Explore FDM Group’s study: 64% of fintechs uneasy about graduate attrition, while 35% in finance cite limited programs due to lengthy training.
According to new study from strategic talent solutions partner FDM Group, 64% of fintechs are currently concerned about unhappy graduates leaving their grad programs. According to 35% of employees at financial institutions and fintech companies, their company only provides a small number of graduate programs since it takes too long to train new hires.
Graduate programs in the financial services business typically span two to three years and are designed to give graduates a thorough awareness of the sector, broad expertise, and the ability to discover and pursue their interests.
A survey of 250 decision-makers at UK banks and financial institutions conducted by the unbiased polling organization Censuswide to assess the current situation of digital skills and diversity levels in the banking and finance sectors yielded the alarming results.
Additionally, it was shown that 74% of employees think that graduate program candidates in the financial services sector are dominated by men, and 70% think that diversity, equity, and inclusion are treated as afterthoughts in this sector.
In spite of these alarming figures, the FDM Group found that 86% of employees thought that their company consistently promotes graduates from entry-level positions. This shows that attempts to increase access will result in an increase in this number, job satisfaction, and employee experience.
Fintech businesses need to “improve access”
Although graduate programs are frequently seen favorably in other areas, the financial services sector has a high dropout rate and few prospects for entry or advancement. According to the latest research, fintechs must make sure that these areas are improved, giving diversity, equity, and inclusion more of a priority.
For the UK to realize its goal of becoming the “new Silicon Valley,” according to Sheila Flavell CBE, chief operating officer of FDM Group, “a range of work must be done to improve the mitigation of early career drop-out rates in the financial sector, and improve access. As soon as young people are exposed to and made more aware of the opportunities available to them to develop a career in finance, the financial services and technology sectors will only continue to grow.
Grad programs are a terrific method to share knowledge, expertise, and skills while also enhancing them, thereby addressing the skills gap that exists throughout the UK. Therefore, expanding access and job opportunities are essential, and promoting an inclusive financial environment by bringing in new talent is critical.
