The research suggests that annual output across the sector would be 12% higher if skills gaps were plugged, equivalent to £38bn annually by 2038. Firms already report increased operating costs and staff workload as a result of skills challenges. The report concludes failure to act could leave the UK losing out to its global competitors.
Leading Financial Services organisations have strategically used the apprenticeship levy and training budget to address some of the biggest skills challenges facing the industry. Senior leaders and Learning & Development teams who have innovated through integrating the levy into their talent strategies have successfully driven digital transformation, increased diversity and empowered senior leaders to drive business performance.
Corndel recently held a panel discussion with Learning & Development and Talent leads from UBS, Société Générale and Standard Chartered to share valuable insight on how levy-funded workplace training can transform productivity, culture and employee retention.
Research suggests that managers who haven’t received any management training are 36 percent more likely to leave their current jobs in the next year, than managers who receive regular management training. Untrained managers can also result in a 16% drop in productivity.
We know that in the UK there are 2.4 million accidental managers – managers who were promoted into leadership roles without any skills training to support them. Do you think having people in Leadership and Management apprenticeships helps to bridge the knowledge gap?
The Top Priorities for Finance Leaders report by Gartner claims that there is a critical skills gap in data literacy within the Financial Services sector, potentially costing a business 1% of its revenue as a result. There is a pressing need for data literacy to sit horizontally across multiple job roles in an organisation, rather than a vertical, top-down structure where only few have the right capabilities.
What’s the impact of upskilling existing colleagues in becoming more data-driven/data literate?
Recent research by Refinitiv found that globally, cultural diversity on boards has gone up by 30% in the last five years. However, there’s still a lack in Black Asian and Minority Ethnic (BAME) diversity in financial services.
Refinitiv’s research shows that there has been an increase in women and ethnic minorities working in the sector over the last year. But the boardroom still lacks diversity.
How has the apprenticeship levy supported your diversity and inclusion initiatives?
How do you create a cultural shift that allows room to recognise that apprenticeships are the best solution in obtaining more in-depth skills development?