Why the current job market is stifling innovation & limiting investment in the Financial Services sector

15 December 2021

Innovation in the Financial Services sector continues to grow at a rapid pace with the number of firms adopting cloud-based technologies and the need for automation ever increasing. Many organisations are increasingly investing in machine learning and AI, cyber security, and cloud.

Due to the pace of the innovation, it’s near impossible for organisations to keep upskilling their staff in these areas, meaning they have no choice but to look beyond their internal staff.

Nearly 75% of financial services companies are recruiting for new staff to fill their skills gap. Across all industries, UK vacancies hit their highest ever total for a 3-month period topping at 1.1 million, according to the ONS. London businesses have been most affected, with 22% of business leaders agreeing that labour shortage will be their biggest business challenge over the next 5 years.

It’s no surprise that there are difficulties across the FS&I filling roles, let alone filling them with the right people, with the right skill set. This is particularly true when it comes to IT roles. The focus is shifting to securing, training, and retaining their talent.

To keep pace in today’s cloud and digital world, you need to invest in services that are continually developed, engineered and optimised and to do this, you’ll need to build a Centre of Excellence (CoE).

 

What is a Centre of Excellence?

A CoE is a centralised unit of dedicated people who streamline access to scarce, high-demand capabilities for rapid execution across the business. The CoE hones expertise in a specific subject area and standardises best practices for wide-scale adoption.

Building a CoE requires investment in significant resource and skills which in itself, presents a pretty big challenge.

The UK is seeing an explosive demand for cloud and digital skills. Demand for cloud and data engineers has tripled over the past five years, rising 231%. And as demand outstrips supply, salaries for these roles have also skyrocketed, rising by over 22% over the same period.

This exacerbates the issue for the FS&I sector. If recruiting this resource isn’t difficult enough already, many simply won’t have the budget to be able to invest in building an in-house CoE capability. So what’s the solution?

To address this, we have created a CoE service – a team of highly skilled and experienced experts, designed to give you access to rich pool of skills and resource as and when you need them.

What does this mean for you?

  • Access highly in demand skills, on demand– tap into a broad range of skills as and when you need to
  • Make significant cost savings– avoid having to pay for very expensive resource in-house and save on recruitment
  • Get up and running faster– our team is already up and running and waiting to help you. Attempting to build your own in-house CoE could take months or even years.
  • Implement changes rapidly– utilise ANS’ own intellectual property
  • Benefit from bespoke solutions– if needed, we’ll engineer capability from the ground up

 

5 outcomes can you expect from ANS’ CoE Service

  1. A periodic review of your environment – including configuration, best practice and new technology releases
  2. Ability to quickly action new requests
  3. Capability to configure more features
  4. Receive trusted guidance from our experts
  5. Achieve your goals, faster

 

If you’re ready to take the next step in your digital transformation journey, start here.