The Financial Services Skills Commission (FSSC), in partnership with NatWest and other financial services employers, has developed the Future Skills Framework. This identifies the core skills and behaviours businesses must consider to boost competitiveness.
The five main skills identified by the Future Skills Framework are digital literacy, coaching, software development, creative thinking, and data analytics and insights. These are business-critical for firms across the sector. Especially given the ongoing shortage of skills in technology, cyber and digital. It aims to help them prioritise their future skills needs and attract and retain talent.
The Framework (originally launched in October 2021) has been expanded over the last 12 months through cross-industry collaboration from FSSC members including Direct Line Group, Zurich Insurance, Danske Bank, and Barclays to include a total of 13 skills and behaviours to support firms to prioritise their upskilling and reskilling efforts.
Furthermore, the Framework closely aligns with FSSC’s newly published Skills Gap Analysis Toolkit developed in partnership with Lloyds Banking Group. This helps firms identify future skills for the long term and to support ongoing skills forecasting.
Commenting on the Skills Framework, Claire Tunley, chief executive, FSSC said:
“Financial services firms recognise that people are key to its success. The development of the Framework will help firms prioritise investment and training in skills. This is crucial because it will help the sector close the skills gaps. Employee career progression and training opportunities are to be enhanced. Additionally, it is going to ensure firms are equipped with the right talent and skills. As a result, this will enable them to boost innovation and competitiveness long term.”
Jen Tippin, group chief people and transformation officer at NatWest, concluded:
“It’s crucial for financial services organisations to understand their future skills priorities. NatWest worked closely with the FSSC to ensure the expanded Framework pinpoints the essential skills and behaviours businesses require to ensure our employees have the core skills to perform their roles to the best of their ability and to serve their customers effectively.”