80% of financial services recruiters paint concerning picture of skills gap

80 per cent of financial services recruiters have agreed that the current environment is challenging, as confidence among hiring managers within the sector paint a concerning picture regarding the skills gap issue that is ongoing, according to a new survey.

The outlook for the financial services sector hiring a skilled workforce is not looking overly positive as hiring managers point their fingers towards a lack of candidates with the appropriate skills to fill the much-needed roles within the industry.

Employers are fighting for the limited amount of talent that is available to fill the high-demand technology and specialised finance roles as supply remains much higher than demand, while many recruiters agree they cannot afford to train new candidates as they desperately try to recruit experienced people who already have the relevant skill.

It has been said that the financial services industry has become less attractive to graduates leaving university which puts a strain on the industry and separate data released in August showed that three-quarters of firms were reporting open vacancies while 65 per cent of those were struggling to fill them.

Derek Mackenzie, CEO at Investigo, part of The IN Group, said, “The financial services industry is a powerhouse of growth and having the right talent pipeline in place should be a top priority, even in challenging economic times.

“Recruiting candidates with the latest fintech skills in areas like data science and machine learning has been an ongoing issue for UK businesses, and these capabilities are crucial to fast-growing companies who want to stay ahead of the competition. Even when times are tough, it’s vital that banks and other financial services organisations work closely with specialist providers to source, train and equip themselves with the next generation of talent to take the business forward.”

Peter Healy, CEO of Efinancialcareers, said: “Financial services face a strained recruitment climate in 2023, with confidence plunging versus last year,”

He added that firms should “scout broadly for in-demand skills, and balance technology with human insights to source and retain top talent.”