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A new survey of respondents working in UK financial services businesses has identified the key investment areas for UK financial services businesses looking to attract, retain, and develop top talent.

The research found that while 70% of respondents agreed that their organization has a positive supportive culture, 63% felt that more encouragement was needed to attract younger people to the financial services industry.

The research also found that the top challenge when attracting top talent was meeting/exceeding salary. Other key challenges relating to retaining and developing talent included offering a balance between remote and on-site work (38% of senior leaders citing it as a challenge), offering comprehensive benefits packages (36%), demonstrating clear career development opportunities (35%) and caring for employee mental well-being (33%).

The digital skills gap was another area of focus for the survey, which found that while 65% of those in middle management (or lower) positions believe they have sufficient digital skills to excel at their job, 63% of senior managers believe lack of digital skill is an issue in their workforce, with 30% describing it as ‘a very serious issue’.

High proportion of managers have identified the need to attract younger talent to the sector shows that this is an ongoing and urgent challenge. Financial services organizations must be able to compete with other industries to attract the most talented individuals. As such, they need to have strategies in place not only to recruit younger colleagues in the first place but to develop and nurture them effectively, paving the way for a new generation of senior leaders.