Skills shortage is the top fear for UK financial services
22 June 2018 London
Image: Shutterstock
Skills shortage is ranked as one of the top fears for UK financial services, Robert Half Financial Services has revealed.
According to the research, some 49 percent of financial service leaders have identified skills shortage as their greatest fear, demonstrating their belief that hiring the right talent is the key to steering through challenging times.
Other issues concerning leaders included tightened regulatory controls (42 percent), implementing new business processes (35 percent), and training and development of existing employees (32 percent).
The report also cited that some 32 percent found bank recapitalisation to be a concern, and a further 32 percent saw market instability and finding growth opportunities (30 percent) as other causes of worry.
The three areas cited as the least cause for concern were cyber-security (28 percent), staff retention (27 percent), and new financial technologies (26 percent).
Matt Weston, UK managing director at Robert Half, commented: “Process, regulatory and geopolitical change are creating the perfect storm for the financial services sector to develop and grow.”
“In a time of uncertainty, banks and other financial services firms need to be confident they can access the skills they need to help them through this current period of change and beyond.”
He added: “With only a finite number of skilled professionals, providing current staff with the means to grow and develop new skills provides tangible benefits to the business as a whole, including plugging skills gaps. Staff provided with such opportunities are more motivated, productive and loyal which has a positive impact on any organisation.”
“Additionally, while operating in a period of change, or market instability, adopting a flexible recruitment strategy can offer great benefits. Where current skills gaps do exist, hiring in temporary or contract professionals to fill those gaps allows for added value, greater flexibility and controls”, concluded Weston.
According to the research, some 49 percent of financial service leaders have identified skills shortage as their greatest fear, demonstrating their belief that hiring the right talent is the key to steering through challenging times.
Other issues concerning leaders included tightened regulatory controls (42 percent), implementing new business processes (35 percent), and training and development of existing employees (32 percent).
The report also cited that some 32 percent found bank recapitalisation to be a concern, and a further 32 percent saw market instability and finding growth opportunities (30 percent) as other causes of worry.
The three areas cited as the least cause for concern were cyber-security (28 percent), staff retention (27 percent), and new financial technologies (26 percent).
Matt Weston, UK managing director at Robert Half, commented: “Process, regulatory and geopolitical change are creating the perfect storm for the financial services sector to develop and grow.”
“In a time of uncertainty, banks and other financial services firms need to be confident they can access the skills they need to help them through this current period of change and beyond.”
He added: “With only a finite number of skilled professionals, providing current staff with the means to grow and develop new skills provides tangible benefits to the business as a whole, including plugging skills gaps. Staff provided with such opportunities are more motivated, productive and loyal which has a positive impact on any organisation.”
“Additionally, while operating in a period of change, or market instability, adopting a flexible recruitment strategy can offer great benefits. Where current skills gaps do exist, hiring in temporary or contract professionals to fill those gaps allows for added value, greater flexibility and controls”, concluded Weston.
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