Globally the financial service providers are starting to realize that how much the digital disruption has impacted the work culture. There has been a fundamental shift in the ways people think about work and the employee experience. The banking system is working hard to update the legacy systems and is looking towards the technology for improving its operating effectiveness. More such leaders are demanded by banks that understand the kinds of transformation that are possible. They want people who can manage the changes effectively because of the emerging technology applications are already changing the workforce and are expected to have an increasingly profound impact in the near future.
According to LinkedIn, UK workforce report reveals changes to the financial service workforce. The key insights of the report reveal that
The hiring of workers from other sectors:
The report states that responding to technical and regulation change, the financial sector is hiring more workers from others sectors. In the financial services, the automation and regulation have led to changes in the job roles. During the past five years, the sales and customer facing roles are experiencing the biggest decline in new hires. On the other hand, the demand for software and legal job opportunities has risen.
Demand for new skills:
Across the UK a survey was conducted involving over 60 HR professionals where 51% have seen an increase in demand for hiring the candidates who have an understanding of the Artificial Intelligence skills. Over the past five years, a 49% increase in demand has been observed in the cryptocurrency skills and 46% for the blockchain.
Although it has been observed that almost 55% of the UK recruiters and hiring managers are struggling to fill the job roles. It is because there are greater numbers of jobs than the candidates that are available and have the appropriate skills.
UK educators taking a greater share in financial services:
According to the survey, a larger financial share is being taken by the UK educators in recent years. It is because of the less migration into the country that is leading to the financial jobs being filled by the UK educated workers. The number of new hires was 78.6% in 2017 as compared to the 76.4% in 2013 in the UK.
The reports state that the new technology and digitization is constantly changing the financial industry. It is expected to change that much until the change between the tech firms and other businesses will become less and less obvious. For now, attracted and retaining the most technical people in the industry is the topmost priority by the UK as well as all the professional related industries.