Financial Services Skills Commission

Now, more than even, HR teams to rethink traditional recruitment processes, allowing them to secure the talent their organisation needs to succeed. So says Dr Andrea Cullen (She/ Her), co-founder of CAPSLOCK.? ? Writing for Finance Derivative, Dr Cullen quotes figures from our People + Technology Report, which showed that 3 in 100 roles in financial services remain unfilled, with data, software, cyber, risk and product managers outlined as the ‘hard to fill’ categories, some of which have been open for over 12 months.? ? Dr Cullen suggests that HR teams in the sector should proactively align hiring and talent development strategies to mitigate the risk of ‘cut and run’ hiring. She says that targeted training during the hiring process will ensure organisations can retain talent build a more skilled workforce, from day one.? ? Just last week, we launched the sector’s first framework for skill-based organisations. This is an important milestone for financial services and the one million people who work in the sector.? ? The Skills-Based Organisation Framework is the culmination of many months of work alongside our members. It is the first comprehensive guide on how firms in the sector can embrace the skills-based approach and achieve tangible progress. By prioritising skills over traditional job structures, it enables organisations in the sector to better adapt to the changing demands of the modern economy and ensure they are well-positioned to drive sustainable growth.? ? Find out more about the framework and the tools we’ve made available to our members:?https://lnkd.in/e5WFzNgf?

Our Chief Executive, Claire Tunley, will be speaking at the first artificial intelligence conference to be hosted by iCAN: The Insurance Cultural Awareness Network. Held in partnership with Arch Insurance International and Ki Insurance, the event will focus on AI, skills and the future of work in the insurance industry. Claire will join a panel of industry experts who will share their insights on how AI is shaping the future of insurance, and the workplace. Other speakers at the event include ?? Dr Rashada Harry, Amazon Web Services (AWS) and founder of Your Future, Your Ambition YFYA ?? Daniel Hulme, Chief AI Officer at WPP and CEO of Stalia ?? Jonathan Mascie-Taylor, MD of Render ?? Melanie Zhang, Head of Algorithmic Pricing at Ki Insurance ?? Ben Postance, Head of Data Science at Ki Insurance ?? Ed Gaze, CEO of IRL (Innovative Risk Labs) ?? Zhe Feng, Head of Algorithmic Engineering at Ki Insurance ?? Jonas Haefele, AI Somantic Coach ?? Maddy Robson, Head of Strategy, Vision and Business Change at Allianz Holdings plc ?? Kishan Mangat, Co-Chair of iCAN: The Insurance Cultural Awareness Network This is a free to attend, half-day conference. If you’d like to join and hear Claire speak, you can register here: https://lnkd.in/euNzmwjZ ?? Arch Insurance International, Fenchurch St, London ?? Friday 22 November, 2024 ? 08:30-13:30

HM Treasury has called for evidence on its Financial Services Growth and Competitiveness Strategy: https://lnkd.in/e2iBwW9P As the sector’s collective voice on skills, we welcome the government’s increased focus on skills and the prioritisation of financial services as a growth-driving sector. ? We are pleased to note that the government recognises our initiatives to identify and address future skills and talent needs. With a quarter of the workforce – equivalent to 260,000 people – set to leave the industry by 2035, the need for a significant shift in skills has never been greater. ? The strategy makes skills, and access to talent, one of the five policy pillars central to the sustainable growth of the sector, alongside innovation and technology, the regulatory environment, regional growth, and international partnerships and trade. A notable issue for the Commission to consider, is an ‘assessment of the UK’s ability to effectively upskill and reskill domestic workers for roles’ in financial services. ? We are clear that the people working in the sector are our greatest asset; they are the ones who bring the innovation and technical expertise that is integral to business success, and a driver of competitive advantage and growth. ? We will now be taking the time to carefully scrutinise proposals before submitting our formal response. However, based on our extensive research, and collaboration with our members, we already know that the financial services sector is already working hard to close skills gaps and build talent pipelines. ? Alongside our members, who collectively represent approximately 300,000 employees across all parts of the sector and all the UK’s regions, we stand ready to work with government on this agenda. We urge everyone in the sector to provide their unique perspectives so that the strategy delivers the progress that the sector so urgently needs.

?? Today, we are proud to have launched the sector’s first framework for skill-based organisations. This is an important milestone for financial services and the million people who work in the sector. The Skills-Based Organisation Framework is the culmination of many months of work alongside our members. It is the first comprehensive guide on how firms in the sector can embrace the skills-based approach and achieve tangible progress. By prioritising skills over traditional job structures, it enables organisations in the sector to better adapt to the changing demands of the modern economy and ensure they are well-positioned to drive sustainable growth. This is important, because organisations in the sector are facing significant challenges, driven by technological advancements, shifting customer expectations, and changing demographics in the workforce. These factors have contributed to a widening skills gap, with 160,000 industry workers (16%) currently require upskilling, making it increasingly difficult for businesses to attract and retain talent with the requisite expertise. At the launch event, hosted by member firm PwC, our chair Mark Hoban urged an audience of industry leaders to work at pace on placing skills at the heart of corporate strategies. But don’t just take our word for it; our video includes the voices of leading industry figures who explain why we must take immediate action on the skills-based agenda. You can find out more about the framework and the tools we’ve made available to our members on our website: https://lnkd.in/e5WFzNgf

Looking forward to this event tomorrow. There is still time to register for online attendance https://lnkd.in/em-M43ZQ

? Last chance to register? There’s just one week to go until we’ll be unveiling our Skills-Based Organisation Framework and we have a few remaining spaces for those who would like to join us. The event – “Building your future-ready workforce – how to become a skills-based organisation” – will take place on Thursday, 14 November, at PwC's offices in central London, and online. It will be an insightful event, packed with key industry figures. ?? The shift towards a skills-based approach will improve productivity and equip colleagues with the skills they need to be future-ready and fuel economic growth. We’ve worked with our members to create a framework that provides practical guidance on embracing this approach and achieving tangible progress. We’ll be hearing from industry experts, including: ? Chris Dunford, Chief Talent Development Officer, Aon ? Michelle Blayney, Director, One Bank Capabilities and Culture, NatWest Group ? Harriet Newlyn, Partner, Workforce & HR Transformation, PwC ? Ajay Vij, UKI and Strategic Industries Head, Google Cloud EMEA ? Will Brown, Global Head of Reward, Standard Chartered ? Claire Tunley, Chief Executive, Financial Services Skills Commission ? Mark Hoban, Chair, Financial Services Skills Commission Our panel will share valuable insights on: ?? The importance of a skills-based approach ?? Their journey towards becoming skills-based organisations ?? How the framework will guide their strategies and actions This is a hybrid event. Limited in-person spaces are available, prioritised for FSSC members and employers. Register your interest for in-person attendance, and we'll be in touch. Prefer to join online? Online registration is open to everyone! ?? To secure your online place, or express interest in attending in-person, please register through our event page: https://lnkd.in/em-M43ZQ Don’t miss out on this opportunity to hear how we’re driving the future of skills-based organisations.

?? Are skills finally on the government’s priority list? Today’s Budget will be a significant moment. All eyes will be focused upon the House of Commons chamber as Rachel Reeves delivers her first major set-piece since becoming Chancellor. Having just passed the government’s 100-day mark, our chief executive, Claire Tunley, has posted a new blog, reflecting on the current state of skills. She notes that the new government’s focus on skills – partly through the planned formation of Skills England – shows promise, but sustained engagement with employers is going to be crucial for its delivery. Claire says: “It’s crucial for the Government to engage with industry and build genuine collaboration and alignment of effort. The skills challenge isn't just an issue for businesses; it’s a national challenge. Financial services firms already invest significantly in training, spending over ￡2,400 per employee per year. Harnessing these efforts can help drive long-term growth for the entire economy.” That’s why we’re calling on the Government to work hand-in-hand with industry. As the collective voice of skills in the sector, the Financial Services Skills Commission, stands ready to work with government on this agenda. You can read Claire’s blog here: https://lnkd.in/e2wS7GP3

?? Register now: Building your future-ready workforce – how to become a skills-based organisation On Thursday, 14 November, we're thrilled to be unveiling our Skills-Based Organisation Framework, developed in collaboration with PwC. Join us at PwC's offices in central London, or online, for an insightful event, packed with key industry figures. ?? The shift towards a skills-based approach will improve productivity and equip colleagues with the skills they need to be future-ready and fuel economic growth. We’ve worked with our members to create a framework that provides practical guidance on embracing this approach and achieving tangible progress. We’ll be hearing from industry experts, including: ? Chris Dunford, Chief Talent Development Officer, Aon ? Michelle Blayney, Director, One Bank Capabilities and Culture, NatWest Group ? Harriet Newlyn Harriet Newlyn, Partner, Workforce & HR Transformation, PwC ? Ajay Vij, UKI and Strategic Industries Head, Google Cloud EMEA ? Will Brown, Global Head of Reward, Standard Chartered ? Claire Tunley, Chief Executive, Financial Services Skills Commission ? Mark Hoban, Chair, Financial Services Skills Commission Our panel will share valuable insights on: ?? The importance of a skills-based approach ?? Their journey towards becoming skills-based organisations ?? How the framework will guide their strategies and actions This is a hybrid event. Limited in-person spaces are available, prioritised for FSSC members and employers. Register your interest for in-person attendance, and we'll be in touch. Prefer to join online? Online registration is open to everyone! ?? To secure your online place, or express interest in attending in-person, please register through our event page: https://lnkd.in/em-M43ZQ Don’t miss out on this opportunity to hear how we’re driving the future of skills-based organisations.

?? Creating a culture of continuous learning is a priority for all firms across the financial services sector. Whilst cultural change remains a significant challenge, we know that many firms are putting in place a wide array of initiatives and projects to build an effective, long-lasting learning culture. That’s why we brought together representatives from around 20 of our member firms, to discuss their different approaches and share innovative solutions. During an engaging, collaborative workshop – kindly hosted by our member firm EY – delegates around the table covered a wide range of topics, including: ? How do we ensure that new starters develop a habit of continuous learning, that endures throughout their careers? ? What’s the best way to motivate our people to learn? How can we make it fun and enjoyable? ? How can we amplify the business case for investment in learning? This session was just one part of our efforts to facilitate a culture of learning in the sector. It’s also important milestone in the lead up to the publication of our next major piece of work; our Skills-Based Organisation Framework, which we’ll be launching in November. The skills-based approach is becoming increasingly important to improving productivity and equipping colleagues with the skills needed to be future-ready and fuel growth. We have worked with our members to develop the Framework which supports organisations to better understand what it means to be skills-based. If you’re ready to begin your journey to becoming a skills-based organisation, and would like to find out how FSSC membership can help you make faster progress, contact us at [email protected] for an initial conversation.

?? This week, we’re saying a huge thank you, and a fond farewell, to Allegra Lumb, who has completed her secondment to the Commission from our member firm, EY. During the five months that Allegra has been with us, she’s made invaluable contributions to some of our biggest projects. Most significantly, she’s been at the forefront of our work to create a culture of continuous learning across the financial services sector. She has also supported several data and research assignments which help us to understand how employee learning is being facilitated and encouraged across the sector. Allegra has been a fantastic member of the team, helping us to address the skills challenge facing the financial services sector.?We’d like to wish her all the very best as she moves on to the next big challenge.?