Business leaders must prioritise reskilling to maintain UK competitiveness

The report, titled ‘Reskilling Everywhere All At Once, Skills for the future of financial services 2023’, highlights the increasing demand for 13 future skills, including data analytics, cyber security, software development and coaching, identified by financial services firms over the last 12 months as critical for the sector’s sustainable growth. Furthermore, the report shows that despite organisations’ increasing their focus on skills forecasting and upskilling, demand for these future skills is approximately 20% short of supply, further widening the industry’s existing skills gaps.

The report also outlines how data analytics skills are most in demand, with 1 in 8 job roles in financial services now technology centric – double the proportion of the wider economy. Firms believe that ongoing skills shortages are increasing operating costs and existing staff workloads, impeding opportunities for innovation and growth across the industry.

Claire Tunley, Chief Executive at the Financial Services Skills Commission comments:

“Financial Services has seen record labour shortages over the last year with five unfilled jobs for every one hundred roles. The demand for specialised technology, data skills and behaviours such as coaching continues to outstrip supply. Firms are working hard to address this through internal upskilling and reskilling programmes, but  skills gaps remain a huge challenge for the industry. Reskilling must now be prioritised if we are to retain talent and remain competitive on the global stage”.

The report’s findings on future skills are the result of an in-depth survey, interviews and workshops with senior executives, human resource officials and workforce planning specialists across the FSSC membership. FSSC members employ around a third of the UKs financial services workforce and include firms in banking, insurance, asset management and fintech.

Access the ‘Reskilling Everywhere All At Once, Skills for the future of financial services 2023’ report here.