Addressing the poor managerial and leadership skills gap needs to be the financial industry's highest priority, according to new research.
The Financial Services Skills Council (FSSC) report The Skills Bill: An agenda for the industry, also found financial services employers are looking for higher skilled entry-level staff and smaller businesses need to get more involved in training and skills development.
The analysis says: “The impact of managerial skills gaps and poor leadership is enormous and addressing them ought to be the industry’s highest priority”.
FSSC chief executive Teresa Sayers says the report examines the sector’s most important failures and offers solutions to the problems.
“It gives us the opportunity to examine potential solutions to the industry’s skills needs for the first time – from the point of view of employers,” she says.
The FSSC says after consulting with employers, the following needs are likely to be tackled:
- Establishing tailored introductory programmes leading to employment in the industry
- Introducing financial services qualifications in schools or colleges
- Campaigning to address and improve the sector’s reputation
- Involving non-management staff in management training
The analysis sought feedback from 150 employers and 57 training providers and stakeholders; with reports for Northern Ireland, Scotland and Wales to be published later in the year.
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