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Blog : BOARD TALK

Need For Technology Skills Calls For Rethinking Recruitment

Posted on February 26, 2015 at 12:40 AM

More than half of business leaders in the global financial services sector are planning to increase their headcount over the next 12 months, with asset management the most likely to be taking on new staff.


But 70% of CEOs interviewed by PwC see "the limited availablity of key skills as a threat to their growth."


PwC's report A New Take On Talent says that concerns centre on the shortage of employees with the right kind of skills, with 78% of executives looking for a broader range of skills when hiring than they did in the past. 


Technology is named as the most significant challenge among banking, insurance and asset management leaders. "From the development of sharper human resource analytics to tapping into new pools of talent, most financial services firms are only just beginning to face these hurdles, creating opportunities for forward-thinking and faster-moving businesses to pull ahead" it says.


I find this completely staggering. How long is it going to take to learn to do things differently to repond to changing needs?


Interestingly, PwC's 18th annual global CEO survey - the one that finds UK CEOs are more confdent than their European peers - also finds 84% of them citing 'skills shortage' as a key business threat. In Germany, by contrast, only 54% of CEOs are concerned and in France levels of anxiety about skills shortages register at 37% of those surveyed.


Rather than moaning about skills shortages - and passing the buck - perhaps UK CEOs need to get on with a new strategy. 


I quote PwC: "Taking concrete steps to identify and cultivate potentially new, more diverse sources appears to be a slightly lower priority for UK CEOs than for many of their global peers. Fewer in the UK (57% UK v 64% globally) said they have a strategy to promote talent, diversity and inclusiveness than their global peers....


and a higher proportion (26%) than recorded in the global results (17%) said they have no plans to introduce such a strategy." 


Time for boardrooms to do some brainstorming ? 









Categories: Appointments, Technology, Diversity