The skills needed now to work in the Financial Services sector have changed dramatically and will have to continue to keep pace with evolving business processes, technology and a stringent regulatory environment. Nurturing the right talent and finetuning employee skills is essential to allow companies in this sector to thrive.
Ireland’s financial sector is a key contributor to the economy. Worth €19.3 billion in GDP, it contributes to 23% of Ireland’s total corporate income tax at €2.49 billion and the numbers employed in this sector now stand at over 52,000 people. The sector is characterised by a unilateral competition for talent, the rising adoption of hybrid working models and shifting requirements in terms of skills needed by those who work in financial services.
The recent FSI report Future skills in Financial Services details how the sector can ‘future-proof’ when it comes to building and shaping the skills required as the sector evolves rapidly. Their goal is to make Ireland one of the top 20 global financial centres by 2025.
In examining the skills which the sector should focus on, the report organises them into four categories – Future Currency Skills, which focuses on technical skills; Human Experience; Reimagination and Pivoting Skills, which recognise the skills that are – and will remain – key in how we work today. Data analytics, machine learning, digital transformation and risk and compliance are the areas identified as having the greatest skills gaps. Sustainable finance was cited as the greatest opportunity for the sector, followed by fintech.
To remain competitive, financial institutions require access to a strong and digitally fluent workforce who can effectively utilise new technologies and leverage the vast amounts of data now available. Equally, a re-think is needed in terms of talent acquisition methods, and those brands who demonstrate flexible, employee-focussed ways of working will emerge as the leaders in terms of attracting & retaining talent.
There is work to be done so that companies in the sector can be future-fit now. Here are some of the factors to consider as you build your long-term people strategy.
Engage with talent as early as possible
Develop a strong, distinct Employer Brand
Modernize your Talent Acquisition Process
Focus on the right skills
Read full FSI report here.
How EY can help
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