Zarah ChoudharyResearch by Davies has found that while 70% of respondents believe their organisation fosters a positive and supportive culture, 63% felt more effort was needed to draw younger professionals to the financial services industry.
The research identified meeting or exceeding salary expectations as the most significant challenge in attracting top talent, with 43% of senior leaders citing it as a major concern.
Other challenges included maintaining a balance between remote and on-site work (38%), offering comprehensive benefits packages (36%), demonstrating clear career development opportunities (35%), and prioritising employee mental wellbeing (33%).
While 65% of middle management and lower-level employees felt confident in their digital skills, 63% of senior managers saw a lack of digital proficiency as an issue within their workforce, with 30% describing it as a “very serious” problem.
Craig Potter (pictured), senior partner of professional education at Davies, said: “That such a high proportion of managers have identified the need to attract younger talent to the sector shows that this is an ongoing and urgent challenge.
“Financial services organisations must be able to compete with other industries to attract the most talented individuals.
“As such, they need to have strategies in place not only to recruit younger colleagues in the first place but to develop and nurture them effectively, paving the way for a new generation of senior leaders.”
David Leen, vice president, growth at Davies, said: “Ultimately, the findings show that organisations must overcome many challenges if they are to attract and retain the best talent.
“Offering competitive salaries is important but businesses must focus on developing a rounded offering to present to prospective and current staff if they want to win the fierce battle for talent.”
