Attracting Talent in the Financial Services Sector

3rd January 2024

Posted In: The Topic

The digital transformation of the financial services sector presents opportunities for firms in the industry to attract talent with cutting-edge tech-based jobs, new research shows.

More than half of respondents to a survey commissioned by Financial Services Ireland, the Ibec group that represents the sector, said they believe financial services offers employment opportunities involving the use of cutting-edge technology. And the research, carried out by Amárach, shows that

students and younger adults aged 18-24 are consistently more positively disposed towards a career in financial services.

The research shows that students and those aged 18-24 are:

•More likely than other demographics to hold a positive perception of a career in financial services

•More likely to have a positive perception of the availability of financial services jobs outside Dublin

•More likely to say that financial services employees have good job security

•More likely to agree that the financial services sector has an important role in combatting climate change

Financial Services Ireland director Patricia Callan said: The findings of this survey show the potential for financial services firms to attract talent who may not previously have considered a career in financial services.

As the digital transformation of the economy continues, every firm in the industry is now a fintech firm, seeking to deliver high-quality digital experiences to customers.

The industry is also committed to playing its part in tackling climate change, and will have an important role to play in funding renewable energy projects, infrastructure developments, and a wide range of other sustainability initiatives. All of this means that the sector has an array of exciting employment opportunities on offer, in tech and sustainability-related roles.”

Respondents were presented with a list of different sectors, and asked to choose the three that they perceived as the most attractive in which to work. Financial services was chosen in the top three by 16% of respondents, while Tech/ICT and Education and Training featured most frequently at 22%. This finding further demonstrates the potential for the financial services industry to attract workers if it showcases its technological credentials. CSO data puts average weekly earnings in the sector at €1291.01 as of Q3 2023, equating to €67,132.52 for a year.

Overall, 54% of respondents (excluding don’t knows) said they would consider taking a job in the financial services sector, assuming they had the skills required for the role.

On the same basis, more than two thirds (68%) said they believed workers in the industry were paid well, while 55% said they believe the industry offers employment opportunities using cutting-edge technology.