Outlook for financial services hiring gloomy as skills gap widens
Confidence among hiring managers within financial services “paints a concerning picture”, according to a new survey shared exclusively with City PM
More than 80 per cent of the 465 financial recruiters polled by Efinancialcareers, said the current hiring environment was challenging, blaming a lack of candidates with the appropriate skills.
Due to this, employers are competing fiercely for talent in high-demand technology and specialised finance roles where skills are sparse.
A recruiter that took part in the survey said a key factor adding to talent shortages is that “supply is much higher than demand for roles”.
Another recruiter made clear that they can’t afford to train new candidates, so they desperately need experienced people. It was also suggested in the report that finance has become less attractive to graduates.
“Financial services face a strained recruitment climate in 2023, with confidence plunging versus last year,” said Efinancialcareers CEO Peter Healy.
He added that firms should “scout broadly for in-demand skills, and balance technology with human insights to source and retain top talent.”
In August, business advocacy group BusinessLDN launched a plan to tackle skill shortages which received backing from London Mayor Sadiq Khan.
Data released around the same time showed that three-quarters of firms were reporting open vacancies, and of those some 65 per cent were struggling to fill them.
“Skills shortages are a barrier to growth and I am pleased that we are teaming up with businesses to ensure Londoners have the skills they need to get on and succeed,” said Khan at the time.