The State of Skills in Financial Services

Digital transformation is widening the skills gap. Recruitment is a challenge. We asked financial services leaders how they see the these problems, and where the solutions might be.

Leaders worry about the impact of the skills gap

Digital transformation widens the skills gap

64% said colleagues without digital and data skills are at risk of redundancy.

A lack of retraining could trigger an exodus of employees

39% didn't think they'd be working in the sector in the next five years. Two-thirds would stay if they were offered training.

Apprenticeships are part of the solution

Two-thirds thought that the skill gap could be tackled with apprenticeships.

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What you need to know about the financial services skills crisis beyond 2022

Struggle to hire

In the last year, vacancies in the financial services sector rose by more than 70%. But business leaders told us they are consistently unable to fill roles because applicants don’t have the right skills or qualifications.

Impact on retention

39% don’t expect to stay in the sector in the next five years, further exacerbating the volume of unfilled roles. The majority would stay if they were offered retraining. Yet this remains one of the sectors making the lowest investment in training.

Diversity is a priority

On top of that, financial services firms are struggling to meet their workforce diversity ambitions. Three out of five senior managers report that recruiting candidates of a variety of ethnic backgrounds was a huge challenge.

New solutions

Two-thirds of financial services employees thought that skill gaps could be tackled with apprenticeships. The majority also believe that apprenticeships can help increase the diversity in their organisation.