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Critical skill shortage 5: Technical skills

Welcome to the final article in this series based on data about skills shortages in the banking and finance sector, collected in the Kelly Skills at Work 2010 study.  See our blog for previous articles on this topic.

All the skills we looked at previously in this series – communication, problem solving and decision making, strategic thinking and people management – are of limited value to a business if they are not accompanied by the requisite technical knowledge.

There is a growing demand for professionals who possess relevant and transferrable technical skills.

This current skills shortage will become critical due to the following factors:

  • Baby Boomers are retiring, taking critical skills and knowledge with them,
  • Products and services offered to clients are growing in numbers and complexity and
  • Customers are expecting more sophisiticated advice and more individualised services.

The smart organisations in the sector are building their talent base in all the skill areas we’ve examined in this series.

According to the Kelly study, they are attracting and retaining mid to senior level talent with the right skills in the following ways:

  • Attractive and competitive pay and benefits (83% of respondents)
  • Talent and career development training (71%)
  • Internal promotion (62%)
  • Work life balance initiatives (42%)
  • Hiring from other organisations (25%)
  • Attracting younger workers (17%)
  • Attracting older and more experienced workers (17%)
  • Increased reliance on foreign talent (9%)
  • Delayed retirement (8%)
  • Temporary and contract work arrangements (7%)

Most organisations will find that some of these approaches are less sustainable than others.

What’s your talent attraction and retention strategy?  How well is it going to serve you in the longer term?

As always, I’d love to know what you think.  Please add your comments below.

 

About Susan Rochester

BSc MHRM FIML
Susan Rochester has been managing director of Balance at Work since 2006. Susan has a natural tendency to balance analytical thinking with an optimistic outlook to set direction and solve problems. She is an effective facilitator and constantly creates new and more effective ways of doing things, motivated by helping others to achieve their goals.

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