We are pleased to announce that we are undertaking new research into the skills needs of financial and professional services firms across the UK’s regions and nations.
Financial and professional business services (FPS) are essential to the success of the UK economy and employs over 2.3m people, two thirds of whom are based outside of London[1]. The strength of the sector lies in the collective expertise of both leading regional and London-based hubs.
This research project, in collaboration with Professional Business Services Council, with support from PwC, The City of London Corporation, The City UK and CapGemini, will explore the skills issues facing the sector and how these challenges can be met.
In recent years, rapid technological change, globalisation, and fluid demographic norms have provided a key challenge to the future success of the sector. The skills needs of the sector are evolving, with implications for current roles. Technology is driving change such as automation, digital payments and increase in data, leading to an increased proportion of roles requiring greater qualifications. While this may be a challenge, it provides an opportunity to grow the sector across the UK and build the skills we need for the future.
Minister for Industry and Business, Nazim Zahawi MP said:
‘This important piece of research will help to enable and inform conversations about the skills issues facing the sector at a regional level, and we welcome the findings. Ways of working have been disrupted by new technologies, globalisation and demographic changes, and Covid-19 has brought additional challenges, which has increased businesses reliance on technology, but also created opportunities for the sector to evolve in new ways, develop technological capabilities and create new jobs. This research will enable an understanding of the size, shape, location and skills of the sector in much greater detail, enabling businesses and government to understand regional skills gaps and challenges; the current sector response; best practice; lifelong learning and the redistribution and creation of new jobs. This work will also support the Government’s levelling up agenda to reduce UK regional inequality and will enable policy makers to make more informed policy recommendations.
The research will be conducted over the coming months, with findings set to be announced in Spring 2021.
For more information contact us at: info@financialservicesskills.org
[1] FS Skills Task Force Final Report
