Diminishing scepticism and achieving worthwhile digital transformation within the industry requires a skilled workforce, but attracting and retaining talent is a pressing concern.
Jack Kennedy, Business Development Manager at the Financial Times, notes the difficulty organisations face: “It’s been tougher for financial services to retain skilled staff, making it crucial to invest in staff development and resources.”
The latest People + Technology report from the Financial Services Skills Commission highlights this concerning space in the industry, with the second largest skills gap of any UK sector. The same report found that 73 per cent of roles in the sector are now highly-skilled in comparison with just 52 per cent in 2004.
Without action, this skills gap will continue to impact productivity, growth and competitiveness, and leave the industry unable to keep up with technological advancements and ever-changing customer expectations.
David George, CEO of Bikmo, emphasises the importance of giving employees a sense of purpose whilst filling this gap: “To attract the best people to run your business, you have to give them a sense of purpose, especially the younger generations.”
The industry must redefine itself to become an appealing career destination for emerging talent, and upskill existing employees to stay at pace with technology.