A recent survey conducted by Davies has outlined the main investment areas for UK financial services businesses aiming to attract, retain, and develop top talent.
The research found that while 70% of respondents believed their organisation had a positive and supportive culture, 63% felt there was a need for greater effort in attracting younger individuals to careers in financial services.
One of the most significant challenges cited by senior leaders in attracting talent was meeting or exceeding salary expectations, which 43% of respondents identified as a key issue.
Other challenges included offering a balance between remote and on-site work (38%), providing comprehensive benefits packages (36%), demonstrating clear career development opportunities (35%), and addressing employee mental well-being (33%).
The survey also highlighted concerns regarding digital skills in the workforce. While 65% of middle management or lower-level respondents believed they possessed adequate digital skills for their roles, 63% of senior managers expressed concerns about a lack of digital skills among employees, with 30% describing the issue as “very serious.”
David Leen (pictured above, left), regulated markets lead at Davies, commented that organisations face numerous challenges in attracting and retaining top talent.
“Offering competitive salaries is important but businesses must focus on developing a rounded offering to present to prospective and current staff if they want to win the fierce battle for talent,” he said.
Craig Potter (pictured above, right), senior partner for professional education at Davies, remarked on the urgency of attracting younger talent to the financial services sector.
“Financial services organisations must be able to compete with other industries to attract the most talented individuals,” Potter said. “As such, they need to have strategies in place not only to recruit younger colleagues in the first place but to develop and nurture them effectively, paving the way for a new generation of senior leaders.”
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