Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Skills shortage top fear for UK financial services

  • New research shows issues that are keeping financial services directors awake at night
  • Tightened regulatory controls, new business processes and employee training are key worries, say financial services directors

Half (49%) of senior leaders in the financial services sector see finding skilled candidates as the biggest worry over the next twelve months, new research from Robert Half Financial Services has revealed. The survey highlighted the key concerns – both external and internal – facing the industry, including the impact of tightened regulation controls, new business processes, and training and development for employees.

The financial services industry faces a number of unique challenges, from the rise of challenger banks and the need to improve customer service, to digital transformation and impact of new regulations such as MiFID II and GDPR.

In the face of these challenges, financial services leaders have identified the skills shortage as their greatest fear, demonstrating the importance of attracting and retaining talented employees.

RankTop 10 concerns in financial services*%
1Finding the necessary talent/skills49%
2Tightened regulatory controls42%
3Implementation new business processes35%
4Training and development of existing employees32%
4Bank recapitalisation32%
4Market instability32%
7Finding growth opportunities30%
9Staff retention27%
10Fintech/new technologies26%

*Responses do not total 100 per cent as multiple answers were permitted.

“Process, regulatory and geopolitical change are creating the perfect storm for the financial services sector to develop and grow,” said Matt Weston, UK Managing Director at Robert Half. “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”.

Other worries included tightened regulatory controls (cited by 42% of respondents), implementing new business processes (35%), market instability, bank recapitalisation, and training and developing existing employees (all 32%). The research revealed that new technologies such as Blockchain and automation are less of a worry, with many optimistic about their potential – only 13% and 6% fear their impact respectively.

“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.