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February 6, 2023
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Finance

Financial services bosses say skills shortage is top fear

Almost one half of senior leaders during the financial services sector cite finding skilled candidates as their biggest worthy across the next 1 year.

Research from Robert Half Financial Services explored the important thing concerns (both external and internal) facing a, such as impact of tightened regulation controls, home based business processes, and training and development for employees.

The financial services industry faces several unique challenges, from the rise of challenger banks as well as the should improve customer care, to digital transformation and impact of new regulations which include MiFID II and GDPR.

In the facial area of these challenges, financial services leaders have identified the ability shortage as his or her greatest fear, demonstrating the necessity of attracting and retaining talented employees.

“Process, regulatory and geopolitical change are coming up with the right storm to your financial services sector to produce and grow,” said Matt Weston, UK Managing Director at Robert Half.

“In a time of uncertainty, banks along with financial services firms should be confident they will access the skills they ought to assist them to through this current duration of change and beyond.”

Other worries included tightened regulatory controls (cited by 42% of respondents), implementing home based business processes (35%), market instability, bank recapitalisation, and training and developing existing employees (all 32%).

The research revealed that new technologies like Blockchain and automation are less of a worry, with many different optimistic concerning potential C only 13% and 6% fear their impact respectively.

“With only a finite range of skilled professionals, providing current staff when using the way to grow and develop potentially profitable new skills provides tangible benefits to this company in its entirety, including plugging skills gaps,” Weston added:

“Staff furnished with such opportunities will be more motivated, productive and constant that has a positive influence on any organisation.

“Additionally, while operating in a period of change or market instability adopting an adaptable recruitment strategy may offer great benefits.

“Where current skills gaps are readily available, hiring in temporary or contract professionals to fill those gaps provides for added value, greater flexibility and controls.”

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