with development languages that are no longer actively taught, but the solutions created in them continue their lives in companies,” says Anita Segliņa, head of HR at SEB banka.

A recruitment campaign conducted by the SEB included all three Baltic countries, allowing for the observation of the differences between Estonia, Latvia, and Lithuania. Among the Baltic countries, Estonia had the hardest time finding employees due to its small labour market and companies' desire to retain their valuable employees. Also, unlike Latvia and Lithuania, job adverts in Estonia do not specify the monthly salary range. In Estonia, the best professionals expect a salary increase of at least 20% when changing jobs, particularly if they are satisfied with their current position. In addition, more foreigners work in IT positions in Estonia compared to Latvia and Lithuania, for example, specialists from Sweden, Cameroon, Turkey, and India.

“It is, in my opinion, positive that, unlike in Estonia, salaries must be stated in job advertisements in Latvia and Lithuania - by doing so, candidates can determine whether their salary expectations are in line with the company's salary level, In turn, this results in an increase in qualified candidates, which reduces the duration of the selection process for specialists and direct supervisors, as the candidates have already assessed both the job content and the possible salary offer,” explains Anita Segliņa.

There are still 43 vacancies in SEB banka’s structural units in the Baltic states in areas such as programming, product development and design, and data analytics.