Skills body warns of rocky road to recovery

17 March 2010

A report published today by the sector skills council Skills for Justice examines the skills needed within Professional and Financial Services, to help employers identify the key areas of skills development they need to navigate their way to recovery.

The report, produced in consultation with key employers, has fed into the Government's National Strategic Skills Audit, launched today by Lord Mandelson. The Audit shows that the last decade has seen unprecedented increases in the number of people with qualifications, but warns that for economic recovery to continue, skills development needs must be correctly identified and prioritised.

Professional and Financial Services was one of several 'Clusters' highlighted in the Government white paper New Industry, New Jobs as an area where the UK has a competitive advantage and which offers the potential for growth. These 'clusters' are defined as having significant potential to which the Government can make a difference to the prospect of growth or high-value employment by removing barriers to market.

The Professional and Financial Services 'Cluster' was led by Skills for Justice and involved the participation of four other sector skills councils: Financial Services, Asset Skills, ConstructionSkills and Summit Skills.

The report found that there are a wide range of current skills needs across the cluster. The three broad areas of important skills demand for the future are

· managerial skills - particularly around partnership working, business planning and change management

· technical skills - in the financial sector around risk-management within firms and regulatory bodies

· advanced 'green' skills - across housing, property and construction.

Most immediately there is a need to ensure that the impact of the recession does not lead to de-skilling or create future bottlenecks through reduced entry-level recruitment.

Government policy has a key role in supporting the future growth of professional and financial services. There are two areas of particular concern

· the impact of increased regulation of financial services

· the impact of public spending cuts.

Alan Woods OBE, Chief Executive of Skills for Justice said

"Skills training and development must be flexible to accommodate new safeguards but also support the need to remain globally competitive and facilitate long-term economic growth. This is a key time for businesses providing professional and financial services, and the right skills development practices will help organisations navigate their way on the rocky road to recovery. Sector skills councils will play a crucial role in this, and we welcome support from the Government to act, on behalf of employers."

The report is now available at www.skillsforjustice.com/template01.asp?pageid=721 (or via the short URL - http://tinyurl.com/ybnb2mu) and has been produced using a combination of desk-based research and a skills foresighting exercise. Desk-based research has been used to detail the current drivers of change in the cluster and the current skills needs. A consultation exercise was then carried out with a small number of employers and stakeholders.

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