{"id":44171,"date":"2024-09-12T08:00:00","date_gmt":"2024-09-12T06:00:00","guid":{"rendered":"https:\/\/frankfurt-main-finance.com\/?p=44171"},"modified":"2024-09-11T21:32:04","modified_gmt":"2024-09-11T19:32:04","slug":"cfs-survey-on-skills-shortage-in-the-financial-industry","status":"publish","type":"post","link":"https:\/\/frankfurt-main-finance.com\/en\/cfs-survey-on-skills-shortage-in-the-financial-industry\/","title":{"rendered":"CFS survey on \u2018Skills shortage in the financial industry\u2019"},"content":{"rendered":"\t\t
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Background:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The much-discussed shortage of skilled labour is affecting all industries, including the financial services sector. As numerous institutions have made net staff reductions in recent years and older, experienced employees in particular have left and will continue to leave companies, many organisations are facing a shortage of skilled workers. In many cases, too little has been invested in junior staff or employee training due to cost pressures, although this is urgently needed in view of the changing requirements profiles for employees. At the same time, the market for IT experts, for example, is empty. Against this backdrop, the CFS conducted a survey among specialists and managers in the financial industry to analyse the current situation in the area of promoting and securing young talent.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Results of the survey<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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More than half of those surveyed (55.3%) consider the age structure in their own company to be balanced. However, around 40% still believe that their own company has too many older employees. Particularly in view of the ongoing digitalisation of the world of work, high levels of investment in training and further education are widely regarded as necessary. A mixed picture emerges here among the panellists. Around 44% of panellists consider their own company’s efforts to be in line with requirements, while around 52% consider investment in this area to be too low (43%) or even far too low (9.5%). \u2018We are also observing that banks and asset managers in particular are investing heavily in the further development of their employees. Especially in times of rapidly changing working environments (AI), this is urgently needed,\u2019 explains Professor Volker Br\u00fchl, Managing Director of the Center for Financial Studies.<\/p>

The majority of respondents say that they are struggling to attract junior staff (63%) and to recruit experienced specialists and managers (66%). Only just over 30% of respondents do not have such problems. Nevertheless, the financial sector has become more attractive as an employer compared to other sectors over the past 10 years. Over 90% of respondents agree with this.<\/p>

According to the clear majority of panellists (73%), an increased use of AI can provide some relief in the shortage of skilled workers, but only to a limited extent. Only 7% expect a significant improvement through the use of AI. \u2018The financial sector is a particularly knowledge-intensive sector that will benefit from AI, especially in functions that can be automated, such as in the back office. In other areas, AI will increase the productivity of employees, but not replace them,\u2019 says Prof Br\u00fchl.<\/p>

\u2018The competition for skilled labour and younger employees has hardly been alleviated by AI so far. It is encouraging that the financial sector has accepted the challenge and is investing in training and further education. The increasing use of AI offers enormous opportunities to inspire people and increase productivity. Now is the time to set up appropriate certifications and training programmes and to promote them confidently,\u2019 says Hubertus V\u00e4th, Managing Director of Frankfurt Main Finance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\tCFS Index \t\t\t\t\t<\/h2>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\tCFS Index remains stable despite mixed results\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tRead more now \t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Source: CFS press release from 12\/09\/2024<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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German financial sector is struggling to recruit young talent – AI can only alleviate skills shortage to a limited extent.<\/p>\n<\/div>","protected":false},"author":7,"featured_media":44194,"comment_status":"closed","ping_status":"open","sticky":false,"template":"template-fullwidth.php","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[105],"tags":[],"class_list":["post-44171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-10-25 02:12:58","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/44171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/comments?post=44171"}],"version-history":[{"count":6,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/44171\/revisions"}],"predecessor-version":[{"id":44206,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/44171\/revisions\/44206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/media\/44194"}],"wp:attachment":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/media?parent=44171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/categories?post=44171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/tags?post=44171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}