It’s been a challenging year for financial services
Set against the backdrop of supply chain disruption, the war in Ukraine and the risk of recession, the financial sector faces difficulties.
Research suggests the sector will be impacted by automation more than any other over the next 20 years. The need for technology, data, and digital skills has intensified.
While it remains a global leader, output per hour worked has declined since the onset of the financial crisis in 2008.
Acute skills gaps and shortages
Financial services companies have significant skills shortages due to strong competition for talent, particularly from the tech sector.
The report highlights research which suggests that reducing the financial services skills gaps, combined with the effect of automation, could increase sector output by 12% by 2038 compared to 2018.
The challenges facing the UK’s financial services sector are complex and varied. They are also surmountable if organisations prioritise the responses needed.
At every level, and perhaps more now than ever before, people must be at the heart of the changes the sector needs to see.
Good organisational development plays an important role in addressing all the challenges.
We can help your organisation address their key strategy goals around recruitment, development, strategy and leadership development.