Amid rapid digitization that led to a skills gap along with labor shifts stemming from the pandemic, the U.K. financial sector is experiencing its highest level of job vacancy rates on record.
As reported by Bloomberg on Wednesday (Aug. 10) the industry had more than five unfilled vacancies for every 100 job openings between April and June of this year, according to data compiled by the Office for National Statistics.
The latest numbers mean that the current vacancy rate is the highest it has been since records began in 2001, with only hospitality and tech firms performing worse than the banking and finance sector.
Financial Services Skills Commission (FSSC) Chief Executive Officer Claire Tunley told Bloomberg that a skills gap created by the sector’s digital transformation had been compounded by people changing working habits and people stepping away from employment during the COVID-19 pandemic.
The shortage of existing talent in the labor market is causing employers to shift to a “reskilling approach,” Tunley said, adding, “We can’t wait for schools to do this — it’s here and now.”
As PYMNTS reported recently, in the crypto space, a shortage of skills and knowledge is leading to hiring competition between the public and private sector, with European Banking Authority Chair José Manuel Campa voicing concerns over regulators’ inability to hire and retain the talent needed to oversee the crypto assets market.
Read on: Lack of Crypto Talent Is Everyone’s Concern, Not Just EU Regulators
In the areas of the financial sector that have experienced the most profound changes in the digital age, such as crypto and cloud banking, both private companies and public institutions need to invest in education and professional development in order to ensure the sector has an adequate talent pool to hire from.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More