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The potential economic benefit of upskilling the workforce is surprisingly large, reveals a recent report published by the Financial Services Skills Commission (FSSC).
The study titled “People + Technology: How skills can unlock value for Financial Services” presents a compelling case for upskilling at least 16%, or 160,000 of the U.K.’s financial industry’s workers. A move of this size, as the report suggests, could add a substantial £555.6 million annually to the U.K. economy.
Technological advancements, the aging workforce, and geopolitical challenges have contributed to a skills gap in the U.K.’s financial services industry that the report suggests could be addressed. Data reveals that while 73% of the industry’s roles are highly skilled, the industry’s skills proficiency gap persists. This gap is reported to not just be a short-term hurdle but a long-term challenge — with 260,000 skilled workers expected to leave the sector within the next 12 years.
The data, supported by EY and PwC U.K., suggest that upskilling is no longer a luxury but a necessity. It emphasizes the need for a balanced skill set, combining technological prowess with essential interpersonal skills like empathy and adaptability. This dual focus is crucial in an era where human-centric services are as important as technological innovation.
The integration of skills development into business strategy is not just beneficial but will likely be essential for success in the future. By addressing this skills gap, the financial services sector and other industries could unlock untapped economic value, while promoting a workforce more resilient to technological change.
