Action is needed to close a growing skills gap in the insurance and financial services sector or the UK faces the prospect of reduced international competitiveness, a new study reveals.
According to a survey of the Chartered Insurance Institute's (CII) membership, both employers and individuals believe that a 'disconnect' now exists in UK financial services between the skills employers require and those available in the marketplace. This situation, they perceive, has the potential to become more pronounced as the industry's demand for technical skills increases.
The study also highlights concerns about the level of basic skills that school leavers and graduates are equipped with when they start their careers.
The research forms the first stage of the financial services industry's response to the government-commissioned Leitch Report published last December which examined the UK's long-term skills needs. Lord Leitch's report highlighted the need for increased investment in the UK's skills base if the international competitiveness is to be maintained.
Commenting on the new study's results, Ian Templeton, president of the CII, said: "In this era of globalisation, financial services has long been seen as one of the UK's strongest cards. While industries such as manufacturing struggle to compete against cheaper labour and production costs elsewhere in the world, our financial services expertise cannot easily be replicated. But if this survey is right, unless we equip our workforce with the right skills it could lead to the erosion of our world-leading position in financial services.”
