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  • 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

    © Asian Institute of Finance 2019. All rights reserved. 2

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

    © Asian Institute of Finance 2019. All rights reserved. 2

    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

    © Asian Institute of Finance 2019. All rights reserved. 3

  • OUR LIVES IN 60 SECONDS

    © Asian Institute of Finance 2019. All rights reserved. 4

  • ONLINE

    EDUCATION &

    UPSKILLING EDUCATION

    CASHLESS

    ECOSYSTEM SHARING

    ECONOMY

    DISRUPTION IS WIDENING

    © Asian Institute of Finance 2019. All rights reserved. 5

  • 94% Internet

    52% Mobile App

    DIGITAL BANKING EXPERIENCES PREVAILING

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

    © Asian Institute of Finance 2019. All rights reserved. 7

  • FOOTPRINT REACHING RECRUITMENT

    'Intelligent Hiring Experience'

    © Asian Institute of Finance 2019. All rights reserved. 6

  • © Asian Institute of Finance 2018. All rights reserved. 9

    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

  • © Asian Institute of Finance 2019. All rights reserved. 10

    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

    © Asian Institute of Finance 2019. All rights reserved. 12

    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. 13

    Hard skills

    Soft skills

    Vs

    ARE OUR GRADUATES READY?

  • Total: 180 respondents

    © Asian Institute of Finance 2018. All rights reserved. 14

    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

    © Asian Institute of Finance 2018. All rights reserved. 15

    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

  • 16

    HARD SKILL SETS ARE GENERALLY IN LINE

    © Asian Institute of Finance 2019. All rights reserved.

    Source: Bridging the Talent Gap, Asian Institute of Finance

  • 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

    © Asian Institute of Finance 2018. All rights reserved. 18

    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

    © Asian Institute of Finance 2019. All rights reserved. 20

  • © Asian Institute of Finance 2018. All rights reserved. 21

    THANK YOU