A new study has found that two thirds of UK employers in the financial services sector struggle to find young talent.
Davies, a professional service and technology consulting firm, reported that 70% of its respondents said their culture was positive and supportive, but 63% believed more encouragement was required to attract young people into finance.
According to the survey, meeting recruits’ salary expectations is the biggest challenge. 43 per cent of senior managers said that this was a problem.
Other concerns included providing a balance between on-site and remote work (38%), offering comprehensive benefit packages (36%), showing clear career development options (35%) and taking care of employee mental health (33%).
Companies in the financial services sector were also concerned about digital skill gaps. 65% of middle managers and lower-level employees believed they had the skills necessary to excel in their jobs. However, 63% senior managers felt that a lack digital skills was hindering their workforce.
A lack of digital skills is a “very serious issue” for almost a third (33%) of senior managers.
David Leen, from Davies’ regulated markets division, stated that firms must overcome these challenges to remain competitive.
He said that while offering competitive salaries was important, businesses should also focus on creating a more rounded package to offer to current and prospective staff in order to compete for the best talent.
Craig Potter, senior partner for professional education, said: “That so many managers identified the need to recruit younger talent into the sector, shows that it is a continuing and urgent challenge.
Financial services organizations must be able compete with other industries in order to attract the best talent. They need to put in place strategies to not only recruit younger colleagues, but also to develop and nurture these individuals effectively. This will pave the way for the next generation of senior leaders.
Earlier this year, a CIPD survey found that over half of employers believe that young people are unprepared for the workplace and lack important social skills.
The Smarty Train, a learning consultancy, conducted further research and found that nearly a third (32%) of graduates quit their first role within three years.
Subscribe to our weekly HR news and guidance
Every Wednesday, receive the Personnel Today Direct newsletter.
Personnel Today offers HR jobs in Accounting, Banking, Finance and insurance
Browse HR jobs in Accounting, Banking, Finance and Insurance
