Strong competition for talent as funds industry signals ambition to substantially increase technology skills in Ireland
Tuesday, 04 October 2022
Latest Irish Funds’ study highlights funds industry’s ambitions to rapidly increase the amount of technology skills in their Irish workforces in the coming 12-18 months
Significant skills gaps have emerged because of continued digital transformation
Growing demand for cloud computing, Blockchain and Robotic Process Automation skills
Exciting opportunities for existing and emerging IT professionals to work in the funds industry
Satisfying growing demand will require re-skilling, upskilling and mobilising employers, education providers and government
Demand for key technological skills is set to escalate exponentially in the fund and asset management sector as industry players signal their intention to increase the amount of technology skills in their Irish workforces in the coming 12-18 months, according to a new report by Irish Funds.
The Department of Finance’s updated Ireland for Finance strategy, released this week, acknowledges the evolving nature of skills required in the international financial services sector and the need to both develop and attract a diversity of talent to create the conditions for innovation and growth.
In keeping with the government’s ambitions, the Irish Funds and Asset Management Sector Technology Skills Audit, carried out with the support of Fastrack into Information Technology (FIT), provides critical insights on the transformational impact of digitalisation on both current and future technology skills requirements in across the Irish funds industry.
The study, based on a survey of twenty leading companies in the Irish funds and asset management sector, identifies the key Information and Communications Technology (ICT) skills these companies are looking to hire over the next 12-18 months and highlights the substantial and increasing demand for technological talent.
Software development tools and methodologies skills will continue to be highly sought after, however, there is a rapidly growing need for emerging technology skills, with demand for cloud computing skills expected to grow by 236%, followed by Blockchain (100%) and Robotic Process Automation (65%). The audit also finds demand for ICT skills is stronger at entry/competent levels (54%) than at the expert level (46%).
The study recommends a multi-faceted approach to growing technological talent in Ireland, including reskilling and upskilling existing employees, attracting new entrants and professions, and working closely with employers, education providers and other stakeholders.
Speaking on the launch of the report, CEO of Irish Funds Pat Lardner said: “People power our industry. With the digitalisation of society, it is critical that we embrace technological change and develop the skills to harness its potential. The findings of the Technology Skills Audit, carried out in collaboration with Fastrack into Information Technology, make clear the strong ambition of the Irish funds sector to meet the digital future, highlighting industry plans to rapidly expand the technology skills in their workforces. This will create exciting opportunities for existing and emerging IT professionals to work in our industry. To satisfy ever-growing demand for technology skills we will need to employ a truly integrated approach, including re-skilling, upskilling and mobilising employers, education providers and government.”
CEO of Fastrack into Information Technology Peter Davitt said “Successful economies and growth sectors moving forward, will be characterised by their ability to adapt rapidly to the challenges and opportunities of the digitalisation of the workplace. The Irish Funds Sector Technology Skills Needs Analysis Report 2022 suggests that delivering on this ambition will entail a re-conceptualization of what international financial services are, radical changes in how they are provided, a major reappraisal of the industry’s core talent requirements and how they are met. The report aspires to inform decision making to achieve an enhanced and more diverse talent pipeline into the sector. The new Tech Apprenticeships are viewed as a key enabler of this goal.