The answer, if the news and latest unemployment figures are anything to go by, must be no. With the increase in the number of people, particularly young people, not engaged in employment, education or training, common sense would suggest there must be a swell of talented people that meet employer’s requirements for jobs.

It seems not.  The majority of our careers work with employers in finance, accountancy and financial services over the last 18 months has been focussed on supporting the development of new talent attraction campaigns and identifying new pools of talent with the right skills.  The desire to build a talent pipeline, and the concern that the right talent isn’t necessarily available, is stronger than ever.

The recent Skills for Business: More to Learn report from the British Chambers of Commerce (October 2011) says that 45% of the over 7000 businesses that they surveyed in 2011 reported it to be quite or very difficult to find the right member of staff for a position.

Jenny Barber

It seems this isn’t a message that is new.  In April 2010 Deloitte released their research report into managing talent (Has the great recession changed the talent game?  Six guideposts to managing talent out of a turbulent economy).  The report suggests that ‘there is a paradox of scarcity amidst plenty’ and organisations who are counting on a jobless recovery to fill their talent gaps risk being caught without the skills and leadership they will need to take full advantage of in an improving economy.  So it seems that it is not just a matter of finding talent now with the right skills, but having them in place to support organisations in the recovered economy.

What are the views of finance, accountancy and financial services employers? Why, with more people unemployed, are employers not finding the right people?  John Morewood, Senior Apprenticeships and Qualifications Specialist at HSBC, who we work closely with on talent issues, explains that ‘the real issue here is that organisational needs change as the economy changes’.  John continues that ‘the economy is now global and to compete effectively UK organisations must take the global view and seek out new opportunities in markets to which they previously may have had no exposure. A global mindset, global knowledge and cultural agility are now important’. 

Alongside the global mindset, what other skills and attributes are employers looking for, but have difficulty in finding in candidates?  John provides an insight, saying that in finance, accountancy and financial services ‘learning agility, adaptability, team working, communication skills continue to be important’.  John continues, outlining that the organisation specifically looks for people with a ‘customer service ethic.  This is something we have been looking for a number of years but many people still are not demonstrating that they possess’.  John raises the question ‘whether the customer service ethic should be part of the school curriculum’.

So what are employers in finance, accountancy and financial services doing to ensure they have a future pipeline and that there is not a talent shortage?  According to John Morewood, the key lies in informing future recruits to understand what the sector will require.  He continues to explain that ‘helping people appreciate what is needed enables them to actively develop these skills and be able to evidence them to an employer – which in turn helps the employer understand that the candidate has the right skills profile’.  HSBC are a great example of how this works in practice.  Working with Directions, HSBC has launched a structured work placement programme, whereby people can experience the sector, the skills and mindset required and importantly the direction of the organisation – so that HSBC’s potential future recruits understand how the sector and organisation will change.

The message from industry is clear. Alongside HSBC, other employers including Santander, Barclays, KPMG, Aon, Aviva, PwC, Sesame Bankhall, RBS and Baker Tilly, are also leading the way, developing innovative approaches to engaging people at an earlier age so that they better understand what skills employers in finance, accountancy and financial services will require from them when they join the workforce.  Find out more about these opportunities on Directions getting in hub.