For years the UK has been considered one of the leading financial destinations worldwide. Still, the future could be more challenging unless action is taken to attract the next generation of financial talent. Studies suggest that salary demands are the primary concern finance leaders face when hiring new talent, followed closely by finding individuals with the right skills and qualifications.
At a time when economic conditions are relatively tough, it’s no surprise that finance professionals are seeking higher salaries. Rising competition in the jobs market is another major concern for finance leaders hiring new talent, and over 80% of UK finance leaders are concerned about the level of skilled talent available. Independent research firm Yooz, a specialist in automated accounts and payments, published the findings in their latest Automation in Finance report. Laurent Charpentier, the CEO of Yooz, explains that the challenges associated with attracting the younger generation into finance are clear.
Talent attraction and retention have been considered issues for businesses for some time, and are likely to persist. While UK finance leaders are aware of increased salary demands, they recognise that additional money isn’t necessarily the solution for talent retention.
Research indicates that flexible working (49%) and remote working (38%) are two significant measures that finance leaders apply to retain and attract finance talent. With added financial pressure in the UK, higher salaries and incentives are still important for talent attraction and retention. These figures go against the global trend where applying more effective technology remains one of the most popular measures for attracting and retaining talent.
Better technology is critical for businesses wanting to improve employee productivity, particularly those working flexibly, but the goal is also to reduce repetitive activities that impact staff engagement. Integrating automation can provide finance professionals more time to focus on valuable activities that maximise their skills and abilities.
Considering the talent shortage, it is surprising that the study indicated that only 15% of UK finance leaders are looking to build personalised training plans to attract and retain talent. AI tools represent a growing opportunity to engage individuals in a business. Educated and willing individuals have a range of choices today and companies have a responsibility to provide a broader range of daily activities.
The report suggests that finance leaders should embrace new AI tools, which could play a vital role in working with rising talent and attracting them into the finance industry.
