Helping companies thrive by preparing candidates with future-proof skills

Talent shortages are becoming increasingly problematic across industries in the UK. As emerging technologies like artificial intelligence, machine learning, and automation transform how companies operate, there is a growing demand for professionals with specialised technical skills and industry expertise.

However, finding candidates with the right mix of future-focused competencies and practical know-how is easier said than done.

In fact, studies estimate that 20% of the UK workforce – around 6.5 million people – will be significantly underskilled for their jobs by 2030 due to accelerating technological changes. What’s more, over a third (36%) of current UK-based vacancies are considered skill-shortage roles.

As a hiring manager, you likely understand these hiring difficulties better than anyone. You’ve probably had open roles stay vacant for months because applicants lack experience with new technologies your teams plan to implement. Or you’ve onboarded candidates only to find they need additional training to meet performance expectations. This is problematic for a number of reasons.

Skill gaps lead to lost opportunities

To stay competitive, most companies across sectors have recognised the need to aggressively pursue digital transformation initiatives enabling cutting-edge innovations. However, capitalising on new technologies requires specialised talent – expertise most organisations are sorely lacking. So, as much as you’d like to move forward with innovative projects, you’re constrained by skill gaps in your talent pipeline.

• Essential roles like AI specialists, data scientists, IoT architects are integral for next-gen growth
• Significant lack of professionals skilled in innovations like analytics, AR, blockchain
• Without experts to spearhead adoption:
  • Cannot leverage technologies for efficiency/competitive edge
  • Risk falling behind digitally progressive industry leaders
• Direct talent gaps hinder ability to meet customer expectations
• Lost revenue from stalled internal digitisation and erosion of market share

The cost of inaction

Here the opportunity cost of inaction is staggering – £120 billion is the amount of expected losses the Uk economy will suffer from skills shortages by 2030. This projected gap underscores the pivotal importance of companies getting ahead of transformation curves by fostering specialised skill sets difficult to develop through internal reskilling alone.

1 – Understand industry trends to identify current and future skills needed

First, you need to understand what your business needs are. What areas are you lacking currently, and where do you intend to grow? Are you implementing new AI solutions? Do you need employees equipped with data analytics knowledge? Understanding these things can help you stay ahead of the game so that you don’t wind up playing catchup later down the line.

Carolyn Blunt, VP of Academy at Davies says:

“It is anticipated that 30% of the current workforce in Financial Services today will exit over the next decade, taking a lifetime of knowledge, skills and experience with them. Any organisation that doesn’t have a talent attraction and development strategy in place will face a costly and disruptive talent timebomb.”

3 – Reskill and upskill through digital learning

Upskilling and reskilling are vital endeavours if you want to ensure your workforce stays up to date and competent in the work they do. This is especially important in highly competitive fields, as well as highly regulated industries that demand compliance. Immersive digital learning experiences, such as the ones delivered by Davies, ensure better outcomes for both learners and employers. We develop bespoke solutions that ensure efficient, sustainable and traceable experiences that deliver real results.

4 – Consider talent resourcing

Dealing with the here and now, it’s important that you highlight and plug immediate skills gaps within your workforce. If you don’t have the manpower to meet current demands, specialist resourcing could provide a timely solution. At Davies, we provide high quality individuals, teams, or even entire operations of specialist resources on a flexible basis with deep expertise across insurance, financial services and regulated markets.

5 – Don’t forget the soft skills

As artificial intelligence handles more complex tasks, uniquely human strengths like creativity, empathy and collaboration become differentiators. Prioritising emotional intelligence, communication abilities and change adaptabilities in recruitment and training augments your talent’s capacity to interact adeptly with clients and teammates.

Cecilia Anderson, Learning and Development consultant at Davies says:

“Embracing emerging technologies is crucial in today’s evolving world, and while automation and AI are reshaping the way in which we operate, honing essential people skills remains pivotal. Nurturing attributes like creative thinking and resilience is essential for individuals to thrive. Looking at learning interventions and talent development with a holistic approach, encompassing the entire employee lifecycle and focusing on accessibility, ensures an enriched experience and sustained professional growth.”

How we can help

At Davies, we deeply understand the pressing talent and training needs of UK financial services firms. Our experts have hands-on experience building and cultivating workforces equipped to deliver operational excellence amid continuous technological disruption.

As such, we offer end-to-end talent solutions customised to your organisation’s strategic imperatives – both current and future. Get in touch with our team to discuss how we can accelerate your talent’s future readiness.