Find Out Why Soft Skills Are Non-Negotiable in the Finance Sector
Technical proficiency alone no longer guarantees success in a finance career these days. The people responsible for hiring are putting a lot more focus on soft skills - communication, adaptability, empathy - and these are becoming essential, not desirable.
Business partnering in the finance sector is much more prevalent these days, and recently collected data only highlights the growing importance and the tangible impact these skills have on both your individual finance careers and the sector as a whole.
The financial cost of neglecting soft skills in finance
A report by the Skills Builder Partnership, in collaboration with the CIPD, KPMG, and the Edge Foundation, reveals that the UK loses approximately £22.2 billion annually due to insufficient investment in soft skills development.
Individuals with higher levels of these essential skills, including communication and problem-solving, earn on average an additional £4,600 per year. Despite this, 51% of workers reported missing out on opportunities to build these skills, demonstrating a significant gap in professional development.
The finance sector’s largest skills gap
According to the Financial Services Skills Commission (FSSC), behavioural soft skills represent the largest skills gap in UK financial services. The demand for skills like empathy, adaptability, and relationship management has increased massively, with adaptability showing a 38% gap between supply and demand.
This shortage is impacting productivity and delaying digital transformation initiatives across the sector.
Employers are prioritising soft skills
A survey by Indeed found that 67% of UK employers now prioritise soft skills over educational qualifications when hiring. Furthermore, 90% of employers indicated that soft skills are more important than ever, highlighting a significant shift in hiring practices.
A 1st from a redbrick won’t be enough – you absolutely need to make sure you're doing work on your softer skills to make sure you're standing out in the sea of candidates in front of most hiring managers these days.
Critical thinking and communication
Despite advancements in digital technologies, critical thinking remains a highly valued skill in the financial services sector. A PwC survey found that 77% of finance professionals consider critical thinking crucial for their business, surpassing the 70% who emphasised digital skills.
Where to go from here
As the industry (and the world!) continues to evolve, if you're working in the finance sector, you need to develop and refine your soft skills to remain competitive. Employers are increasingly seeking talent that can demonstrate strong interpersonal abilities, adaptability, and critical thinking.
Investing in these skills will not only enhance your individual career prospects but it'll also contributes to the overall success and resilience of the financial sector.
The integration of soft skills into the core competencies of the finance sector is no longer optional, it’s necessary. If you embrace this shift, you'll be able to navigate the complexities of the modern finance world more effectively.
We'll help you see your strengths
Our consultants tell it like it is. If you’re not sure whether you know your soft skills from your spreadsheet shortcuts, we’ll help you figure it out.
We’ll spotlight the strengths you’ve got, the ones you need to polish, and tell you how to package them in a way that'll make hiring managers notice. We'll get on the phone and actually talk to them about the human touch you bring to your finance role, the fact you're super easy to get on with, and how you make complex financial information easy to digest for those non-finance bods.
Because in today’s market, being technically brilliant without people skills won't fly - if you can't connect with people, all the technical know-how in the world won’t stop you from being sidelined.
Ready to find out what you’re made of? Let’s talk.
Drop a line over to enquiries@sewellwallis.co.uk, or give us a call on 0114 268 3313.
