Top 5 Critical Skills in Shortfall (Banking and Finance)

The Kelly Skills at Work 2010 study uncovered a serious skills shortage in the Banking and Finance Sector in the Asia Pacific region.

The five skills most in demand are also those considered most critical for mid to senior level managers across all industries.

Of all organisations surveyed,  88% said the shortage of staff with the right skills had a negative impact on their ability to serve clients.

As the FOFA reforms come into play for those readers giving financial advice, we will begin to see the real impact of this skill shortfall in terms of client attraction and retention.

If you’re an employer, you will find it increasingly difficult to identify and hire people with these critical skills.

The top 5 critical skills in shortage are:

1.  Communication including the critical abilities to

  • build long-term, successful, professional relationships with clients, in addition to selling a product or service and
  • communicate complex financial concepts to a non-finance audience in a simple and tactful way.

2.  Problem solving and decision making required for

  • complying with high levels of regulation and
  • dealing with environmental uncertainties.

3.  Strategic thinking to

  • assess multiple external factors and
  • develop and evaluate options.

4.  People Management with the ability to

  • lead, motivate and inspire and
  • ensure teams have the right balance of skills.

5.  Technical skills

  • relevant, up to date and transferrable knowledge and
  • an ability to deal with more sophisticated products and markets.

What has been your experience?  Have you suffered a skills shortage crisis?  Have you found effective ways of dealing with the skills shortage?  What are your plans for the future?  Please share your thoughts below.

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Comment by Tammy Tansley on August 10, 2011 at 12:15

Susan - it's a bit of a worry - isn't it?

 

The skills identified are skills that are relevant in all industries not just banking and finance. 

 

I have a client in the finance industry who has gotten around this deficit by bringing most staff in as juniors - teaching them from the ground up - on and off the job. It's a time consuming way of doing it - and requires commitment but is building the right skills and knowledge and experience for their business.. 

 

But it shouldn't have to be this way!!

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