New Report notes that 3 Out of 4 IFS Companies to increase headcount by 2015
On Wednesday 4 November 2015, Minister of State Simon Harris T.D. launched “A Skills Needs Analysis of the International Financial Services Sector in Ireland 2015,” commissioned by Summit Finuas Network and produced in partnership with Accenture. The report highlights that international financial services sector is set to create thousands of new jobs in the coming three years.
Director of Financial Services Ireland (Ibec) Marc Coleman welcomed the report: “The findings of this report reinforce how important having the right skills is to achieving the central job creation goal of IFS2020 strategy.” However, he added that the industry’s future success could not be taken for granted, “This report highlights how a continuing collaborative approach across industry and the public sector can deliver the training and skills required to drive the growth of IFS into the future.”
The report notes that while Ireland is well regarded internationally as a competitive location for IFS investments, the skills challenge is amongst several that must be overcome to retain and grow its position, including:
•the changing regulatory and taxation environment (almost 60% of companies surveyed identified regulatory changes as a key trend driving the skills gap);
•rapid transformation of financial services business models and products (over 30% of companies surveyed identified advancements in technology as a key trend driving the skills gap, with an additional 61% mentioning that acquiring the required skill sets is important for enhanced growth);
•growing international competition for IFS investment;
•demographic and geopolitical trends;
•the impact of emerging markets.
Summit Finuas Network Manager, Brian McMahon, said the industry was going through fundamental change: “Ireland’s IFS sector is moving up the value chain. These changes will not only impact on the types of products and services offered by financial services companies, they will also challenge the very basis on which companies can compete. While there is no guarantee that today’s leading financial services companies will continue to dominate the market, there is every reason to expect that the skills and competencies that IFS companies require from their workforce will be very different from those required today.”
Ryan Shanks, managing director, Accenture Strategy, points to the fact that much of the talent sought by the IFS sector will also be in demand in other industries such as technology, retail banking and communications. “As these industries grow and develop, and automation of certain roles eliminates industry-specific routine tasks, they will become more alike in the digital skills required to drive success,” he says. “For example, skills such as analytics, user experience design and digital technology will be required across all sectors. Therefore, it will be vital that Ireland’s IFS sector develops a compelling proposition to attract and retain the talent of the future. It will also be critical to continue to consider the talent pool globally in order to sufficiently meet the needs of the industry.”
This report highlights a number of key recommendations for the industry if it is to remain globally competitive:
•Organisation of specific skills needs analysis to identify potential skills gaps;
•Collaboration between IFS and ICT sectors on programme development in the areas of Fintech and Data Analytics;
•Partnerships with educational institutes to create courses that will provide the skills required both now and in the future;
•Alignment organisation’s talent and learning strategies with business goals;
•Identification and development of in-house talent to create pipelines of people with the required skills;
•Leveraging the new IFS “brand banner” as a great place to work;
•Development of well-formed employee value propositions to attract & retain key talent.
For more information or to download a copy of the report, please click here.