The financial services sector is currently facing a skills shortage which is consequently causing financial services directors to lose sleep over concerns for the future.
With increased regulatory controls, changing new business processes and changes to employee training slated as the key concerns for the majority of worried financial services managers, businesses need to find a way to close the skills gap before these become really serious issues.
49% of senior leaders within the financial services sector harbour growing concerns over how they will source and retain talented and skilled candidates within their industry. The next years' performance proves to be one of the key sticking points for worry where there are prevalent concerns around both internal and external measures that have the capability to rock the industry. This includes tightened regulations and processes as well as training and developing employees in line with industry standard.
Many of the challenges faced by financial services companies are exclusive to this sector, facing the rising number of challenger banks, customer service demands, digital transformations and the new and lasting impact of changes such as data management caused by GDPR and MiFID II, leaders in the sector now look to develop their workforce to face these more effectively.
What are the top areas of concern in the financial services sector?
Skills gaps arise when the industry is unable to meet the demands of its customer or clients due to too fewer people having the correct skill set required to undertake the task. In order to address the issue before it becomes a serious problem, companies should look to identify the areas already beginning to lack talented and skilled workers and the areas they anticipate an increased need and demand for in the near future.
The top concerns of directors within the financial services sector include;
- Finding the necessary talent and skills
- Tightened regulatory restrictions and data controls
- Implementation of new business processes
- Training and development of the current workforce
- Bank recapitalisation
- Market instability
- Identifying growth opportunities
- Cyber-security
- Staff retentions
- Fintech and up-coming technologies
Reducing the skills gap through financial services training
Due to a finite number of skilled individuals existing in the industry or entering at junior levels, companies now need to look to financial training programmes to more effectively build a workforce with the skills they require to ensure the longevity of the business and ensure competitive capability.
Skills gaps are often more easily plugged when the workforce is engaged and can recognise the value of learning new skills. By providing staff with further opportunities as a result of learning new skills and building on personal development, they are more likely to be motivated, loyal and productive. This will mean your business is more likely to retain the highly skilled employees, reduce hiring and firing costs and be able to adapt and offer greater flexibility when it comes to meeting customer demands.