People have always been the key component in the performance of any business. Engaging, recruiting and retaining a strong talent pool is critical and can be the fundamental difference between prospective growth and potential stagnation. To that end, the Financial Skills Partnership (FSP) has created a new initiative that will galvanise the level of engagement between the industry and prospective new employees.
The 21st Century Guild (21CG) is a new enterprise that could potentially expose the financial services sector to a whole new demographic. The primary aim of the scheme is to widen accessibility to resources, with the goal of narrowing the skills gap in the financial and legal services sectors, while educating young people on the options they have.
What differentiates this guild from those before it, and makes it a flagship for the 21st century, is that it embraces technology in its quest to be all-inclusive and to widen access to the industry. Using the Directions platform (the FSP’s online one-stop shop and navigational tool for learning about the finance sector), 21CG is able to create virtual reach – the ability to engage with talent across the UK via PCs, smartphones and other mobile devices. This is particularly important as it dramatically reduces the logistical barriers for those wishing to participate.
In short, 21CG is underpinned by a progressive and interactive online tool that engages with those seeking a start in the financial services industry and, through a multitude of face-to-face workshops and webinars, develops them to a level that meets the industry’s increasing requirements. It is also a mechanism that enables the industry to provide employability skills, work experience and opportunities for those wishing to enhance their skills.
The guild will build on much of the work undertaken by the FSP, including its graduate foundation college, careers workshops and virtual work experience programme, some of which has been part-sponsored by the UK Commission for Employment and Skills. Only a partial solution is available now because, as an industry-led organisation, key stakeholders and employers will inform the future development of 21CG. Workshops will enable individuals to undergo a progressive development programme and will be influenced by 21CG members and shaped by the 21CG board to meet the industry’s increasingly demanding requirements from a brand new employee in the sector.
However, 21CG is much more than simply an initiative that allows prospective employers to source, recruit and train their future workforce. It is also a vehicle that encourages the stimulation of debate on key skills required by employers as well as issues from the perspective of employees.
Essentially, 21CG is about educating people on the choices they have. It is clear that many young people still think they have to go to university to get a job in financial services. It is essential that we educate the next generation about their career options and let them know what is available to them. In light of recent unemployment figures, which show that 950,000 16-24 year-olds are out of work, this is a tremendous opportunity for the sector to help those individuals gain the essential skills they require for future employment.
Ultimately, 21CG is an apparatus that encourages communication and learning. It enables individuals to become part of the conversation by being a member of an online community. The information output from 21CG’s online community is a highly valuable commodity with which we can continually assess and enhance our framework for development of skills and inclusivity. It is a means of prompting debate and canvassing opinion, and eventually it will enable individuals to make informed decisions.
The industry is unified in its desire to take responsibility for influencing the way in which young people are engaged. 21CG creates the unity and participation required to effect change and delivers this in a modern and effective way, building on the traditions of support and skills development that can be provided to the future workforce.
The 21st Century Guild is being launched at the Guildhall in the City of London by the Lord Mayor at the end of June.
Liz Field is chief executive of the Financial Skills Partnership
Key points
The 21st Century Guild is a new enterprise that could potentially expose the financial services sector to a whole new demographic.
21CG is underpinned by a progressive and interactive online tool that engages with those seeking a start in the financial services industry
It enables individuals to become part of the conversation by being a member of an online community.
