Keeping our capital working for the UK

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How to build tomorrow’s workforce today

Ed Thurman, Managing Director, Head of Global Transaction Banking at Lloyds Banking Group

Our survey with over 1000 businesses in the UK has highlighted just how alert employers are to the rapidly evolving workplace.  Keeping a pace with this change and future-proofing the work force has become an even greater priority, with the added uncertainty of Brexit.

Already today, six in ten employers find it difficult to recruit people with the right skills, naming technical and job-specific skills as the most challenging to find, followed by management and data analysis. London employers are feeling the full force of this change, with 65% of businesses reporting they will need different skills in the coming seven years.

In light of this, Lloyds has recently completed the most comprehensive review of its own skills requirements for the near future as part of our Group Strategic Review. As our online services are increasing, more customers are managing their finances digitally and we need to ensure we are ready to respond to digitisation, automation and agile delivery.

To meet future demands, many businesses will be focusing on lifelong learning strategies to keep an agile workforce where employees are able to manoeuvre the advances in technology, and maximise productivity. Survey responses also showed that over the next five years London businesses foresee a radical change in their skill requirements – to meet this they anticipate 27% of roles will require retraining and 25% of roles will need to be rehired

These changes in roles will bring with them opportunities for businesses to create more productive and meaningful roles and here at Lloyds we are looking forward to embracing this change.

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