bridging the gap · bridging the gap a report on skill gaps in the financial services industry ......
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BRIDGING THE GAP A Report on Skill Gaps in the Financial Services Industry
Malta Financial Services Authority
Education Consultative Council
May 2015
MFSA Skills Needs Survey 2015 Report 2
CONTENTS
FOREWORD FROM THE ECC CHAIRMAN ................................................................................................. 5
EXECUTIVE SUMMARY ............................................................................................................................. 7
1. INTRODUCTION ............................................................................................................................... 8
1.1 Aims & Objectives ................................................................................................................... 8
1.2 Methodology ........................................................................................................................... 8
2. COMPANY DETAILS ........................................................................................................................ 11
2.1 Employment within Respondent Companies ........................................................................ 13
2.2 Type of Establishment ........................................................................................................... 14
2.3 Turnover of Respondent Companies ..................................................................................... 16
3. CURRENT VACANCIES & RECRUITMENT DETAILS .......................................................................... 17
3.1 Current Vacancies ................................................................................................................. 17
3.2 Hard-to-Fill Vacancies ............................................................................................................ 18
3.3 Skills Deficiencies ................................................................................................................... 21
3.4 Mitigation Measures for Recruitment ................................................................................... 23
4. SKILL GAPS ..................................................................................................................................... 24
4.1 Incidence and Effect of Skill Gaps .......................................................................................... 24
4.2 Skill Gaps across the Different Sectors .................................................................................. 25
4.2.1 Skill Gaps by Sector: Banking ......................................................................................... 25
4.2.2 Skill Gaps by Sector: Financial Institutions ..................................................................... 29
4.2.3 Skill Gaps by Sector: Insurance ...................................................................................... 31
4.2.4 Skill Gaps by Sector: Insurance Intermediaries .............................................................. 33
4.2.5 Skill Gaps by Sector: Investment Services ...................................................................... 34
4.2.6 Skill Gaps by Sector: Trusts and Trust Management ..................................................... 37
4.3 Skills Lacking .......................................................................................................................... 39
4.4 Mitigation Measures for Skill Gaps ........................................................................................ 40
MFSA Skills Needs Survey 2015 Report 3
5. OFF-THE-JOB TRAINING ................................................................................................................. 41
5.1 Incidence of Off-the-Job Training .......................................................................................... 41
5.2 Type of Off-the-Job Training .................................................................................................. 43
5.3 Training Issues ....................................................................................................................... 44
6. CONCLUSIONS AND RECOMMENDATIONS .................................................................................... 46
6.1 Key Findings and Conclusions ................................................................................................ 46
6.2 Overview of Recommendations ............................................................................................ 47
7. ACTION POINTS ............................................................................................................................. 49
Pre-Employment Stage Actions ............................................................................................................. 49
Post-Employment Stage Actions ........................................................................................................... 52
Practical Initiatives of each of the ECC Members .................................................................................. 53
APPENDIX 1 QUESTIONNAIRE ....................................................................................................... 59
MFSA Skills Needs Survey 2015 Report 4
CHARTS INDEX
Figure 1: Survey Sample .......................................................................................................................... 9
Figure 2: MFSA Licence Holders as at end December 2014 .................................................................. 11
Figure 3: Licences Held in Survey Sample .............................................................................................. 11
Figure 4: Company Size by Number of Employees ................................................................................ 13
Figure 5: Company Size by Industry Specialisation ................................................................................ 14
Figure 6: Respondent Company Set Up ................................................................................................. 14
Figure 7: Company Set-Up by Industry Specialisation ........................................................................... 15
Figure 8: Locations of Mother Companies (Outside the EU) ................................................................. 15
Figure 9: Participant Companies' Turnover ........................................................................................... 16
Figure 10: Turnover by Industry Specialisation ..................................................................................... 16
Figure 11: Current Vacancies ................................................................................................................. 17
Figure 12: Vacancies by Industry Specialisation .................................................................................... 18
Figure 13: Number of Hard-to-Fill Vacancies......................................................................................... 18
Figure 14: Hard-to-Fill Vacancies by Industry Specialisation ................................................................. 19
Figure 15: Top 10 Hard-to-Fill Occupations ........................................................................................... 19
Figure 16: Top 6 Hard-to-Fill Occupations by Sector ............................................................................. 20
Figure 17: Reasons for Hard-to-Fill Vacancies ....................................................................................... 21
Figure 18: Skill Deficiencies amongst Applicants of Hard-to-Fill Vacancies ........................................... 22
Figure 19: Professional, Technical & Practical Skills Deficiencies .......................................................... 22
Figure 20: Mitigation Measures Taken or Planned ................................................................................ 23
Figure 21: Degree of Impact of Skill Deficiencies amongst Existing Workforce ..................................... 24
Figure 22: Skillset to be improved in Current Workforce ...................................................................... 39
Figure 23: Mitigation Measures for Skill Gaps within Existing Workforce ............................................. 40
Figure 24: Off-the-Job Training Incidence by Company Size ................................................................. 41
Figure 25: Off-the-Job Training Incidence by Sector ............................................................................. 42
Figure 26: Reasons behind the Lack of Off-the-Job Training ................................................................. 42
Figure 27: Employees that Received Off-the-Job Training by Employee Category ................................ 43
Figure 28: Statutory vs Non-Statutory Training ..................................................................................... 44
Figure 29: Confidence in Finding the Right source of Information ........................................................ 45
MFSA Skills Needs Survey 2015 Report 5
FOREWORD FROM THE ECC CHAIRMAN
As fate would have it, it has, time and again during my 42+ years
of working in the financial services sector, and now also as a new
member of the MFSA’s Board of Governors, been an important
part of my work to be involved in some sort of connection with
that vital aspect of the profession which one could generally
describe as “financial education”.
There is both a public dimension and an in-house dimension to
this part of the financial services sector.
Starting from the latter it strikes me as perhaps worrying that many financial institutions do not often
go public with what sort of in-house training efforts and opportunities they would be providing to their
own staffs.
The reason for such reticence could either be incorrect humility, or that old mantra of “this is
information of a private commercial nature”, a retort which, frankly, is often overused or even in some
cases not absolutely always justified.
But possibly making up for this is the fact that we are fortunate in Malta to have many professional,
educational, and even public, organisations which, as part of their activities, seek to be proactive with
their members, and often also with the general public, in providing them with educational and
formational initiatives. I have already made it clear to the members of the Education Consultative
Council that I wish such public initiatives to grow. The country is badly in need of ever more activities
which aim to, in whatever way, fill a far too often apparent lack of financial literacy. There is a dearth
of good financial journalists in our beloved country, and to rely solely on the media (both broadcast and
printed) to bridge the financial literacy shortfall would be a grave mistake.
The ECC will continue to encourage all initiatives that its component members will come forward with.
There are several avenues open for them to work within. Even school children should be seen as a
potential area for them to work with. There is, I know, an active effort being made by many school
teachers to encourage financial literacy in Malta’s schools, and I have no doubt that into the future we
will all see the benefit of this. At the University of Malta the educational mission is indeed the basic
raison d’etre. All of these and other efforts are aimed at ensuring that all involved with financial services
MFSA Skills Needs Survey 2015 Report 6
in Malta, whether as providers, or as customers, have the best possible levels of knowledge that will
always enable them to take correct decisions.
These will be decisions that have two-sided facets, backward looking and forward looking. Operators
in our sector have needs that have been with them for a long time. But new needs will certainly be
appearing as the sector grows. The need to provide financial services workers with new special skills,
for example. The ECC will be watching carefully the evolving scenario in this important part of our
national economy, and such needs-of-the-future will certainly be a topic we will be proactive about in
our work.
I look forward to the help and initiatives of all in our excellent component membership.
Dr. John A. Consiglio
Chairman, Education Consultative Council
MFSA Skills Needs Survey 2015 Report 7
EXECUTIVE SUMMARY
The Malta Financial Services Authority’s Education Consultative Council (the “ECC”) commissioned the
Financial Services Skills Requirements Survey – 2015, which was conducted by Esprimi during the
months of January and February 2015.
The survey was intended to investigate the skill gaps in the financial services industry to supply reliable
information, which the MFSA’s ECC could use to develop policies and plans to help the industry
overcome its challenges.
The survey covered issues relating to recruitment challenges pertaining to skill deficiencies, skill gaps
within existing workforce and to the incidence of off-the-job training.
A total of 130 companies were contacted from six different segments from the financial services
industry, namely banks (credit institutions), financial institutions, insurance companies, insurance
intermediaries, investment services companies and trust and trust management companies. Out of the
130 companies invited, 83 of them participated in the survey, which equates to a response rate of 64%.
Out of 83 companies interviewed, 50.6% had at least one vacancy, 37.7% of which came from banks.
78.6 % of the companies with at least one vacancy had hard-to-fill positions, 67% of which said the main
cause is lack of work experience required to meet organisational demands. The most significant skill
deficiency reported amongst applicants of hard-to-fill vacancies was lack of management skills.
22.9% of participating companies reported to have skill gaps in their current workforce with the highest
incidence coming from insurance companies. On the other hand employees within the four financial
institutions interviewed were all fully proficient. The highest incidence reported of skills needing
improving were: compliance skills, fund administration skills and general regulatory requirements.
Most companies chose to identify counteractive solutions from within the organisation, in fact the most
common mitigation measure against skill gaps was the provision of further training and development.
The majority of respondents (87%) have funded or organised off-the-job training for their employees,
mainly at managerial and senior managerial occupations level and professional occupations level. The
majority of the remaining 13%, who do not provide off-the-job training stated that those currently
employed already have the skills required to do their job.
MFSA Skills Needs Survey 2015 Report 8
1. INTRODUCTION
1.1 Aims & Objectives
The Malta Financial Services Authority (MFSA) appointed Esprimi; Business Leaders Malta’s Market
Research arm, to carry out a research exercise amongst businesses in the financial services sector.
The main aim of this survey was to investigate the skill deficiencies that employers in the financial
services industry are facing. MFSA requires this information to be able to develop policies and plans
that address the current skills gap in the market.
The survey tackled issues relating primarily to the following topics:
a. Current vacancies particularly those proving hard-to-fill
b. Recruitment details
c. Skills gaps amongst existing workforce
d. Off-the-job training
1.2 Methodology
The skills needs survey was conducted during the months of January and February 2015. The
questionnaire that covered respondent company details, current vacancies, recruitment details, skill
gaps and off-the-job training was provided by the MFSA (Please refer to Appendix 1 for a copy of the
questionnaire utilised).
The survey was carried out with a number of organisations from various segments in the financial
services sector.
MFSA Skills Needs Survey 2015 Report 9
The survey sample consisted of a list1 of organisations in Malta populated by the MFSA covering the
following areas:
Banking
Financial Institutions
Insurance
Insurance Intermediaries
Investment Services
Trusts & Trust Management
A total of 130 companies were invited to participate in the survey, out of which 63.8% participated (83
companies), 4.6% refused to participate (6 companies), 8.5% were not eligible2 (11 companies), 7.7%
carried out only partial interviews (10 companies) and 15.4% were not available3 to participate (20
companies).
All participating organisations were asked to appoint a company representative with sound knowledge
of the organisation’s HR matters pertaining to issues outlined in Section 1.1. Aims and Objectives.
Figure 1: Survey Sample
1 The list, which consisted of 150 records featured a number of duplicates and companies without useable contact details. Although every effort was made to make contact with these companies some could not be reached, which resulted in a total of 130 useable records. 2 Companies employing 1 or less employees were not eligible to participate in this study. 3 ‘Not available’ here stands for: No replies to invitation and no response to follow ups both via email and via telephone
20
4
21
8
46
31
17
4
16
6
28
12
1 02
02 10 0 1 1
3
6
20
2 13 2
0 0 0 0
10 10
0
5
10
15
20
25
30
35
40
45
50
Banking FinancialInstitutions
Insurance InsuranceIntermediaries
InvestmentServices
Trusts & TrustManagement
Contacted Completed Refused Not Eligible Partial No Reply
MFSA Skills Needs Survey 2015 Report 10
Respondents were asked to indicate their preferred methodology when participating in the survey.
80.7 % of respondents (67 companies) opted to complete the questionnaire using an online tool
provided by Esprimi, whilst the remaining 16 companies were equally split between telephone and
face-to-face interviews. All telephone and face-to-face interviews were carried out by experienced
interviewers and the online survey process was constantly monitored and supported by a team of
experienced researchers.
MFSA Skills Needs Survey 2015 Report 11
2. COMPANY DETAILS
This chapter provides background information about the participating companies.
Based on the MFSA Statistical Tables published end 2014, a total of 1,424 companies were licenced by
the MFSA as at end December 2014, which are outlined in the table below.
Figure 2: MFSA Licence Holders as at end December 2014
LHT TYPE NO OF LICENSE HOLDERS
Banking 27
Collective Investment Schemes 123
Company Services Providers 9
Financial Institutions 33
Insurance 60
Insurance Intermediaries (Companies) 65
Insurance Intermediaries (Individuals) 616
Investment Services 135
Pensions 63
Recognised Fund Administrators 27
Recognised Incorporated Cell Companies 19
Trust & Trust Management 1424
TOTAL 1,3194
Source: Statistical Tables - 4th Quarter 2014 (MFSA Licence Holders)
The sample used in this survey accounts for 9.13% of the financial services sector, the tables below
portray a breakdown of the licences held by the companies in the sample used for this survey.
Figure 3: Licences Held in Survey Sample
4 This figure excludes Nominees and Trusts registered in terms of the Trust Act, 1988 (16 and 89 licence holders respectively)
MFSA Skills Needs Survey 2015 Report 12
BANKING LICENCES NO OF LICENCE HOLDERS
Credit Institution 16
Financial Institution 4
TOTAL 20
INSURANCE LICENCES NO OF LICENCE HOLDERS
Insurance Principal (Local) 8
Affiliated Insurance Company 1
TOTAL 9
INSURANCE INTERMEDIARIES LICENCES NO OF LICENCE HOLDERS
Insurance Managers 6
TOTAL 6
SECURITIES LICENCES NO OF LICENCE HOLDERS
Investment Services Category 1B 1
Investment Services Category 2 19
Investment Services Category 2 & 4 2
Investment Services Category 3 1
Investment Services Category 3 & 4 1
Fund Administration Recognition 10
TOTAL 34
OTHER LICENCES NO OF LICENCE HOLDERS
Trustees/Trust Management 17
Corporate Services Provider 9
Accountancy Firm 3
TOTAL 29
MFSA Skills Needs Survey 2015 Report 13
2.1 Employment within Respondent Companies
Respondents were asked to indicate the number of employees who are employed with the company
on full-time, part-time basis and on reduced hours. They were also asked to include, directors and out-
workers but to exclude self-employed or outside contractors.
The chart below provides an overview of the company size of respondent companies. The most
common categories were companies employing 10-24 employees with 36% of respondents falling in
this category and companies employing 5-9 employees featuring 33% of the respondents.
The table overleaf provides further insight on how the respective company sizes are distributed across
the sample by industry specialisation.
2-4 Employees, 17%
5-9 Employees, 33%
10-24 Employees, 36%
25-49 Employees, 9%
50-99 Employees, 3%
100-199 Employees, 1%
200-249 Employees, 1%
Figure 4: Company Size by Number of Employees
MFSA Skills Needs Survey 2015 Report 14
Figure 5: Company Size by Industry Specialisation
NO OF
EMPLOYEES BANKING INSURANCE
INSURANCE
INTERM.
TRUSTS & TRUST
MGMT
INVESTMENT
SERVICES
FINANCIAL
INSTITUTIONS
2-4 1 1 2 2 8 0
5-9 5 3 2 4 12 1
10-24 6 7 2 6 6 3
25-49 3 3 0 0 2 0
50-99 1 1 0 0 0 0
100-199 0 1 0 0 0 0
200-249 1 0 0 0 0 0
TOTAL 17 16 6 12 28 4
2.2 Type of Establishment
Respondent companies were asked to indicate whether they form part of a wider group of companies.
25.3% of the respondents (21 companies) said that they are not part of a wider group of companies,
while the remaining 74.7% (62 companies) said that they are. 8% of the respondent companies are
Maltese owned but the majority of respondents (56%) are owned by another EU company. The charts
below and overleaf provide a detailed breakdown of the locations recorded.
Figure 6: Respondent Company Set Up
56%34%
8%2%
Other EU Company Owned
Outside the EU Owned
Maltese Owned
Don’t Know
MFSA Skills Needs Survey 2015 Report 15
Figure 7: Company Set-Up by Industry Specialisation
34% of the respondents (21 companies) indicated that their mother company is located outside the EU,
of which 42.9% (9 companies) came from the investment services sector. The table below provides a
detailed account of the locations reported across the different sectors.
Figure 8: Locations of Mother Companies (Outside the EU)
BANKING FINANCIAL
INSTITUTIONS INSURANCE
INSURANCE
INTERMEDIARIES
TRUSTS & TRUST
MANAGEMENT
Australia 1
Bermuda 1 2
Cayman Islands 1
Guernsey 2
Hong Kong 1
Isle of Man 2
Jersey 1
South Africa 1
Turkey 1
USA 1 2
Unspecified 1 3 1
3
2 2
0
10
4
0 0
1
0
2 2
10
2
12
3
7
1
4
0
1
3
9
4
0 0 0 0 0
1
0
2
4
6
8
10
12
14
Banking FinancialInstitutions
Insurance InsuranceIntermediaries
InvestmentServices
Trusts & TrustManagement
No Yes - Mlt Owned Yes - Other EU Comp. Owned Yes - Outside EU Owned Don’t Know
MFSA Skills Needs Survey 2015 Report 16
2.3 Turnover of Respondent Companies
Respondents were asked to indicate whether their financial turnover registered an increase, a decrease
or whether it remained the same over the past 12 months. More than half of the respondent
companies have experienced financial growth over the last 12 months.
Figure 9: Participant Companies' Turnover
Three out of the four financial institutions interviewed reported that their turnover roughly remained
the same over the last 12 months. 83.3% of trusts & trust management companies, 68.8% of
insurance companies, 66.6% of insurance intermediaries, 57.1% of investment services companies
and 41.2% of banking institutions have all registered an increase in turnover during the last 12
months. The chart below presents a detailed breakdown of turnover by industry specialisation.
Figure 10: Turnover by Industry Specialisation
58%
11%
19%
8%4%
7
0
11
4
16
10
2
0
3
0
4
0
43
12
5
1
3
10 0
3
01
01
0 01
0
2
4
6
8
10
12
14
16
18
Banking FinancialInstitutions
Insurance InsuranceIntermediaries
InvestmentServices
Trusts & TrustManagement
Increased Decreased Roughly Remained the Same Too Early to Tell Don't Know
Increased
Decreased
Roughly Remained the Same
Too Early to Tell
Don’t Know
MFSA Skills Needs Survey 2015 Report 17
3. CURRENT VACANCIES & RECRUITMENT DETAILS
This chapter investigates the current vacancies in the financial services sector, with particular focus on
those that are proving hard-to-fill. This chapter also explores the reasons behind these hard-to-fill
vacancies and identifies what participant companies are doing to mitigate these challenges.
3.1 Current Vacancies
Respondents were asked to indicate whether they have any current vacancies. 49.4% of respondents
(41 companies) indicated that they have no current vacancies, the remaining 50.6% (42 companies)
claimed that they had one or more vacancies at the time of the survey. The table below provides a
detailed breakdown of the current vacancies of the interviewed respondents.
Figure 11: Current Vacancies
NUMBER OF CURRENT
VACANCIES NO OF RESPONDENTS TOTAL VACANCIES
0 Vacancies 41 0
1 Vacancy 20 20
2 Vacancies 13 26
3 Vacancies 3 9
4 Vacancies 3 12
5 Vacancies 1 5
6 Vacancies 1 6
11 Vacancies 1 11
TOTAL 83 89
The highest number of current vacancies, which equates to 39.3% of total vacancies (35 vacancies)
came from banks, 24.7% (22 vacancies) came from investment services companies, 16.9% (15
vacancies) came from insurance companies, 7.9% (7 vacancies) came from trusts & trust management
companies, 6.7% (6 vacancies) came from insurance intermediaries and the lowest number of
vacancies, which equates to 4.5% (4 vacancies) came from financial institutions. The table below gives
a more detailed account of the current vacancies according to industry specialisation.
MFSA Skills Needs Survey 2015 Report 18
Figure 12: Vacancies by Industry Specialisation
VACANCIES
RESPONDENTS
BANKING FINANCIAL
INSTITUTIONS INSURANCE
INSURANCE
INTERMEDIARIES
INVESTMENT
SERVICES
TRUSTS &
TRUST
MANAGEMENT
0 5 2 8 2 17 7
1 5 1 5 2 4 3
2 3 0 1 2 5 2
3 1 1 0 0 1 0
4 1 0 2 0 0 0
5 0 0 0 0 1 0
6 1 0 0 0 0 0
11 1 0 0 0 0 0
GRAND
TOTAL 17 4 16 6 28 12
3.2 Hard-to-Fill Vacancies
Respondents were asked to indicate how many, if any, of their current vacancies were proving hard-to-
fill. Out of 42 respondents who had at least one vacancy, 78.6% (33 respondents) claimed to have hard-
to-fill vacancies.
Figure 13: Number of Hard-to-Fill Vacancies
Out of 89 current vacancies, 70.8% (63 vacancies) are proving hard-to-fill, 39.7% of which (25 vacancies)
are coming from banks.
The chart below provides a detailed breakdown of the number of hard-to-fill vacancies across the
different sectors
1
2
3
10
17
9
0 2 4 6 8 10 12 14 16 18
7 Hard-to-Fill Vacancies
4 Hard-to-Fill Vacancies
3 Hard-to-Fill Vacancies
2 Hard-to-Fill Vacancies
1 Hard-to-Fill Vacancy
0 Hard-to-Fill Vacancies
Respondents
MFSA Skills Needs Survey 2015 Report 19
Figure 14: Hard-to-Fill Vacancies by Industry Specialisation
Respondents were also asked to indicate the position of up to 6, if any, hard-to-fill vacancies.
The top 10 hard-to-fill occupations reported were:
Figure 15: Top 10 Hard-to-Fill Occupations
HARD-TO-FILL POSITIONS COUNT
Financial Controller 7
Business Development Manager 5
Risk &/or Compliance Officer 5
Head of Risk &/or Compliance 4
Internal Auditor 3
Financial Analyst 3
Insurance Accountant 3
Portfolio Manager 3
Senior front-end/back-end developer/software manager 3
The table overleaf provides a detailed breakdown of the top 6 hard-to-fill positions by sector:
25
3
8
6
15
6
0
5
10
15
20
25
30
Banking FinancialInstitutions
Insurance InsuranceIntermediaries
InvestmentServices
Trusts & TrustManagement
Hard-to-Fill Vacancies
MFSA Skills Needs Survey 2015 Report 20
Figure 16: Top 6 Hard-to-Fill Occupations by Sector
SECTOR HARD-TO-FILL POSITION COUNT
Banking
Business Development Manager 3
Financial Analyst 2
Head of Finance 2
Internal Auditor 2
Risk &/or Compliance Officer 2
Senior front-end/back-end developer/software manager 2
Financial Institution
Senior front-end/back-end developer/software manager 1
Senior front-end/back-end development manager 1
Web designer/integrator 1
Insurance
Financial Controller 3
Insurance Accountant 1
Internal Auditor 1
Junior Actuary 1
Life Reinsurance Manager 1
Sales/Customer Service 1
Insurance Intermediaries
Insurance Accountant 2
Accounts Executive 1
Business Development Manager 1
Head of Risk &/or Compliance 1
Risk &/or Compliance Officer 1
Investment Services
Portfolio Manager 3
Financial Controller 2
Head of Risk &/or Compliance 2
Risk &/or Compliance Officer 2
Financial Analyst 1
Fund Accountant 1
Trusts & Trust Management
Private Client Accountant 2
Business Development Manager 1
Financial Controller 1
Private & Corporate Administrator 1
Trust Administrator 1
Respondents with hard-to-fill vacancies (33 respondents) were also asked to indicate the main reasons
behind these hard to fill vacancies (this question allowed multiple responses). The main reasons
attributed to hard-to-fill vacancies were reported to be the lack of work experience that the
organisation demands with 67% of mentions (22 responses), followed by lack of skills the organisation
demands with 51% of mentions (17 responses) and applicants generally do not have the right attitude,
motivation or personality with 45% of mentions (15 responses). The chart below gives a more detailed
account of the main reasons respondents attributed to hard-to-fill positions.
MFSA Skills Needs Survey 2015 Report 21
Figure 17: Reasons for Hard-to-Fill Vacancies
3.3 Skills Deficiencies
Respondents that indicated that the main reason behind their hard-to-fill vacancies were either lack of
skills or lack of qualifications or lack of experience, which amounted to 26 companies were asked to
indicate what skills they found difficulty obtaining from applicants for all the positions they had difficulty
placing (this question allowed multiple responses). 34.6 % of respondents indicated that applicants
manifested a deficiency in management skills. The chart overleaf gives a detailed breakdown of all
other skill deficiencies mentioned.
1
1
1
2
3
5
6
11
15
17
22
0 5 10 15 20 25
Salary Expectations Are Too High
Not Enough People Interested in this Work
Benefits Trap/Problem with Benefits
Lack of/Poor Career Progression
Wages Lower than Other Firms
Lack of Qualifications the Organisation Demands
Too Much Competition from Other Employers
Low Number of Applicants
Do not have the Right Attitude, Motivation or Personality
Lack of Skills the Organisation Demands
Lack of Work Experience the Organisation Demands
No. of Respondents
MFSA Skills Needs Survey 2015 Report 22
Figure 18: Skill Deficiencies amongst Applicants of Hard-to-Fill Vacancies
Respondents were also asked if they have found it difficult to obtain any other professional, technical
and practical skills from applicants (this question allowed multiple responses). Of the 42 respondents
who had at least 1 vacancy, 28.6% (12 companies) claimed to have found difficulties obtaining other
professional technical and practical skills. The variety of skills mentioned are outlined in the table
below.
Figure 19: Professional, Technical & Practical Skills Deficiencies
SKILLS DEFICIENCIES COUNT
Practical skills in compliance 3
Actuarial skills 3
International experience 2
Legal Knowledge 2
Balance between technical knowledge & soft skills 2
Adequate qualifications in risk management 1
Knowledge of trusts 1
Portfolio management in the energy industry 1
Adequate qualifications in compliance 1
Adequate qualifications for MLRO 1
Proactive and creative thinking 1
Practical skills in accounts/auditing 1
Practical skills on MLRO 1
Knowledge of insurance management 1
4
2
2
3
3
4
5
6
7
8
9
0 1 2 3 4 5 6 7 8 9 10
None
Literacy Skills
Team Working Skills
IT Professional Skills
Numerical Skills
Practical Skills
Customer Handling Skills
Problem Solving Skills
Communication Skills
Language Skills
Management Skills
No of Respondents
MFSA Skills Needs Survey 2015 Report 23
3.4 Mitigation Measures for Recruitment
The 33 respondents with hard-to-fill vacancies were asked to explain which measures have been taken
or were going to be taken to place candidates in their hard-to-fill positions over and above what they
would normally do during the recruitment process (this question allowed multiple responses). The
most common mitigation measure was the use of a more extensive range of recruitment channels with
42.4% of mentions (14 responses, followed by the recruitment of candidates from overseas with 33.3%
of mentions (11 responses), followed by training less qualified recruits with 21.2% of mentions (7
responses), other mentions reported are outlined in the chart below.
Figure 20: Mitigation Measures Taken or Planned
1
1
1
2
2
3
3
7
11
14
0 2 4 6 8 10 12 14 16
Keeping the vacancy open for longer
No particular measures taken/planned
Technical tests to confirm skills
Ask for referrals
Retraining internal staff
Spent more on recruitment /used more expensive…
Offered higher pay or more incentives than normal
Training to less qualified recruits
Recruited staff from overseas
Used a more extensive range of recruitment channels
Respondents
MFSA Skills Needs Survey 2015 Report 24
4. SKILL GAPS
The previous chapter explored the incidence and nature of recruitment difficulties with particular focus
on issues with skill deficiencies of candidates required to fill the vacant positions. This chapter will take
a look at skill gaps amongst the existing workforce of participating companies.
4.1 Incidence and Effect of Skill Gaps
Respondents were asked to look at their existing workforce and indicate whether any of their current
employees had any existing shortages in the skill set required to meet the organisational business
objectives. 22.9% of respondents (19 companies) claimed that there are current employees who have
skill deficiencies that have some degree of impact on business objectives.
When probed about the degree of impact these skill deficiencies have on their business objectives,
63.2% of the respondents (12 companies) claimed that these skill deficiencies only had a minor impact
on their business objectives. The chart below illustrates the degree of impact experienced by
respondents with skill shortages in their existing workforce.
Figure 21: Degree of Impact of Skill Deficiencies amongst Existing Workforce
10.50%
31.60%
63.20%
Minor Effect
Significant Effect
Very Significant/Major
Effect
MFSA Skills Needs Survey 2015 Report 25
4.2 Skill Gaps across the Different Sectors
Respondents were asked to indicate how many of their existing employees were fully proficient in their
position within the organisation. None of the categories included in the sample indicated a proficiency
level of less than 93%. The four organisations under the financial institutions category reported full
proficiency, followed by the banks, which reported a proficiency level of 97%. The following tables
provide a breakdown of the skill gaps present across the different sectors sampled within the financial
services industry.
4.2.1 Skill Gaps by Sector: Banking
Base: 17 Respondents
The banks had a proficiency level of 97%. The most significant incidence of skill deficiency in this sector
was in the position of Head of Compliance.
OPERATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Operations 12 12
Agency Treasury Team Leader 1 0
Equity Derivatives 0 0
Operations Specialist 10 10
Settlements 16 15
Trade Services Administrator 1 1
Settlements Assistant 1 1
Assistant Head of Operations 1 0
Fund Services Manager 1 1
Operations Executive 3 3
Private Banking 2 2
Head of Private Banking 1 1
Quality Officer 5 5
CORPORATE/COMMERCIAL BANKING NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Relationship Manager 10 10
Corporate Banking Manager 9 9
Credit Analyst 7 7
Loans Administrator 4 4
Corporate Banking Officers 4 4
Corporate Client Services 1 1
Credit Officer 1 1
MFSA Skills Needs Survey 2015 Report 26
TREASURY NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Market Risk Analyst 2 2
Treasury Dealer 7 6
Treasury Analyst 5 5
Treasury Operations 2 2
Senior Treasury Back Officer 2 2
Treasury Manager 1 1
Treasury Assistant Manager 1 1
FINANCIAL MARKET AND INVESTMENTS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Fun/Portfolio Manager 1 1
Relationship Manager 7 7
Risk/Quantitative Analyst 2 2
Trader 1 1
Portfolio Manager 1 0
Equity Analyst 4 4
Fund Controller 0 0
Fund Accountant 0 0
Fund Administrator 1 1
Shareholder Services 0 0
Trustee 0 0
Custody 2 2
Corporate Actions 5 5
Client Services 11 11
Regulatory Accountant 3 3
Financial Analyst 3 3
Management Accountant 5 5
Trainee Accountant 1 1
Assistant to the Accountant 1 1
MFSA Skills Needs Survey 2015 Report 27
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 6 6
Financial Controller 13 12
Internal Auditor 5 5
Product Control 2 2
Systems Accountant 4 4
Financial/Business Analyst 3 3
Treasury Accountant 1 1
Credit Control 1 1
Accounts Administrator 5 5
Accounts Payable/Receivable 6 5
Finance Accountant 1 0
Finance Executive 1 1
Reconciliation Officers 5 5
Risk Officer 1 1
Finance Manager 3 2
Payments Officer 5 5
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 11 8
Senior Compliance Manager 1 1
Compliance Manager 2 2
Compliance Assistant 6 6
Compliance Administrator 1 1
AML Officer 2 2
Compliance Officer 1 1
Credit Risk Specialist 4 4
MLRO Officer 2 1
Head of Risk Management 2 2
Risk Management Officer 1 0
SALES AND CUSTOMER SERVICE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Sales Assistants, Telesales, Call Centre
Agents, Customer Care Occupations
69 69
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 1 1
Manager 4 4
Designer 2 2
Marketing Executive 2 2
Marketing Officer 1 1
MFSA Skills Needs Survey 2015 Report 28
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 2 2
Manager 1 1
Human Resources Clerk 1 1
HR Officers 3 3
ADMINISTRATIVE AND SECRETERIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 3 3
Middle/Senior Manager 47 47
PA 3 3
Executive Assistant 3 3
Team Secretary 3 3
Project Coordinator 4 4
Administrative Assistant 5 5
Receptionist 3 3
Junior Administrator 1 1
Data Entry Clerks 1 1
Front Office Clerks 23 23
Executive Secretary 1 1
Cleaner/Messenger 15 15
OTHER NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Lawyers – Financial 5 5
Lawyers – Non Financial 0 0
IT Professionals 36 35
CEO/Deputy CEO/Managing Director 8 8
Non-Executive Directors 4 4
MFSA Skills Needs Survey 2015 Report 29
4.2.2 Skill Gaps by Sector: Financial Institutions
Base: 4 Respondents
The financial institutions sector reported full proficiency in their current workforce.
OPERATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Operations 3 3
Agency Treasury Team Leader 0 0
Equity Derivatives 0 0
Operations Specialist 0 0
Settlements 0 0
Trade Services Administrator 0 0
Operations & Compliance Officer 3 3
TREASURY NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Market Risk Analyst 0 0
Treasury Dealer 0 0
Treasury Analyst 0 0
Treasury Director 1 1
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 2 2
Financial Controller 2 2
Internal Auditor 0 0
Product Control 0 0
Systems Accountant 2 2
Financial/Business Analyst 1 1
Treasury Accountant 0 0
Credit Control 0 0
Accounts Administrator 0 0
Accounts Payable/Receivable 1 1
Head of Finance 1 1
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 3 3
Senior Compliance Manager 0 0
Compliance Manager 1 1
Compliance Assistant 0 0
Compliance Administrator 0 0
Fraud & Risk Officer 1 1
MFSA Skills Needs Survey 2015 Report 30
SALES AND CUSTOMER SERVICES NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Sales Assistants, Telesales, Call Centre
Agents, Customer Care Occupations
5 5
Customer Relations Manager 1 1
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 0 0
Manager 2 2
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 0 0
Manager 1 1
ADMINISTRATIVE AND SECRETERIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 0 0
Middle/Senior Manager 0 0
PA 1 1
OTHER NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
IT Professionals 12 12
Company Directors Exec & Non-Exec/CEO 5 5
Head of Cards & Payments 1 1
MFSA Skills Needs Survey 2015 Report 31
4.2.3 Skill Gaps by Sector: Insurance
Base: 16 Respondents
The insurance sector reported the lowest proficiency level which equates to 93%. The most significant
incidence of skill deficiency reported in this sector was in the positions of Insurance Underwriting and
Insurance Claims.
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 9 9
Financial Controller 10 10
Internal Auditor 0 0
Product Control 3 3
Systems Accountant 8 8
Financial/Business Analyst 7 7
Treasury Accountant 2 2
Credit Control 2 2
Accounts Administrator 19 18
Accounts Payable/ Receivable 6 6
Accounts Clerk 3 3
Pensions Administrator 6 4
Accounts Executive 3 3
Reinsurance Accountant 4 4
INSURANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Insurance Claims 57 51
Insurance Underwriting 59 50
Life Insurance and Pensions 18 15
Reinsurance/Captive Insurance 14 14
General Insurance 22 18
Insurance Broking 4 4
Risk Management 14 13
Actuaries 11 10
Operations Assistant 1 1
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 9 9
Senior Compliance Manager 1 1
Compliance Manager 4 4
Compliance Assistant 1 1
Compliance Administrator 1 0
MFSA Skills Needs Survey 2015 Report 32
SALES AND CUSTOMER SERVICE
OCCUPATIONS
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Sales Assistants, Telesales, Call Centre
Agents, Customer Care Occupations
27 25
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 1 1
Manager 10 10
HR/Marketing Executive 2 2
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 4 4
Senior Marketing Executive 1 1
ADMINISTRATIVE AND SECRETERIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 4 4
Middle/Senior Manager 6 6
PA 4 4
Executive Assistant 1 1
Team Secretary 4 4
Project Coordinator 2 2
Administrative Assistant 21 21
Receptionist 6 6
Junior Administrator 3 0
Data Entry Clerks 4 4
Front Office Clerks 1 1
Cleaners/Maintenance Staff 3 3
OTHER NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Lawyers – Financial 2 2
Lawyers – Non Financial 0 0
IT Professionals 17 17
Trust & Corporate Services Administrators 13 13
Pensions Manager 1 1
Senior Pensions Administrator 1 1
Operations Manager 1 1
Data and Process Manager 1 1
Client Relationship Manager 1 1
CEO 3 3
MFSA Skills Needs Survey 2015 Report 33
4.2.4 Skill Gaps by Sector: Insurance Intermediaries
Base: 6 Respondents
The insurance intermediaries had a proficiency level of 94%. The sample interviewed from this sector
reported to have experienced skill gaps in the following positions: Compliance Assistant, Treasury
Accountant and Accounts Administrator.
INSURANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Insurance Claims 2 2
Insurance Underwriting 4 4
Life Insurance and Pensions 0 0
Reinsurance/Captive Insurance 3 3
General Insurance 3 3
Insurance Broking 0 0
Risk Management 1 1
Actuaries 0 0
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 3 3
Senior Compliance Manager 0 0
Compliance Manager 0 0
Compliance Assistant 1 0
Compliance Administrator 0 0
Legal & Company Secretary 1 1
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 2 2
Financial Controller 4 4
Internal Auditor 1 1
Product Control 0 0
Systems Accountant 0 0
Financial/Business Analyst 0 0
Treasury Accountant 2 1
Credit Control 0 0
Accounts Administrator 5 4
Accounts Payable/Receivable 0 0
Accountant 7 7
MFSA Skills Needs Survey 2015 Report 34
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 2 2
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 2 2
ADMINISTRATIVE AND SECRETERIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 1 1
Middle/Senior Manager 0 0
PA 0 0
Executive Assistant 0 0
Team Secretary 0 0
Project Coordinator 0 0
Administrative Assistant 2 2
Receptionist 1 1
Junior Administrator 0 0
Data Entry Clerks 0 0
4.2.5 Skill Gaps by Sector: Investment Services
Base: 28 Respondents
At 93% overall proficiency investment services companies had the lowest proficiency level in the
financial services sector sampled for this survey. The most significant incidence of skill deficiency
reported in this sector was in the position of Client Administrators.
ASSET MANAGEMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Fund/Portfolio Manager 17 17
Relationship Manager 5 5
Risk/Quantitative Analyst 14 12
Trader 5 4
Operations Analyst 1 1
Chief Risk Officer 1 1
Head of Research 1 1
Asset Management Manager 2 2
STOCKBROCKING NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Operations Manager 1 1
Portfolio Manager 0 0
Equity Analyst 1 1
Execution Desk Dealer 0 0
MFSA Skills Needs Survey 2015 Report 35
FUND ADMINISTRATION NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Fund Controller 3 3
Fund Accountant 47 46
Fund Administrator 26 23
Shareholder Services 10 9
Trustee 4 4
Custody 2 2
Corporate Actions 0 0
Client Services 0 0
Finance Director/ Chief Financial Officer 0 0
Financial Controller 1 1
Head of Internal Audit 0 0
Regulatory Accountant 0 0
Financial Analyst 2 2
Management Accountant 0 0
Trainee Accountant 1 1
MLRO Officer 1 1
Fund Manager 1 1
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 7 7
Financial Controller 6 6
Internal Auditor 0 0
Product Control 0 0
Systems Accountant 1 1
Financial/Business Analyst 2 2
Treasury Accountant 0 0
Credit Control 0 0
Accounts Administrator 2 1
Accounts Payable/Receivable 1 1
Finance & Administration Manager 1 1
SALES AND CUSTOMER SERVICES
OCCUPATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Sales Assistants, Telesales, Call Centre
Agents, Customer Care Occupations 4 4
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 4 4
Senior Compliance Manager 3 3
Compliance Manager 5 5
Compliance Assistant 1 1
MFSA Skills Needs Survey 2015 Report 36
Compliance Administrator 0 0
Risk Manager 2 2
Compliance Officer 1 1
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 3 3
Manager 1 1
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 5 5
Manager 1 1
ADMINISTRATIVE AND SECRETARIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 5 5
Middle/Senior Manager 1 1
PA 0 0
Executive Assistant 2 2
Team Secretary 2 2
Project Coordinator 0 0
Administrative Assistant 8 8
Receptionist 3 3
Junior Administrator 0 0
Data Entry Clerks 0 0
Front Office Clerks 0 0
Cleaners/Maintenance/Messengers 2 2
Team Leader 2 1
OTHER NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Operations 2 1
Non-Executive Directors 3 3
Junior/Senior Analyst 2 2
Investor Relations Manager 1 0
Client Administrator 5 1
CEO/Managing Director/Executive
Directors 13 13
Lawyers – Financial 7 7
Lawyers – Non-Financial 1 0
IT Professionals 2 2
MFSA Skills Needs Survey 2015 Report 37
4.2.6 Skill Gaps by Sector: Trusts and Trust Management
Base: 12 Respondents
Trusts and Trust Management companies reported a proficiency level of 95%.
FINANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Finance Director 4 4
Financial Controller 1 1
Internal Auditor 0 0
Product Control 0 0
Systems Accountant 1 1
Financial/Business Analyst 0 0
Treasury Accountant 0 0
Credit Control 0 0
Accounts Administrator 11 10
Accounts Payable/Receivable 3 3
Client Administrator 1 1
Private & Corporate Administrator 3 2
CFO 1 1
Payments Administrator 1 1
Tax Manager 1 1
Trust Officer 7 7
COMPLIANCE NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Head of Compliance 1 1
Senior Compliance Manager 1 1
Compliance Manager 3 3
Compliance Assistant 1 1
Compliance Administrator 0 0
Compliance Officer 2 2
SALES AND CUSTOMER SERVICES
OCCUPATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Sales Assistants, Telesales, Call Centre
Agents, Customer Care Occupations 5 4
MARKETING AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 2 2
Manager 0 0
Business Development Executive 1 1
MFSA Skills Needs Survey 2015 Report 38
HUMAN RESOURCES AND DEVELOPMENT NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Director 4 4
ADMINISTRATIVE AND SECRETARIAL
SUPPORT
NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Office Manager 1 1
Middle/Senior Manager 4 4
PA 1 1
Executive Assistant 6 5
Team Secretary 0 0
Project Coordinator 0 0
Administrative Assistant 10 9
Receptionist 1 1
Junior Administrator 7 6
Data Entry Clerks 2 2
OTHER NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES
Lawyers – Financial 17 17
Lawyers – Non-Financial 0 0
IT Professionals 0 0
Directors/CEOs 9 9
Non-Executive Directors 2 2
MFSA Skills Needs Survey 2015 Report 39
4.3 Skills Lacking
Respondents who had experienced skill gaps were asked to indicate what skill deficiencies they felt
that their current workforce had. The chart overleaf presents the variety of responses receiving at
least 3 mentions and another 27 skills receiving only 1 or 2 mentions, which were reported as
professional, technical or practical skills that needed to be improved.
Figure 22: Skillset to be improved in Current Workforce
3
3
3
3
3
4
4
4
4
5
5
9
0 1 2 3 4 5 6 7 8 9 10
Actuarial Skills
Risk Management
Investment Management
IT Skills
Analytical Skills
Banking Operations
Communication Skills
Knowledge in Legal Aspects
Technical Skills in Accounting
Regulatory Requirements (General)
Fund Administration Skills
Compliance Skills
Respondents
MFSA Skills Needs Survey 2015 Report 40
4.4 Mitigation Measures for Skill Gaps
Respondents that reported skill gaps amongst their current workforce were asked to indicate what
mitigation measures, if any, have been taken or are planned to be taken to tackle the lack of full
proficiency. The most common measure was to provide further training/development. The chart
overleaf presents a variety of mitigation measures taken/considered by respondent companies to
overcome lack of proficiency. The most commons solutions were based on resorting to internal
measures, resorting to external measures was reported to be less common.
Figure 23: Mitigation Measures for Skill Gaps within Existing Workforce
1
8
1
15
19
11
14
21
69
0 10 20 30 40 50 60 70 80
Don't Know
Outsourcing Certain Work
No Particular Measures Taken
Changed Working Practices
Increased/Expanded Trainee Programmes
Expanded Recruitment Channels
Increased Recruitment
Reallocated Work Within The Company
Provided Further Training /Development
Internal Measures External Measures Other Measures
MFSA Skills Needs Survey 2015 Report 41
5. OFF-THE-JOB TRAINING
Off-the-job training in this research exercise was defined as follows: “All training delivered away from
the immediate work position. It can be given at your premises or elsewhere. It includes all sorts of
courses – full or part time; correspondence, distance or e-learning and so on as long as it is funded or
arranged by your organisation for employees working at this site.”
This chapter investigates the incidence of off-the-job training within participating companies. It also
explores the type of training provided and the reasons why some companies opt to not provide any off-
the-job training.
5.1 Incidence of Off-the-Job Training
87% of respondents interviewed (72 companies) indicated that they have organised or funded off-the-
job training to their employees in the past 12 months. The lack of training provision was most common
amongst organisations with 2-4 employees with an incidence rate of 28.6%.
Figure 24: Off-the-Job Training Incidence by Company Size
All companies from the insurance and insurance intermediaries segment provide or organise off-the-
job training. On the other hand none of the financial institutions offered training to their employees.
10
25 25
8
21 1
42
5
0 0 0 00
5
10
15
20
25
30
2-4 Employees 5-9 Employees 10-24Employees
25-49Employees
50-99Employees
100-199Employees
200-249Employees
Yes No
MFSA Skills Needs Survey 2015 Report 42
Figure 25: Off-the-Job Training Incidence by Sector
The 11 companies that do not offer off-the-job training mostly attributed this to the fact that those
currently employed already have the skills required to do the job (63.6% - 7 mentions).
Figure 26: Reasons behind the Lack of Off-the-Job Training
15
0
16
6
24
11
2
4
0
0
4
1
0 5 10 15 20 25 30
Banking
Financial Institutions
Insurance
Insurance Intermediaries
Investment Services
Trusts & Trust Management
No Yes
7
2
2
Already Have the Skills Required
Time Constraints
Costs to Attend Such Training
MFSA Skills Needs Survey 2015 Report 43
5.2 Type of Off-the-Job Training
Companies that provide off-the-job training were asked to specify which employee categories actually
received this training. 81.9% of the Managers and Senior Managerial Occupations received off-the-job
training, while only 4.2% of Elementary Occupations received training. The chart overleaf outlines the
percentage of employees that actually received off-the-job training within the different employee
categories.
Figure 27: Employees that Received Off-the-Job Training by Employee Category
The findings imply that organisations attribute importance to both statutory and non-statutory
training since 63% of respondents (45 companies) have indicated that they offer both types of
training to their employees. Statutory training alone was most common amongst the investment
services companies.
81.90%
72.20%
47.20%43.10%
4.20%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
Managers & SeniorManagerial
Occupations
ProfessionalOccupations
Technicians &Associate
ProfessionalOccupations
Clerical Occupations ElementaryOccupations
MFSA Skills Needs Survey 2015 Report 44
Figure 28: Statutory vs Non-Statutory Training
5.3 Training Issues
Respondents were asked to indicate whether there are any skills or training issues on which they would
like to receive help with. 80% of respondents claimed that they do not have any skills or training issues
they require help with.
Respondents were also asked to indicate their level of confidence in finding the right source of
information with regard to business support in terms of developing the skills of their workforce from
outside of their organisation. 73.5% of the respondents (61 companies) claimed to be very/fairly
confident in finding the right source of information, while 24.1% of the respondents (20 companies)
claimed that they are not very confident or not confident at all.
Statutory, 16.7%
Non-Statutory,
20.8%Evenly Split
Between the Two, 62.5%
MFSA Skills Needs Survey 2015 Report 45
Figure 29: Confidence in Finding the Right source of Information
20
41
19
1 2
0
5
10
15
20
25
30
35
40
45
Very Confident Fairly Confident Not Very Confident Not Confident at All Don't Know
Respondents
MFSA Skills Needs Survey 2015 Report 46
6. CONCLUSIONS AND RECOMMENDATIONS
The main aim of the Skills Needs Survey was to investigate the skill deficiency that employers in the
financial services industry are facing so that MFSA can use the findings to develop policies and plans
that address current market skill gaps.
6.1 Key Findings and Conclusions
6.1.1 Current Vacancies
Out of 83 participants, 50.6%, which equates to 42 companies had at least one current vacancy. The
total number of vacancies was equal to 89, 39.3% of which (35 vacancies) came from banks.
Out of 42 companies, 78.6% (33 companies) claimed to have hard-to-fill vacancies, which totalled 63
hard-to-fill positions. 37.7% of these positions (25 vacancies) came from banks. 67% of respondents
with hard-to-fill vacancies, which equates to 22 companies, claimed that lack of work experience
required to meet organisational demands was mainly why it was so difficult to place the right candidates
in these positions.
Out of the 42 respondents with at least one vacancy 28.6% (12 companies) found difficulties obtaining
candidates with the professional, technical and practical skills required by the industry.
42.4% of companies with hard-to-fill positions, which equates to 14 companies had to resort to a more
extensive range of recruitment channels than usual in order to deal with the recruitment challenges
they were facing.
6.1.2 Skill Gaps
22.9 % of the companies participating in the survey (19 companies) have skill gaps in their current
workforce. The results indicate that insurance companies had the highest incidence of skill gaps, while
the employees of financial institutions were all fully proficient.
The highest incidence of skills that needed improving were:
Compliance skills
Fund administration skills
Skills pertaining to general regulatory requirements
MFSA Skills Needs Survey 2015 Report 47
Most of the companies with skill gaps amongst their current workforce chose to make changes within
the organisation in order to tackle shortcoming in their employees’ proficiency level. The most common
mitigation measure was the provision of further training and development.
6.1.3 Off-the-Job Training
The majority of respondent companies (72 companies) have funded or organised off-the-job training
for their employees over the last 12 months. 63 % of these respondents explained that the off-the-job
training they provide is more or less equally split between statutory and non-statutory; these findings
imply that the participant companies attribute equal importance to both statutory and non-statutory
training.
The results indicate that the majority of off-the-job training goes to employees within managerial and
senior managerial positions and within professional positions. Companies that do not provide off-the-
job training claimed that this is mainly attributed to the fact that their current employees all have the
skills required to do their job.
49.3% of participants claimed to be fairly confident in finding the right source of information with regard
to the business support they require to develop the skills of their current workforce.
6.2 Overview of Recommendations
Intervention is required during the early stages of the professional development of individuals wishing
to work in the financial services industry. In view of this, the following recommendations are being
forwarded to the Education Consultative Council (ECC) for consideration:
To promote and recommend work placements or internships from an early stage during academic
studies in all areas pertaining to the financial services industry
To encourage industry professionals to enrol as tutors, mentors or lecturers to support the
academic process with practical knowledge
To promote certain career paths in order to raise awareness about career opportunities in the
financial services industry
MFSA Skills Needs Survey 2015 Report 48
In order to address the lack of full proficiency in the current labour force within the financial services
industry one may consider the following measures:
Although the results are fragmented and further studies may be required to verify this, the
provision of further training for fund/client administrators, accountants and positions related to
compliance are being recommended for consideration
To revise current technical courses to include aspects relating to soft skills; for example
collaborating with English language schools to address language deficiencies and the inclusion of
management modules in current technical courses
Additionally, future studies may be considered in order to tackle issues relating to foreseeable
developments in the industry in order to pre-empt any future skill gaps.
It may also be interesting to look into the perception amongst students who are following the line of
study that is relevant to the financial services industry.
MFSA Skills Needs Survey 2015 Report 49
7. ACTION POINTS
The following action points provide a framework for a way forward in order to address some of the
challenges that exist in the financial services sector.
Pre-Employment Stage Actions
Raising Awareness on Career Opportunities in the Financial Services Sector
The ECC has planned a number of activities for the coming years that will continue to raise awareness
on the different career opportunities that exist in the financial services industry other than the better
known “traditional” jobs that are commonly associated with the industry. An ECC initiative that is
particularly geared to address this issue is an Annual Meeting with the Guidance Teachers and ETC
Advisors, commonly referred to as Industry Exposure Programme. This event provides those who are
on the forefront of providing career advice a better understanding of the opportunities that are in fact
available in the market whilst also arming advisors with the knowledge of which skills/abilities are
normally required for such jobs. The event consists of a half-day visit organised for participants at one
of the various licence holders across the sector, followed by presentations delivered by ECC members
on contemporary topics. The afternoon session is hosted by the MFSA and chaired by the ECC
Chairman. The programme is concluded by the MFSA’s Chairman.
Regular school visits for fourth form students are organised by the HR & Development Unit of the MFSA
during scholastic years. During such visits HR personnel present students with comprehensive
information regarding current careers available within the financial services sector. The presentation is
followed by another session on financial literacy delivered by a staff member from the Consumer
Complaints Unit. The aim of the visits is to help students become aware of qualifications requested by
employers within the sector, business ethics, interviewing skills, the importance of ‘soft skills’ and
consumer education.
This Job Exposure Programme is another effective tool that aims to give secondary school students, at
fourth form level, the opportunity to observe and shadow people in the industry in order to nurture
the idea of working in the sector for those who have indicated an aptitude or interest in the financial
services sector. The programme runs throughout the scholastic year in the case of Government Schools
and in the beginning of July for Church and Independent Schools.
MFSA Skills Needs Survey 2015 Report 50
Continuing to embark on similar projects (such as a specially dedicated financial services career
conventions) will in the long-term lead to a situation whereby the lack of supply which exists in certain
specialised jobs can be expected to diminish because of the greater awareness of these jobs amongst
students and advisors in the early stages of career planning.
Work placements, internships and apprenticeships schemes
The ECC members acknowledge the importance attributable to work placements, internships and
apprenticeships within the financial service industry. With exposure to work in the financial service
industry during student years, such candidates become equipped to make better career decisions and
thus to perform better later in their work life. These schemes, with an effective appraisal method, will
also help candidates identify any areas they might need to work on in order to excel in their future job
and will also serve as a means to channel students in areas they are more likely to shine in. It is
important that employers recognise the benefits that are tied to these initiatives. New recruits are likely
to adapt more easily into their working environments and will develop significant levels of motivation
and commitment that are required to perform at optimum levels. Moreover, such experiences result in
a larger number of potential new recruits with a narrower gap between the theoretical knowledge
acquired from the academic side and the practical skills required on the job.
From a different perspective, having students who are on a work placement can also serve as an
opportunity to develop management skills amongst existing staff within an organisation such as
mentoring, supervising and supporting team members amongst others. Thus this initiative would serve
as an opportunity for current staff to train and gain experience in soft skills that are tied to managerial
positions. The survey has indicated that such skills are particularly in demand especially amongst the
more technical people rendering the advantages twofold for the organisation.
A common recruitment strategy adopted by organisations with hard-to-fill vacancies is to recruit people
outside of the Maltese jurisdiction. It is worth mentioning that international internships may play a
crucial role to mould experts in specific fields of the financial industry, especially in the case of highly
specialised work and especially for the longer-term internship programmes.
MFSA Skills Needs Survey 2015 Report 51
In view of the aforementioned advantages it is in the interest of the industry in general to have a
formalised system which will highlight what is expected from students and firms that are participating
in any work placement initiative. The ECC foresees working on such a project which will have a crucial
role in enhancing expertise in the area of financial services. Moreover, the ECC can be a key influencer
in the promotion of the benefits to be derived from such initiatives.
Encourage industry professionals to support the academic knowledge with practical knowledge
Professionals who are experts in the field of financial services have a wealth of knowledge on the
practical, operational side of the financial service industry which takes a completely different stance
from the academic point of view. In such a technical-oriented industry the practical elements of
education will provide an insider’s guide to those who will later be launched into the working
environment, thus providing the best of both worlds.
In its remit of a forum that promotes financial services as an attractive career option, the ECC can also
help in the promotion of the idea amongst the professional community to impart expert knowledge.
This might also be an initiative that can be particularly interesting for those experts who are moving out
of the industry on early retirement schemes or some other process. The involvement of professionals
in the educational sphere can be done on a very broad spectrum; one may consider the involvement of
investment advisors to educate people on a generic level, such as financial literacy, or, perhaps, on a
more specific level, such as a coaching course on fund administration.
MFSA Skills Needs Survey 2015 Report 52
Post-Employment Stage Actions
Specialised and Continuous Learning and Development
Although the results from the survey are somewhat fragmented and further studies may be required to
verify this, the provision of further training for fund/client administrators, accountants and positions
related to compliance may need to be emphasised upon by the ECC.
In a wider scenario, one may recall that in the post financial-crisis era the credibility of people in the
financial service industry started to be questioned. In order to avoid such a situation from re-occurring
in the future, the public ought to have their mind at rest about the professionals being up-to-scratch
on their knowledge and skills. The ECC is MFSA’s education arm that supports initiatives aimed at
enhancing the professional standing and striving to ensure the optimum competence of those working
in the financial service industry; for this reason, any initiatives that promote CPD amongst the
professionals are commendable. In the dynamic world of the financial services industry, constant
updating on regulations and other technical elements of the job is a pre-requisite not only for the newer
less experienced professionals but also for the more seasoned and expert professionals.
The Importance of Soft Skills
In the survey, a number of respondents indicated some deficiencies in relation to soft skills. For
instance, the more technical people seemed to perform extremely well in the technical elements of
their job but would have difficulties or lacunas in their management skills (such as motivation and
communication). It may be worth re-designing certain home-grown technical courses to include certain
elements of management. Alternatively, one may consider designing specialised programmes to impart
management skills at various levels, even at high management level. At a more junior level, it may be
worth designing courses in Business English that focus on different aspects of financial services.
MFSA Skills Needs Survey 2015 Report 53
Practical Initiatives of each of the ECC Members
Each of the ECC members has indicated the following initiatives taken/planned to be taken in order to
contribute to the financial services industry in such a way that the skills gap can be bridged.
MALTA FINANCIAL SERVICES AUTHORITY (MFSA) – HR & DEVELOPMENT UNIT:
Organisation of Industry Exposure for Guidance Teachers and ETC Advisors
Organising the job Exposure Programme for fourth-form students attending Government,
Church and Independent Schools
Organising school visits for fourth-form and University students undertaking business-related
subjects
Participating in Career Conventions
Updating of the ‘careersinfinance’ website
MALTA INTERNATIONAL TRAINING CENTRE (MITC):
Exposing students to the practical world of finance particularly insurance and giving on the
job training through the initiative of the Job Exposure co-organised by the MFSA and the
Directorate for Educational Services (DES)
Deliver talks to secondary students on an on-going basis informing fourth and fifth year
students on the various careers offered in the financial services industry and the
competencies required to be successful in this industry
Promoting insurance and financial services during career convention events wherein most
students are given the opportunity to learn what goes on in the financial world and the
opportunities in the sector
Providing advice to university prospective graduates, at a stage where they are asked to
choose between a number of financial related disciplines
Informing and advising prospective students taking up insurance and financial services studies
and supporting them through training in the achievement of related qualifications
MFSA Skills Needs Survey 2015 Report 54
INSTITUTE OF LEGAL STUDIES (ILS):
Organises practical courses relating to financial services both at beginner and at an advanced
level – the blend of academic and practical knowledge in each course varies according to the
particular interests and requirements of the participants
Supports research and publishes studies in topical legal areas
Offers various internships throughout the year to talented, hardworking and ambitious law
students who would like to gain experience in conducting law-related research projects
MALTA INSTITUTE OF ACCOUNTANTS (MIA):
Raising awareness on career opportunities in financial services sector
Participating in the annual meeting with guidance teachers and ETC advisers – Industry
Exposure Programme
Organising school visits with:
- Second form students who will be selecting academic options
- Fourth form students who have an interest in finance subjects
- Post-secondary schools who will be sitting for Advanced Accountancy Level Examination
- University students who are studying commercial subjects
Facilitate visits to the MIA by secondary school students
Participate in career conventions & learning exhibitions
Participate in the information sessions to ETC Advisors
Being active in the Continuing Professional Education of finance related topics and soft skills
amongst other topics
MFSA Skills Needs Survey 2015 Report 55
PRICEWATERHOUSECOOPERS (PWC):
Providing job shadowing experiences/internships
Offering career counselling opportunities to a variety of students (including the opportunity
for students to visit PWC offices (in a group or ‘one to one’ setting) to learn more about the
career opportunities within the accountancy profession, and related areas)
Involved in information sessions to guidance counsellors, to educate them on equipping
students with the right skill set/academic background in order to appropriately prepare their
students for the realities of working in accounting/financial services/related areas
Providing a Business English programme
Organising a suite of Business Skills sessions to assist finance professionals grow beyond their
technical competence (including communication skills, building powerful client relationships
and leadership programmes) as well as IT related courses which have become a necessary
skill for professionals working in the finance sector.
Providing a Certification in Accounting and Office Administration MQF Level 4
An annual CPE programme to cover specialised training
INSTITUTE OF FINANCIAL SERVICES (IFS):
Taking part in the Job Exposure Programme aimed at secondary school students attending
Government, Church and Independent Schools
School visits for secondary school students undertaking business-related subjects highlighting
the different courses one can study after finishing secondary school
Participation in Career Conventions highlighting the different paths one can study in relation
to banking and finance
Running a summer course as a means to promote further practical knowledge on Finance
amongst students aged 14 to 17
MFSA Skills Needs Survey 2015 Report 56
CASTILLE RESOURCES:
Focus on delivering training which parallels the ever-changing market developments
Strengthen the future local pool of talent resources
Internationalise training outside of Malta, thus enhancing the country’s reach and visibility
Structure offerings pitched exclusively to professionals within the Finance & IT Sectors
Hold regular and exclusive Executive Masterclass events
Collaborate with ECC members and MFSA towards developing a healthier educational
framework
Arrange for training deliverables which foster emerging niche specialisations
INSTITUTE OF BUSINESS & COMMERCE (MCAST):
Conduct on-going discussions in various formats including Employers fora to explore further
the skill gaps and deficiencies that are being experienced namely with particular reference to:
management skills, language skills, communication skills, problem solving and customer
handing skills
With reference to the skills gaps that are being experienced by the insurance segment MCAST
offers a newly launched level 4 Advanced Diploma in Insurance, which focuses on skills are
required specifically in the areas of insurance claims, insurance underwriting and general
insurance
The MCAST is working on affiliations with International entities in order to address the skills
gap in Sales and Customer Services Occupations specifically in the insurance segment.
Discussions with CII have started off on this matter
MFSA Skills Needs Survey 2015 Report 57
YOUTH SECTION WITHIN THE ETC:
Continue to create more awareness amongst potential jobseekers that have the pre-
requisites to work in the financial services industry
Increase the participation of jobseekers in traineeships in the financial services by working
hand in hand with the MFSA
Together with ECC, information sheets on particular sectors within financial services are
developed and such information can also be uploaded on the ETC website, ETC Facebook
Page, ETC newsletter and also through mailshots.
STUDENT SERVICES EDUCATION DIVISION WITHIN THE DIRECTORATE FOR EDUC. SERVICES:
Career guidance, offered by the Directorate for Educational Services aims at equipping students with
skills, attitudes and competences needed to navigate through their career. Presently, the directorate
collaborates closely with the Education Consultative Council (ECC) and firms within the financial
sector to reach the said aims. As a result of this collaboration a number of activities are organised,
namely:
Career Exposure Experience – Financial Services
Every year, around 100 students from year 10 are given a week long opportunity to shadow
employees. On observing these role models, students are encouraged to devise their career
plans.
Industry Exposure for the Career Guidance Professionals
Financial services firms invite Career Guidance professionals for a half day visit, during which
these professionals have the opportunity to be given an overview of how the firm works and
clarify their queries. This practice equips practitioners in giving a better service to their clients
Career Orientation Visits
Schools organise visits to a number of financial institutions such as – the Central Bank of Malta,
Malta Stock Exchange, Malta Financial Services Authority and Middle Sea Insurance. During this
visit, these entities give an overview of their services and how students can start preparing
themselves. During year 11 students visit post-secondary institutions such MCAST Institute of
Business and Commerce and the Discovery University both of which offer courses leading to a
career in the financial services
MFSA Skills Needs Survey 2015 Report 58
MALTA INSTITUTE OF MANAGEMENT (MIM):
The MIM is coming up with a number of courses and educational programmes in various
sectors. In order to address the weaknesses in the accounting sector it is increasing its efforts
through the promotion of the Association of International Accountants
The MIM has also prepared courses related to accountancy and finance sectors.
The MIM is also in the process of launching a number of management classes in soft skills
A roadshow with football nurseries in various localities will be organised in order to capture
a younger audience
MFSA Skills Needs Survey 2015 Report 59
APPENDIX 1 QUESTIONNAIRE
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PRIVATE & CONFIDENTIAL
Malta Financial Services Authority – Education Consultative Council
Employer Survey 2015
Section I:
S1 ASK Receptionist
Good Morning/afternoon my name is _______________ I am calling from ***** on
behalf of the Malta Financial Services Authority’s Education Consultative Council
(MFSA’s ECC).
Can I just check, is that ( )?
Yes 1
No 2
Write in correct Name: _________________________________________________
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SECTION A: INTRODUCTION
A1 If code 1 at S1
READ OUT:
Good Morning / afternoon my name is _________________________ I am calling
from ***** on behalf of the Malta Financial Services Authority’s Education Consultative
Council (MFSA’s ECC). We are conducting a major research project amongst employers
in the financial services sector concerning recruitment of staff and skills levels within
workforces, so that we better understand the future skills needs of the sector. All
information collected will be treated in strict confidence by the MFSA’s ECC, in
accordance with the Data Protection Act.
ASK: The interview should take no more than 15 – 20 minutes of your time.
SINGLE CODE
Yes – continue 1 Continue
Definite appointment 2 Make
Appointment
Refusal 3 Close
Refusal – company policy 4 Close
Refusal – taken part in other survey
recently
5 Close
Nobody at site to answer questions 6 Close
Not available in deadline 7 Close
Company too small/<2 employment 8 Close
Duplicate – already called about the survey
9 Close
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SECTION B: COMPANY DETAILS
ASK ALL
Firstly, I would like to ask you some background information about the company.
B1 How many employees – full-time, reduced hours and part-time (by part-time we
mean people working a maximum of 25 hours a week) – do you employ? Please include
yourself and all those on the payroll (INCLUDING directors and out-workers such as
sales representatives, but not self-employed or outside contractors/agency staff).
WRITE IN EXACT NUMBER ________
IF RESPONDENT IS UNSURE, PROMPT FOR APPROXIMATE NUMBER OR BEST
ESTIMATE _________
IF STILL DON’T KNOW ASK THE FOLLOWING (and code first which applies):
Is it:
1 1 THANK & CLOSE
2 – 4 2
5 – 9 3
10 – 24 4
25 – 49 5
50 – 99 6
100 – 199 7
200 – 249 8
250 – 299 9
300+ 10
B2a Your establishment has been classified as:
NACE 65: Financial Intermediation, except Insurance and Pension Funding.
(READ OUT NACE DESCRIPTION ABOVE).
Is this correct?
Yes 1
No 2
ASK IF CODE 2 AT B2
What is the main activity of the company? WRITE IN
______________________________________________________________________
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B2b What is the type of financial services licence / activity?
PLEASE CIRCLE LICENCE / ACTIVITY TYPE ACCORDINGLY:
Banking Credit Institution 1
Financial Institution 2
Securities Investment Services Category 1A 3
Investment Services Category 1B 4
Investment Services Category 2 5
Investment Services Category 2 &4 6
Investment Services Category 3 7
Investment Services Category 3&4 8
Fund Administration Recognition 9
Insurers Insurance Principal (Local) 10
Insurance Principal (Non-EU) 11
Affiliated Insurance Company 12
Insurance Intermediaries Insurance Brokers 13
Insurance Agents 14
Insurance Managers 15
Tied Insurance Intermediaries 16
Trusts and Trustees Trustees / Trust Management 17
Other Services Corporate Services Provider 18
Treasury Management 19
Accountancy Firm 20
Law Firm 21
B3 Do you form part of a wider group of companies? Yes / No.
Is it [READ OUT] …….?
SINGLE CODE
No 1
Yes, Maltese owned 2
Yes, Other European Union owned 3
Yes, (Other) 4
Don’t know 5
B4 Within the last year has the financial turnover of your company / firm:
[READ OUT] ………..
SINGLE CODE
Increased? 1
Decreased? 2
Roughly remained at the same level? 3
Don’t know [SPONTANEOUS] 4
Too early to tell – have been in business less than a year
[SPONTANEOUS]
5
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SECTION C: CURRENT VACANCIES AND RECRUITMENT DETAILS
C1 I would now like to ask you about vacancies at this establishment. How many
vacancies, if any, do you currently have for full or part time staff?
[PROBE FOR BEST ESTIMATE]
WRITE IN NUMBER __________________________ (If O GO TO D1)
C2 If C1>1: Are any of these vacancies proving hard to fill? / If C1=1: Is the vacancy
proving hard to fill?
Yes 1 If Yes and C1>1: GO TO C2b (IF YES AND C1=1, GO TO C3)
No 2 GO TO D1
Don’t know 3 GO TO D1
_____________________________________________________________________
C2b How many of your _______ vacancies are proving hard to fill?
[WRITE IN NUMBER ____________ (IF 0 GO TO D1)]
C3 In which specific occupation(s) do you currently have hard to fill vacancies at this
establishment? I will record details for up to 6 different occupations.
PROMPT FOR FULL DETAILS TO ALLOW 2 DIGIT SIC CODING (e.g. what is the job
title? What type of manager are they?)
RECORD DETAILS FOR UP TO 6 OCCUPATIONS:
1.___________________________________________________________________
2.___________________________________________________________________
3.___________________________________________________________________
4.___________________________________________________________________
5.___________________________________________________________________
6.___________________________________________________________________
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C4 How many hard to fill vacancies do you currently have for …….………………
C3 - Occupation
Type
C4 – Number of
hard to fill
vacancies
Occupation 1
Occupation 2
Occupation 3
Occupation 4
Occupation 5
Occupation 6 TOTAL HARD TO FILL VACANCIES
[INTERVIEWER NOTE: TOTAL NUMBER OF HARD TO FILL VACANCIES AT
C4 MUST NOT BE GREATER THAN C2b; INSERT THE OCCUPATION DETAILS
AS SPECIFIED IN C3 IN THE ABOVE TABLE ACCORDINGLY]
INTRODUCTION: I’d now like to ask you some questions about your hard-to-fill
vacancies/vacancy.
C5 What are the main reasons that the (INSERT NUMBER FROM ABOVE TOTAL)
________ vacancy is / vacancies are proving hard-to-fill?
(DO NOT READ OUT. CODE ALL MENTIONED). Are there any other reasons?
Lack of skills the organisation demands 1
Lack of qualifications the organisation demands 2
Lack of work experience the organisation demands 3
Low number of applicants with the required attitude, motivation or personality 4
Not enough people interested in this type of work 5
Low number of applicants generally 6
Wages lower than other firms 7
Benefits trap/problem with benefits 8
Location of the firm/poor public transport 9
Unattractive/poor terms and conditions of employment 10
Lack of/poor career progression 11
Job entails shift work/long/unsocial/irregular hours 12
Too much competition from other employers 13
No particular reason 14
Don’t know 15
Other (please specify) _______________________________________________
_________________________________________________________________
_________________________________________________________________
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IF CODES 1, 2 OR 3 AT C5, ASK C6, OTHERWISE GO TO C7.
C6 Which of the following skills, if any, have you found difficult to obtain from
applicants for ALL occupations mentioned in C3? (SHOW CARD AND CODE ALL
MENTIONED).
Communication skills 1
Customer handling skills 2
Team working skills 3
Problem solving skills 4
Management skills 5
Numerical skills 6
Literacy skills 7
Language skills 8
General IT user skills 9
IT professional skills 10
None 11
(DO NOT READ OUT) Don’t know 12
Other (please specify) __________________________________________
____________________________________________________________
____________________________________________________________
C7 Have you found it difficult to obtain, if any, other professional, technical and
practical skills from applicants? Yes / No [CIRCLE ACCORDINGLY]. Exactly what
types of professional, technical and practical skills are you finding difficult to obtain?
If necessary: we are interested in skills that are specific to your industry or this job
[PROBE FOR DETAIL]
Open question
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
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ASK ALL WITH HARD TO FILL VACANCIES C2=YES
C8 Which measures have you taken, or do you plan to take, at this establishment to
fill the hard-to-fill vacancies OVER AND ABOVE what you would do normally?
(DO NOT READ OUT. CODE ALL THAT ARE MENTIONED)
Offered higher pay or more incentives than normal 1
Offered enhanced terms and conditions 2
Considered a wider range of applicants 3
Changed the job specification by giving some of the tasks to other staff 4
Changed the job specification by automating some of the tasks 5
Hired part-time staff 6
Hired contract staff 7
Built links with schools/colleges/universities 8
Used more extensive range of recruitment channels than normal 9
Spent more on recruitment or used more expensive methods 10
Recruited staff from overseas 11
Been prepared to provide more training to less qualified recruits 12
Retrain existing staff 13
Contracted work out 14
No particular measures taken/planned 15
Other (please specify) _______________________________________
_________________________________________________________
_________________________________________________________
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SECTION D: SKILL GAPS
I’d now like to turn to the skills within your existing workforce. Please do not think
about any external recruitment problems that you may face.
ASK ALL
D1 Thinking about your current employees, would you say that there is a gap between
the types of skills that your current employees have now, and those that your company
needs to meet its business objectives?
IF NECESSARY: We are only interested in skills gaps that are holding back current
business objectives for your company / organisation.
Yes 1 Go to D2
No 2 Go to D3
D2 How significant is this skills gap, in terms of the effect on your establishment’s
ability to meet its business objectives? Would you say that the skills gap is having a …….
(READ OUT. CODE ONE ONLY)
Very significant / major effect 1
Significant effect 2
Minor effect 3
Or, no real effect 4
D3 [READ OUT]
You said there are (QUOTE NO. OF STAFF FROM B1) ___________ staff at the
company including yourself. I would like you to break this number down into 5 specific
occupation categories with no overlap. If staff members have more than one job, please
only include them in their main function. [SHOW CARD WITH THE FIVE
CATEGORIES]:
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The five categories are:
WRITE IN
NUMBER (TOTAL
HAS TO BE = B1)
Managers and Senior Managers (includes Chief Executives,
Corporate Services Managers; Finance Managers; HR Managers; Sales,
Marketing & Business Development Managers)
Professional Occupations (includes Mathematicians, Actuaries,
Statisticians; Business and Administration Professionals; ICT; Legal, Social
and Cultural Professionals)
Technicians and Associate Professionals (includes Securities &
Finance Dealers & Brokers; Credit & Loans Officers; Accounting Associate
Professionals; Valuers and Loss Assessors; Sales & Purchasing Agents &
Brokers; Legal Secretaries and Executive Secretaries; Web Technicians)
Clerks (includes Office Clerks and Customer Service Clerks)
Elementary Occupations (includes Cleaners & Helpers)
D4 Do you employ any of your staff at this establishment in any one or more of the
following categories: (READ OUT EACH HEADING):
BANKING
Operations
Corporate / Commercial Banking
Treasury
Financial Markets and Investments
Finance
Compliance
Sales & Customer Services Occupations
Marketing and Development
Human Resources and Development
Administrative & Secretarial Support
Other
ALLOW NULL = NONE OF THIS TYPE OF STAFF EMPLOYED
Yes 1 FILL IN COLUMN MARKED D4 IN TABLE ON PAGE 11
No 2
D5 Thinking about the categories above, how many employees are employed as
…………………… [SHOW CARD] (INSERT, IN TABLE ON PAGE 11, AMOUNT
OF EMPLOYEES FOR EACH SUBGROUP OF MAIN GROUPS CODED AT D4) This
can be an approximate number.
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Table to be filled in for questions D4, D5, D8 in the respective columns:
D4 D5 D5b D8=D5 – D5b
Yes No Number of
Employees
Number of
Fully
Proficient
Employees
Lack of Full
Proficiency
(Discrepancy)
BANKING
Operations Head of Operations
Agency Treasury Team
Leader
Equity Derivatives Operations Specialist
Settlements Trade Services Administrator
Other (please specify)
Corporate/Commercial
Banking
Relationship Manager Corporate Banking Manager
Credit Analyst Loans Administrator
Other (please specify)
Treasury Market Risk Analyst
Treasury Dealer Treasury Analyst
Other (please specify)
Financial Market and
Investments
Fund / Portfolio Manager Relationship Manager
Risk/Quantitative Analyst Trader
Portfolio Manager Equity Analyst
Fund Controller Fund Accountant
Fund Administrator Shareholder Services
Trustee Custody
Corporate Actions Client Services
Regulatory Accountant Financial Analyst
Management Accountant Part Qualified Accountant
Other (please specify)
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D4 D5 D5b D8=D5 – D5b Yes No Number of
Employees
Number of
Fully Proficient
Employees
Lack of Full
Proficiency
(Discrepancy)
Finance Finance Director
Financial Controller Internal Auditor Product Control
Systems Accountant Financial / Business Analyst
Treasury Accountant Credit Control
Accounts Administrator Accounts Payable /
Receivable
Other (please specify)
Compliance Head of Compliance
Senior Compliance Manager Compliance Manager Compliance Assistant
Compliance Administrator Other (please specify)
Sales and Customer
Services Occupations – includes sales assistants,
telesales, call centre agents,
customer care occupations
Other (please specify)
Marketing and
Development
Director
Manager
Other (please specify)
Human Resources and
Development
Director
Manager
Other (please specify)
Administrative and
Secretarial Support
Office Manager Middle / Senior Manager
PA Executive Assistant
Team Secretary Project Coordinator
Administrative Assistant
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D4 D5 D5b D8=D5 – D5b Yes No Number of
Employees
Number of
Fully Proficient
Employees
Lack of Full
Proficiency
(Discrepancy)
Receptionist Junior Administrator
Data Entry Clerks Front Office Clerks
Other (please specify)
OTHER Lawyers – financial
Lawyers – non-financial IT Professionals
OTHER (please specify):
IN EACH CATEGORY OF STAFF, I’D LIKE TO KNOW HOW MANY YOU THINK
ARE FULLY PROFICIENT AT THEIR JOB. BY FULLY PROFICIENT I MEAN
SOMEONE WHO IS ABLE TO DO THEIR JOB TO THE REQUIRED LEVEL.
ASK ALL, ASKING FOR EACH OCCUPATION WITH 1 + EMPLOYEES AT D5.
D5b How many of your existing _________________ staff employed as
_______________ would you regard as fully proficient at their job? [FILL IN
APPROPRIATE COLUMN IN TABLE ABOVE]
D6 Which professional, technical and practical skills need improvement amongst staff?
[PROBE FOR DETAIL]
IF NECESSARY: we are interested in skills that are specific to your industry or this job.
Open question
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
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D7 Thinking more generally about all types of staff, which of the following measures,
if any, have you taken at this establishment to overcome a lack of full proficiency amongst
some of your staff? (SHOW CARD AND CODE ALL MENTIONED)
Increased recruitment 1
Provided further training/development amongst the existing workforce 2
Changed working practices 3
Reallocated work within the company 4
Expanded recruitment channels 5
Increased/expanded trainee programmes 6
(DO NOT READ OUT) No particular measures taken 7
(DO NOT READ OUT) Don’t know 8
OTHER (PLEASE SPECIFY) ____________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
ASK ALL LACKING FULL PROFICIENCY: Discrepancy > 0 OCCUPATION AT
D5b.
D8 You told me that a number of occupations lacked full proficiency. In which
occupation types is a lack of full proficiency most critical in terms of holding back
business objectives? [FILL IN AS APPROPRIATE IN TABLE BELOW AFTER
FILLING IN LAST COLUMN IN TABLE ON PAGE 11]
How do you plan to solve this issue?
Open Question
Occupation Plans to solve lack in full proficiency
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SECTION E: OFF-THE-JOB TRAINING
I am now going to ask you some questions about off-the-job training. By off-the-job
training, I mean all training that was delivered away from the immediate work position.
It can be given at your premises or elsewhere. It includes all sorts of courses – full or
part-time; correspondence, distance or e-learning and so on – as long as it is funded or
arranged by your organisation for employees working at this site.
ASK ALL
E1 Has your organisation funded or arranged any off-the-job training for any of your
employees over the past 12 months at this site?
Yes 1 GO TO E2
No 2 GO TO E4
Don’t know 3 GO TO SECTION F
ASK IF HAVE ARRANGED/FUNDED TRAINING CODE 1 AT E1
E2 And for which of the following categories of employees at this site has off-the-
job training been funded or arranged over the past year?
[IF REQUIRED, SHOW CARD D3].
Code all that apply:
Managers and Senior Managerial Occupations 1
Professional Occupations 2
Technicians and Associate Professional Occupations 3
Clerical Occupations 4
Elementary Occupations 5
E3 Is the off-the-job training you provide for staff at this establishment mainly…….
READ OUT. CODE ONE ONLY.
Statutory?, that is, because it is a legal requirement for your staff to be
trained in this area (add if necessary: for Training on Health and Safety
Training, Training on Anti-Money Laundering)
1
Or Non statutory?, that is, not legally required 2
Or, evenly split between the two? 3
DO NOT READ OUT (Don’t know) 4
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E4 [ASK ONLY IF E1=2]
Why have you not arranged or funded any off-the-job training for your employees over
the past 12 months. Is it because of any of the following …….. (SHOW CARD. CODE
ALL THAT APPLY).
Staff have sufficient skills to do their job 1
Cost of off-the-job training 2
Time constraints 3
No money available for training 4
There is no suitable training available 5
Lack of information on training available 6
Other training method preferred (e.g. on-the-job training) 7
Trained staff will be poached by other employers 8
Any other reason (WRITE IN)
________________________________________________________________
________________________________________________________________
________________________________________________________________
1 Skills Survey 2015
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SECTION F: FINAL SECTION
F1 Do you currently have any skills or training issues on which you would like
information or help in identifying the most appropriate source of advice?
Yes 1
No 2
F2 Changing the subject slightly, I now want to ask you about the support that is
available to businesses and organisations like yours in terms of developing the skills of
your workforce. If you wanted information, help or advice on skills or training related
issues from someone outside your organisation, how confident would you be on where to
go? Would you say that you would be ….. ?
Very Confident [i.e. you’d know exactly where to go] 1
Fairly Confident [you’d have some ideas about who to approach but would not be sure
what their differing roles were] 2
Not very confident [you’d have some vague ideas but not much more than that] 3
Not at all confident [you’d have no idea where to go] 4
DO NOT READ: Don’t know 5
F3 The results will be published during 2015. Would you like to receive a copy?
Yes 1
FILL IN E-MAIL ADDRESS
No Finalise survey
THANK AND CLOSE
Interviewer Reference:
Name of Respondent:
Respondent’s Telephone
Number: