BRIDGING THE GAP · BRIDGING THE GAP A Report on Skill Gaps in the Financial Services Industry ... There are several avenues open for them to work within. Even school children should

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


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


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


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


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


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.


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.


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


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.


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)


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 & 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


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%



Figure 4: Company Size by Number of Employees


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


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



InvestmentServices


No Yes - Mlt Owned Yes - Other EU Comp. Owned Yes - Outside EU Owned Don’t Know


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



InvestmentServices


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


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.


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




1 Hard-to-Fill Vacancy


Respondents


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



InvestmentServices


Hard-to-Fill Vacancies


Figure 16: Top 6 Hard-to-Fill Occupations by Sector

SECTOR HARD-TO-FILL POSITION COUNT

Banking


Financial Analyst 2

Head of Finance 2

Internal Auditor 2



Financial Institution


Senior front-end/back-end development manager 1

Web designer/integrator 1

Insurance



Internal Auditor 1

Junior Actuary 1

Life Reinsurance Manager 1

Sales/Customer Service 1



Accounts Executive 1




Investment Services

Portfolio Manager 3




Financial Analyst 1

Fund Accountant 1


Private Client Accountant 2



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.


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


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


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


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


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


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


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


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


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


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


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





Product Control 0 0




Credit Control 0 0



Head of Finance 1 1







Fraud & Risk Officer 1 1


SALES AND CUSTOMER SERVICES NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES



5 5

Customer Relations Manager 1 1


Director 0 0

Manager 2 2


Director 0 0

Manager 1 1


SUPPORT


Office Manager 0 0


PA 1 1



Company Directors Exec & Non-Exec/CEO 5 5

Head of Cards & Payments 1 1


4.2.3 Skill Gaps by Sector: Insurance


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.





Product Control 3 3




Credit Control 2 2


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








SALES AND CUSTOMER SERVICE

OCCUPATIONS




27 25


Director 1 1

Manager 10 10

HR/Marketing Executive 2 2


Director 4 4

Senior Marketing Executive 1 1


SUPPORT


Office Manager 4 4


PA 4 4


Team Secretary 4 4



Receptionist 6 6




Cleaners/Maintenance Staff 3 3



Lawyers – Non Financial 0 0


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


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







Legal & Company Secretary 1 1





Product Control 0 0




Credit Control 0 0



Accountant 7 7



Director 2 2


Director 2 2


SUPPORT


Office Manager 1 1


PA 0 0


Team Secretary 0 0



Receptionist 1 1



4.2.5 Skill Gaps by Sector: Investment Services


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


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


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


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





Product Control 0 0




Credit Control 0 0



Finance & Administration Manager 1 1

SALES AND CUSTOMER SERVICES

OCCUPATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES


Agents, Customer Care Occupations 4 4








Risk Manager 2 2



Director 3 3

Manager 1 1


Director 5 5

Manager 1 1

ADMINISTRATIVE AND SECRETARIAL

SUPPORT


Office Manager 5 5


PA 0 0


Team Secretary 2 2



Receptionist 3 3




Cleaners/Maintenance/Messengers 2 2

Team Leader 2 1




Junior/Senior Analyst 2 2

Investor Relations Manager 1 0

Client Administrator 5 1

CEO/Managing Director/Executive

Directors 13 13


Lawyers – Non-Financial 1 0



4.2.6 Skill Gaps by Sector: Trusts and Trust Management


Trusts and Trust Management companies reported a proficiency level of 95%.





Product Control 0 0




Credit Control 0 0



Client Administrator 1 1

Private & Corporate Administrator 3 2

CFO 1 1

Payments Administrator 1 1

Tax Manager 1 1

Trust Officer 7 7








SALES AND CUSTOMER SERVICES

OCCUPATIONS NO OF EMPLOYEES FULLY PROFICIENT EMPLOYEES


Agents, Customer Care Occupations 5 4


Director 2 2

Manager 0 0

Business Development Executive 1 1



Director 4 4

ADMINISTRATIVE AND SECRETARIAL

SUPPORT


Office Manager 1 1


PA 1 1


Team Secretary 0 0



Receptionist 1 1





Lawyers – Non-Financial 0 0


Directors/CEOs 9 9



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


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


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


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


Investment Services


No Yes

7

2

2

Already Have the Skills Required

Time Constraints

Costs to Attend Such Training


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


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%


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


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


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


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.


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.


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.


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.


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.


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


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


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


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


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


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


APPENDIX 1 QUESTIONNAIRE

1 Skills Survey 2015

60

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: _________________________________________________


61

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


62

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

______________________________________________________________________


63

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 &4 6


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


64

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.___________________________________________________________________


65

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) _______________________________________________

_________________________________________________________________

_________________________________________________________________


66

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

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________


67

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) _______________________________________

_________________________________________________________

_________________________________________________________


68

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]:


69

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.


70

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


Treasury Market Risk Analyst

Treasury Dealer Treasury Analyst


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



71

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


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


Marketing and

Development

Director

Manager


Human Resources and

Development

Director

Manager


Administrative and

Secretarial Support

Office Manager Middle / Senior Manager

PA Executive Assistant

Team Secretary Project Coordinator

Administrative Assistant


72

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 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

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________


73

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


74

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


75

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)

________________________________________________________________

________________________________________________________________

________________________________________________________________


76

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:

Documents

BRIDGING THE GAP · BRIDGING THE GAP A Report on Skill Gaps in the Financial Services Industry ... There are several avenues open for them to work within. Even school children should