After 14 years, the Labour Party is back in power. The City of London Corporation stands ready to work with the Government on its five missions and delivering on the important things that matter: creating more high-skilled jobs, funding for public services, and tackling the climate crisis. As Keir Starmer starts his first full week in Downing Street he faces many challenges. But none are as serious, or as pressing, as economic growth. The prioritisation of skills in financial services is essential for the industry to unlock growth and productivity – UK-wide. Our report, Vision for Economic Growth (https://lnkd.in/e-n6n4B4), set out the need for organisations be able to easily recruit, retain, and retrain talent to address the emerging needs of their businesses. That is why I co-chaired a meeting convened by the Financial Services Skills Commission (FSSC) today that brought together C-Suite leaders from across financial services to discuss the themes of skills and growth in financial services across the Midlands region. The meeting forms part of my financial services-focused visit to Birmingham. Even prior to the General Election, there had been substantial change for the area, with two Mayors recently elected in the Midlands. The FSSC’s report, People + Technology (https://lnkd.in/eEUpdY-Z), identified that significant skills gaps already exist for the sector. And demand for highly skilled talent is predicted to grow - with 73% of roles in the sector defined as highly skilled, compared with 52% 20 years ago. We heard from industry on where they see specific skills gaps emerging that we need to prepare for. AI is very clearly one such huge opportunity. Indeed, our own recent report into the future of AI and the financial services workforce (https://lnkd.in/eFXcP3h2) showed that AI is set to transform financial and professional job roles across the country – with huge potential for productivity gains identified. But our focus must be on finding practical solutions in response to skills and growth challenges: good practice that others can learn from, as well as the unique opportunities in the region. By bringing these stakeholder groups together, we can help focus on what the most urgent asks are for a new Government, and for the new East and West Midland Metro Mayors. Thank you to J.P. Morgan, Capital One, Coventry Building Society, Goldman Sachs, West Midlands Combined Authority, Lloyds Banking Group and Paragon Banking Group PLC for joining the discussion.
Fantastic to see these conversations taking place in Brum! Was only yest dwelling on how we raise the skillsets and qualification levels of our young population in Sandwell (40% U30) to be entrants into the Financial / Professional Services Sector that Birmingham now offers. Raising aspirations and abilities to move towards higher paid jobs and career pathways is a cross-boundary mission which could really stimulate growth in the region from alignment between Sandwell and Birmingham City Centre with WMCA and carefully crafted / commissioned programmes with providers, business and FE - directly into our large school base. Just getting our pupils visiting Goldman Sachs / HSBC offices would be inspiring...little things like leveraging those Legacy Philanthropic opportunities of Social Value for careers visits into the City could shift the dial on a long term mission basis.
Doris Chan
4d
Thanks for leading the City of London to drive Growth. Great vision.
Steve Huxham
2w
Well said Chris. I'm only on a small screen viewing the photos - can't quite see the colour of your tie?
Well done Chris Hayward for being so forward thinking
👍
International Officer at The British Science Fiction Association Ltd 2020-> (2014-2020 : Membership Officer)
2wMmm.. as exCity myself (+40 years in FinServ but now retired), IMO the City has little to fear from the new Labour Govt. Except those super ultra rich who have gained much over the past 14 years (and again IMO have not passed it downward enough). Huge wealth disparity is wrong and attracts social unrest..