Bridging the Talent Gap in the 4IR era...Creativity, Originality & Initiative 4. Technology Design &...

Bridging the Talent Gap in the 4IR era

Jaya Kohli

Director, Strategy, Policy Development & Research

Finance Accreditation Agency|2nd May 2019

© Asian Institute of Finance 2019. All rights reserved. 1

WHAT’S KEEPING US AWAKE AT NIGHT?

Source: Global Risk Management Survey 2017, Aon

1. Damage to reputation/brand

2. Economic slowdown/slow recovery

3. Increasing competition

4. Regulatory/legislative changes

5. Cyber crime/hacking/viruses/malicious codes

6. Failure to innovate/meet customer needs

7. Failure to attract or retain top talent

8. Business interruption

9. Political risk/uncertainties

10. Third party liability

Top 10 risks in 2017


Source: Talent Gap in the Financial Services 2015, Asian Institute of Finance


HEAVY REALITY IN BANKING

78%of employers in conventional

banking said that the sector is

experiencing a shortage of

talent

The risks

highlighted are

unsurprising…

..considering

the digital era

we are now

embracing


OUR LIVES IN 60 SECONDS


ONLINE

EDUCATION &

UPSKILLINGEDUCATION

CASHLESS

ECOSYSTEMSHARING

ECONOMY

DISRUPTION IS WIDENING


94%Internet

52%Mobile App

DIGITAL BANKING EXPERIENCES PREVAILING

Source: Consumer Trust in the Digital Economy, Asian Institute of Finance


FOOTPRINT REACHING RECRUITMENT

'Intelligent Hiring Experience'



Trending for 2022

1. Analytical Thinking & Innovation

2. Active Learning, Learning strategies

3. Creativity, Originality & Initiative

4. Technology Design & Programming

5. Critical Thinking & Analysis

6. Complex Problem-Solving

7. Leadership & Social influence

8. Emotional Intelligence

9. Reasoning, Problem-Solving & Ideation

10. Systems Analysis, Evaluation

In 2016

1. Complex Problem Solving

2. Coordinating with Others

3. People Management

4. Critical Thinking

5. Negotiation

6. Quality Control

7. Service Orientation

8. Judgment and Decision Making

9. Active Listening

10. Creativity

CHANGING SKILLS LANDSCAPE

Source: Future of Jobs Survey 2018, World Economic Forum


NEW ROLES EMERGING FOR BANKING

Data Scientist /Data Analyst

Chief Digital Officer

Database /Network Engineers

Information Security Analyst

Chief Customer Officer

User-Experience Designers

Technology Scientists (AI, Block chain)

Decision Support Analysts

Source: Skills 4.0: Future-proofing the financial services for the digital world, Asian Institute of Finance

© Asian Institute of Finance 2019. All rights reserved.

STRONG SIGNS OF PRIORTISING DIGITAL AMONG THE CURRENT WORKFORCE

72%Adopting a clear digital strategy concerning human capital

84%Believe that digital competencies is a priority (3 – 5 years)

Source: Skills 4.0: Future-proofing the financial services for the digital world,

Asian Institute of Finance

11

of employers do not believe

that their organisation offers

adequate upskilling programs

for digital competencies

43%

HOWEVER, MORE HEADWAY IS NEEDED FOR UPSKILLING


Source: Skills 4.0: Future-proofing the financial services for the digital world,

Asian Institute of Finance


Hard skills

Soft skills

Vs

ARE OUR GRADUATES READY?

Total: 180 respondents


95 Final Year

Students

10 University

Programme

Coordinators

24 FSI Employers

51 FSI Entry-level

Hires

57% of the respondents: female.

Questionnaires were designed to evaluate two set of skills: (a) soft skills; and (b) technical knowledge & skills


Soft Skills Technical Knowledge & Skills

• based on input from Malaysian Qualifications Agency (MQA) requirements, Finance Accreditation Agency (FAA)

Learning Standards, and the AIF’s Talent Gaps and Skills Gaps report findings

• These skills are categorised as important for entry-level hires to possess prior to joining the industry

17

SOFT SKILLS NEED MORE DEVELOPMENT

© Asian Institute of Finance 2019. All rights reserved.Source: Bridging the Talent Gap, Asian Institute of Finance

Mismatch between

entry-level hires and

industry’s perception

Employers• Rewards and recognition programmes

• Encourage thought leaders and industry

experts to be a guest speaker or lecturer

• Identify and share soft-skills and technical

competency

• Create standardised competency framework

• Chart learning roadmap

Recommendations for implementation


Final Year Students• Be proactive and responsible for self-

development

• Explore self-development opportunities

• See the bigger picture and aspire to achieve

big

Programme Coordinators• Re-visit/revamp/replace programme offerings

• Update curriculum

• Re-visit standard requirements set

• Increase offering of banking and finance

programmes

Entry-Level Hires• Explore available self-development

programmes

• Accreditation and/or certification

Go beyond classrooms (real-life work experiences)

Targeted initiatives towards leadership, soft skills attainment

Eradicate the psychological barrier on digital adeptness (Gen X, Y, Z)

Develop a culture of life-long learning

Nimble HR to take advantage of current opportunities

A NEW FABRIC OF TALENT

© Asian Institute of Finance 2019. All rights reserved.16

The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn,

unlearn and relearn.

20

Alvin Toffler



THANK YOU

Bridging the Talent Gap in the 4IR era...Creativity, Originality & Initiative 4. Technology Design &...

Documents

Transcript of Bridging the Talent Gap in the 4IR era...Creativity, Originality & Initiative 4. Technology Design &...