The Financial Service Skills Commission has created a ‘Future Skills Framework’ to enable organisations to identify future skills needs and prioritise investment for the long term.
Designed in consultation with member colleagues, the framework represents the sector’s intent to address skills gaps and prioritise investment in skills in order to continue to attract and retain talent as competitive, innovative, and productive employers.
We thought that HR and leadership professionals across the board would find this competency framework of interest. It is designed to be used to:
- Shape employee development, training, and recruitment policies
- Create a common understanding of the way future skills evolve
- Deliver a consistent set of definitions which clarify the sector’s future skills requirements
- Ensure that business, educators, and employees have increased knowledge of how the workforce must adapt to meet future skills needs
Skills have been designated as either Technical or Behaviours:
|Digital Literacy||Creative Thinking|
|Data Analytics and Insight||Coaching|
|Machine Learning / AI||Relationship Management|
Most, not all of these skills are relevant to employers in every sector of our economy. Skills shortages have been an issue for some years and this framework provides a robust and practical approach to addressing skills gaps, training and development issues, reskilling, and upskilling initiatives, so organisations can invest in the future employability of their workforce with all the benefits that brings to employers, employees and other stakeholders.
Digital Literacy – the ability to consume and use digital tools and techniques to find, evaluate, create, and communicate information by everyone.
Data Analytics and Insights – enabling individuals to effectively, ethically and efficiently analyse data, report on this and draw conclusions to make informed decisions.
Software Development – the discipline of computer science focussed on the understanding, design, build, deployment, testing and enduring support of software.
User Experience – a human centred design process that looks at the needs of the customer and fully understands their position, then tests and enhances the usability of applications based on these needs.
Machine Learning (ML) – developing machines and systems capable of thinking autonomously, adapting to new data and performing tasks without human intervention. Artificial intelligence (AI) refers to the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings by thinking like humans and mimicking their actions.
Agile – enables organisations to employ an iterative project management, using a faster “test and learn” approach to deliver efficient outcomes while putting customers’ needs at the centre.
Cyber security – assessing, preventing and protecting internet connected systems from unauthorised access or attacks that are threats to an organisation.
Creative Thinking – the skill to incorporate creative and innovative practices into tasks, activities and interactions, bringing new perspectives into the workplace.
Coaching – how we support others to explore and unlock their potential using coaching tools and techniques, and building a trusting coaching relationship.
Empathy – having and applying emotional intelligence to understand and engage with others more effectively. Using both self-awareness and the understanding of others to react positively to different situations.
Adaptability is having the skills and willingness to adapt at pace to changing circumstances and environments. Being comfortable with ambiguity, maintaining personal resilience and learning from experience.
Relationship Management – how we build and maintain trusted relationships with internal and external customers based on a deep understanding of customers’ needs. It’s about communicating clearly and working in partnership.
Teamwork – the coming together of a diverse group of people to deliver a common objective. Working well together, but open to new ideas and challenge. Creating a safe, inclusive environment to experiment, make mistakes and improve.
Building the future together
This competency framework outlines essential core behaviours, some of the technical competencies are specific to the financial services sector, though others are applicable to those in the wider workforce. The Behaviours outlined in the framework are a blueprint that any employer can build on.
As well as providing employers with a means by which to prioritise investment in training, it will enable them to attract and retain talent while building an engaged workforce. It also allows employees to quickly reskill and upskill to advance their career pathway.
The world of work is constantly changing and employees must learn new skills to meet the evolving needs of the future. At 10Eighty, we have long advocated that leaders work with their teams to identify strengths, competencies and skills gaps in order to design career paths and development opportunities that will enable creativity and productivity in an economy based on advanced skills, agility, enterprise and innovation.