People + Technology: How Skills Can Unlock Value for Financial Services

This report, produced by the FSSC and supported by EY and PwC UK, is the result of forty-five interviews with sector leaders, senior stakeholders, and commentators. For the first time, we have been able to quantify skills proficiency gaps and produce new insights into how our workforce is changing. The result is a series of practical recommendations which will further intensify action, create skills-based organisations that can adapt to the tech-driven, people centred future we see approaching over the next decade.

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The sector is facing growing skills gaps

the potential gains for closing the gaps are substantial

16%

or 160,000 OF OUR PEOPLE NEED TO BE UPSKILLED

260,000

highly-skilled people will leave the sector by 2035

£555m

per year could be gained if the sector closes its skills gaps

Our roadmap for action

“Skills are right at the top of the investment you need to drive productivity. it’s hard to imagine anything more important than investing in skills for individuals and indeed for our country. The FSSC report shines a spotlight on both the urgency of investing in skills, equipping our workforce with the future skills to prosper, and the benefits this brings both to our economy and to wider society”, Andy Haldane, CEO, The RSA.

Leaders speak about People + Technology: How Skills Can Unlock Value for Financial Services.

Claire Tunley, CEO Financial Services Skills Commission, speaks about People + Technology report launch on 28th November 2023

Explore more

Skills Gap Analysis Toolkit

The Skills Gap Analysis toolkit is designed to support Financial Services organisations identify the skills they will need in the future.

Reskilling Business Case

Reskilling staff can create cost savings of up to £49,100 per employee compared to recruiting or making a role redundant.

Future Skills Framework

This Framework identifies those skills where there are acute skills shortages or where there is rapid and growing demand.

Inclusion Measurement Guide

Our Inclusion Measurement Guide enables organisations to measure inclusion in three priority areas: analyse the behaviours and actions of employees, measure inclusion for the first time, as well as assist firms who are already using inclusion metrics to develop their existing data and analysis.

Future Skills Report 2023

This report highlights increasing demand for 13 future skills, including data analytics, cyber security, software development and coaching, identified by FS firms over the last 12 months as critical for the sector’s sustainable growth.

Menopause in the Workplace: Impact on Women in Financial Services

Menopause in the Workplace: Impact on Women in Financial Services reveals women’s experiences of the menopause impacts their confidence to perform their role and the actions employers can take to support and retain these women.