The financial services industry could contribute an additional £555.6 million per year to the UK economy by closing its skills gaps to boost productivity[1], according to a new report published today by the Financial Services Skills Commission (FSSC), supported by PwC and EY.
The report, titled ‘People + Technology: How skills can unlock value for Financial Services’, was launched today with industry leaders at Mansion House. It found that 160,000 workers across the industry (16%[2]) currently require upskilling, with investment in skills across the industry failing to keep pace with changing skills needs driven by technological advancements, evolving customer and workforce demographics, and ongoing geopolitical challenges.
The report found that 73% of the 1 million industry job roles are classified as highly skilled (managerial and professional roles) – up from 52% in 2004 – however, 260,000 highly skilled people are expected to leave the sector through retirement and attrition in the next 12 years. To address this gap and improve talent attraction and…
