Talent pool in UK financial services is 'narrowing'

Talent pool in UK financial services is ‘narrowing’

The UK financial services talent pool is narrowing, according to KPMG UK.

Reputation and lack of social mobility have been given as reasons for narrowing of talent in financial services, according to research from the auditor.

KPMG say the sector has an image problem that needs to be addressed.

Tim Howarth, Head of FS Consulting, commented: “There is clearly a gap between what the public think, and the realities of working in financial services.

“That has to be addressed if we are to attract the diverse mix of skills and experiences needed to navigate the changes going on in financial services and society.

“Technology and customer engagement is a priority for most of my clients right now, so people working in retail, leisure or IT could have a huge amount to offer.

“But, the sector has an image problem that’s putting off that talent.”

According to the research, in a time where there is fierce competition for talent, almost two thirds of the UK population (65%) would not work in financial services because it ‘sounds boring’.

That being said, those people working in the sector are happier on average than employees in other sectors, with 87% of bank, insurance or asset management employees saying they like their jobs.

There is also the argument that the perception of the sector needs to be changed; figures show 41% of those working in finance had parents in the same sector, with the national average at 12%.

In addition, 16% of those canvassed between 25 and 34 years of age said they wouldn’t consider a job in the sector because they don’t have the contacts to break into the industry.

This suggests more needs to be done to include people into the sector.

And at a time when the talent pool is narrowing, engaging these people so that they want to work in financial services is “a big challenge for the future of the sector.”

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