We have engaged with over 150 stakeholders to discuss the outcomes of this work and how we can collaborate to deliver on the recommendations. This included the finance industry, trade associations, Government, Jersey Financial Services Commission, Digital Jersey, Skills Jersey and recruitment agencies.
Given the significant level of effort that has gone into delivering on the recommendations of the FFW workstream, we felt it was important to report on the achievements accomplished across the period.
Background
Jersey has the largest financial and professional services workforce of all the Crown Dependencies and Overseas Territories, consisting of nearly fourteen thousand workers. Our success as an industry today has been largely due to the expertise, experience and relationships we have built up collectively over the past six decades.
As a result of significant and rapid change driven by regulatory shifts, heightened scrutiny around governance and oversight, greater focus on purpose, and digital disruption. Jersey Finance established the FFW workstream to understand and address talent and skills related issues to ensure that people remain one of our most valuable differentiators as an industry.
Jersey Finance wanted to build upon best practice and the existing work in this space. Our initial work focused on a landscape mapping exercise using desktop research and stakeholder engagement. We identified key reports on skills-related topics, working groups, existing schemes and initiatives as well as any ongoing or planned project work due to take place in Jersey.
We also consulted our Members to better understand their current challenges around skills and to make sure that the voice of the industry was heard. This resulted in a number of industry focus groups and bilateral meetings with members and various other stakeholders. This extensive engagement identified seven focus areas that should be driving skills related work.
Seven Focus Areas
Each focus area was underpinned by a number of specific actions. A total of 50 recommendations were given a level of priority based on an assessment of effort and impact. These were assigned to various stakeholders best placed to consider and advance them.
This update summarises the progress made over the last two years on the actions assigned to Jersey Finance as a delivery partner.
Recommendations for Jersey Finance
Make young people excited about careers in finance
- Run an inspirational campaign designed to increase awareness of and enthusiasm for careers and opportunities in the financial services sector
- Mentoring/shadowing initiatives to be considered
- Links with Highlands College and on-Island students should be enhanced
- Jersey Finance to review its existing skills-related initiatives to reflect on the feedback received from the Future-Fit Workforce workstream
Need for a more joined-up approach to engagement with schools
- Jersey Finance to create a centralised framework and approach to school engagement and test the proposed framework with key stakeholders
Increase diversity amongst the financial services workforce
- Job adverts should invite and encourage applicants from diverse socio-economic backgrounds
- Run a targeted campaign the purpose of which would be to increase diversity, inclusion and equality within the industry
- Establish relationship with the Jersey Employment Trust
- Consider undertaking a study into measuring socio-economic diversity with Jersey’s financial and professional services
Create an enabling environment for talent to thrive; facilitate career progression in support of succession planning
- Consider establishing a forum for those at senior manager level to discuss the strategic direction of Jersey’s financial services industry
- Consider putting together an annual financial services conference
Focus on soft skills/work readiness and upskilling/training to close the gap
- Ensure that the importance of soft skills is sufficiently highlighted to students as prospective applicants
- Aim for 50% of Jersey Finance Future Connect events to focus on soft skills and work readiness, e.g. problem solving, negotiation skills, unconscious bias etc
- Establish a regular dialogue between JFL, Skills Jersey and local training providers to understand the current offering and whether it meets industry’s needs.
Raise awareness of and respond to changing attitudes to work to maximise job attractiveness and potential labour pool
- Encourage reverse mentoring as part of the Jersey Finance Future Connect mentoring scheme
- Consider a talent survey of Jersey Finance members to understand what employees expect from work and to point to areas which need adapting
Upskilling and reskilling are essential to the success of the financial services industry
- Encourage member firms to input into the Jersey Employer Group’s Skills Assessment
- Digital/ESG/Sustainability/Compliance/Risk have been identified as specific skills gaps which need to be addressed
In total Jersey Finance had 18 initiatives to appraise and deliver on. We are pleased to say that all initiatives were actioned, with some requiring validation prior to work commencing. This meant that the activity undertaken, whilst delivering on the overall objective, might have differed from the original recommendation.
Governance
Updates on the Future-Fit-Workforce workstream and outcomes were provided to the Jersey Finance Board on a quarterly basis.
Achievements
In this section, we provide key highlights of the activity undertaken by Jersey Finance.
In addition to the actions recommended by the industry under the FFW workstream, Jersey Finance identified a number of adjacent opportunities which further supported the FFW objectives. These are also reported on in this section.
Focus Area 1: Make young people excited about careers in finance
Careers and Skills Video
Jersey Finance worked with our Members to create a new video promoting the industry as an employer of choice. It captures Jersey’s financial services sector in an impactful and engaging way showcasing what our industry is all about: collaboration, diversity and sustainability. The refreshed image of the finance industry encourages students to consider starting their employment adventure in the sector.
The video has been used in a variety of ways including promotion on social media channels and face to face during engagement with students.
Views from social media since January 2024
Podcast: Your Future in Finance
Jersey Finance launched a brand-new podcast series, ‘Your Future in Finance’, which aims to show young Islanders the benefits of working in the industry and bust any misconceptions they may have about it.
To date, a number of topics were covered including work experience, common misconceptions and professional qualifications.
Our podcasts have received almost 300 listens since launching the series.
Podcast listens since launching the series
Member firms participating in the series
Initiatives Review
Jersey Finance undertook a review of existing skills-related initiatives to ensure that the feedback received from the industry focus groups were reflected in any ongoing work. Examples of outcomes include:
An audit was carried out of existing pages, site structure and tone of voice throughout.
The ‘Working in Finance’ section of our website was refreshed. This included updating information and making sure it’s relevant for those seeking out a career in finance.
The biggest change to this section of the website was inclusion of new ‘Opportunities’ pages. These are a hub for school leavers, university students and career switchers to see current trainee schemes, work experience and internship opportunities available on Island. Member firms are able to add their available opportunities to our website.
A review of the Life in Finance (LIF) scheme and Future Connect programme was undertaken with changes implemented for 2023 and 2024. This included a new video about Future Connect and updated pages for the LIF scheme.
Student Engagement
Throughout 2023, Jersey Finance visited all secondary schools on the Island and attended a number of career fairs targeted at school students. The key messages communicated consistently included:
- There is a variety of roles in the sector
- Focus on soft skills as these are as important as academic achievements
- Join Jersey Finance’s Life in Finance programme to get a flavour of working within the industry
In 2024, following our extensive school engagement programme in the previous year, we have seen an impact on the LIF programme with a double the number of students joining the scheme compared to the previous years. We had to re-engage with the Membership to ensure that each student gets a placement opportunity as the demand exceed the supply.
Overseas Students Learn About IFCs
Jersey Finance worked with Sweet Chariot, (a specialist tour operator for schools) to create “An introduction to international finance” trip for UK students. The first trip took place in March 2023, with 30 business and economics students from Cranbrook School. Working together with one of our member firms, Aztec, who agreed to host the students in their new offices, we delivered a presentation about Jersey’s forward-thinking IFC. Aztec presented an introduction to fund administration and the various routes to the industry. As well as introducing the students to the finance industry, we also gave them an insight into the culture and history of the Island. Jersey Finance are eagerly awaiting the next cohort to visit Jersey in October 2024.
Jersey Finance were also delighted to welcome two groups of students from Maison de la Normandie et de la Manche to our offices for a presentation about Jersey’s financial services sector. The students were really engaged and asked some very interesting questions. We hope that we gave them a little more insight into how their accounting studies can play out into real roles.
Focus Area 2: Need for more joined-up approach to engagement with schools
Finance Day
In 2023, Jersey Finance worked with Les Quennevais school to organise a Finance Day for their Year 9 students. The day consisted of four sessions: personal banking, soft skills, investments and compliance in the 21st Century which were delivered by Member firms, namely Alexforbes, Alex Picot, Barclays, Integritas Wealth Partners, Mourant Ozannes, Ogier and RBC. The aim of the day was to broaden students understanding of the industry and make them aware of the careers within it. Feedback received was very positive and we considered offering similar presentations, coordinated by Jersey Finance, to other schools.
In 2024, Finance Days will run at Les Quennevais school and Grainville school.
Read more about Finance DayFocus Area 3: Increase diversity amongst the financial services workforce
Recruitment Roundtables
Two roundtables were organised with local recruitment agencies to discuss the outcomes of the FFW, understand their perspective, recruitment trends and specifically to talk about job descriptions and ways to increase diversity within the industry’s workforce.
We summarised the outcomes of both roundtables in two articles shared with Members via the new Connections newsletter :
- Article 1: looked at recruiters take on how the industry currently promotes its employment opportunities and to understand how job adverts could encourage applicants from diverse socio-economic backgrounds.
- Article 2: Boosting Productivity and Attracting Talent: Flexi-Working, Remote, and Hybrid Working, What’s it All About?
Work
Work
Connections Newsletter
Aimed at key HR contacts within Member firms, this new bi-monthly newsletter is a go-to place to keep up to date with careers and skills related opportunities, events, and news. Examples of information shared via this newsletter included Life in Finance scheme, Skills Show support request, Re-Connect event, student opportunities pages and career pathway stories.
The newsletter allows us to regularly update the wider membership about our skills-related work.
Sign up to Connections NewsletterIn 2023, we partnered with the Jersey Employment Trust (JET) to help raise awareness about the charity and offer Jersey firms an opportunity to work with JET and its clients. The vital work that JET does helps hundreds of Islanders by making employment and vocational training more accessible to people with disabilities. In doing so, they play a critical role in diversifying Jersey’s financial services workforce and nurturing homegrown talent.
In June 2024, Jersey Finance became an official supporter of Progress Together, a membership organisation, which helps its members to enhance and retain a socio-economically diverse workforce. Their aim is to level the playing field for employees from all socio-economic backgrounds. Jersey Finance joined 50 official Progress Together supporters including TheCityUK, UK Finance, Innovate Finance and the Financial Services Skills Commission.
Rwanda Development Programme
Throughout 2023, Jersey Finance have been in discussions with Rwanda Finance about the idea of a development programme whereby there is a skills exchange between Jersey and Rwanda. Rwanda Finance wanted to enhance upskilling and career development opportunities for Rwandan professionals. Jersey Finance recognised that there may be mutual benefits from establishing connections and working relationships between Rwanda and employers in Jersey. Rwandan professionals would gain an experience of working in an IFC, with local employers closing immediate staff shortages.
Whilst this programme is still under development we are hopeful to welcome the first cohort of colleagues from Rwanda to Jersey in Q1 2025.
Re-Connect
There are a number of talented individuals in Jersey who are currently on a break in their careers. Some are considering going back to work and there are some who find it more difficult to see themselves returning to the workplace. One common denominator appears to be the feeling of being disconnected with the world of work and therefore a level of anxiety about joining it again.
In 2023, Jersey Finance put together an inaugural Re-Connect event, aimed at returners and switchers. The event focused on the flexible and evolving career opportunities within the industry and included a panel session featuring individuals who have either returned to or switched into the industry. The coffee morning was attended by 27 people, and feedback received was excellent. A number of individuals reached out to us via LinkedIn thanking us for organising the event. We know of one attendee who subsequently applied for a job with a local bank and another who secured employment on the back of the event.
Following the positive feedback, a decision was made to hold two events in 2024.
Focus Area 4: Create an enabling environment for talent to thrive; facilitate career progression in support of succession planning
Ready Summit
Jersey Finance held its inaugural ‘Ready’ summit in March 2024. This event brought together multiple generations of our workforce and representatives from all industry pillars to collaborate and learn from one another. Our goal was to assess Jersey’s future readiness by exploring the core question: Is Jersey ready to continue to be a positive force and visionary leader in international finance? Over the course of two days and three individual events, a range of expert speakers and panellists explored some of the key macro trends and developments shaping our financial and related professional services industry. The event was attended by staff from across 55 of our Member firms and it included dedicated sessions for new talent, experienced professionals and executives. See Case Study for more details.
Ready Summit
Jersey Finance hosted its inaugural summit for Jersey’s financial services industry, Ready, in March 2024. The overall aim of event was to bring together multiple generations of financial services professionals to learn, collaborate and consider the question: “Is Jersey ready to continue to be a positive force and visionary leader in international finance?”
Based around four key themes shaping the world: geopolitics, fintech, sustainable finance and securing a future-fit workforce, this event was held over two days with three distinct sessions aimed at future leaders, experienced professionals and the current leaders.
Read the report
A number of on-Island and off-Island speakers were invited to impart their knowledge and inspire the audience, including Digital Jersey, Skills Jersey, TechUK, Edelman Smithfield and Tribe Impact Capital. The entire summit was hosted by Louise Minchin, a former presenter of BBC Breakfast, who also delivered an inspirational speech to all members emphasising the importance of adapting to change and overcoming challenges in a rapidly evolving world.
However members input and feedback played a key role in Ready. This included a pre-event survey distributed to all participants, a number of Q&A sessions and Sli.co polls throughout the sessions.
To ensure the events were as relevant and responsive as possible, Jersey Finance sent all registered attendees a short survey to complete anonymously based on the main themes of the event. The responses were examined overall to give a sector snapshot but also to highlight any differences between cohorts.
Jersey Finance also produced a dedicated hub as a focal point for this work, bringing together our ongoing work within the four focus areas, and content from the event, to help inspire and show what Ready is all about.
Future Leaders Forum
In Q1 2024, Jersey Finance launched a new initiative aimed at giving ‘future leaders’ from across the local financial and professional services industry an opportunity to collaborate and input into the future direction of the sector on a regular basis.
Future Leaders Forum
This is a new initiative aimed at giving ‘future leaders’ from across the local financial and professional services industry an opportunity to collaborate and input into the future direction of the sector. The newly launched Future Leaders forum, which met for the first time in March 2024, comprises winners of the annual Jersey Finance Rising Stars Awards who come together on a regular basis throughout the year to discuss key and diverse issues from across the finance industry. Members of the forum will also have the opportunity to suggest ways to maintain and facilitate the competitiveness of Jersey’s international financial centre, with the outcomes of their discussions being shared with Jersey Finance and the Financial Services Advisory Board (FSAB), which is chaired by the Government of Jersey.
Focus Area 5: Focus on soft skills/work readiness and upskilling/training to close the gap
Throughout 2023 and 2024, Jersey Finance incorporated an emphasis on the importance of soft skills for the industry within its skills-related marketing materials, campaigns, events and presentations. Examples included a ‘Ted Talk’ style campaign on social media which was aimed at students and graduates as well as a soft skills theme during the Ready conference.
Most of the Future Connect events in 2023 and 2024 focussed on soft skills with attendees having the chance to hear from experts on a variety of topics including managing time and priorities, clear communication, resilience at work and unconscious bias. Since 2023, we have had almost 1,500 Future Connect Members sign up to our events.
Focus Area 6: Raise awareness of and respond to changing attitudes to work to maximise job attractiveness and potential labour pool
Work Expectations
Ahead of the Ready Summit, Jersey Finance asked the attendees a series of questions. The pre-event survey aimed to gauge how individuals perceive their future in the finance industry and anticipate challenges in skills and workforce dynamics. Its purpose was to also highlight any differences between generations in the workforce. Results from the survey were communicated throughout the event and are referenced within the event write up shared with all Members.
Read the reportFocus Area 7: Upskilling and reskilling are essential to the success of the financial services industry attractiveness and potential labour pool
A number of questions around skills gaps are included in Jersey Finance’s annual Employment and Growth Survey. The results are communicated to the relevant Ministers/Civil servants as well as the Trade Heads and the wider Membership to inform upskilling/reskilling needs.
On an ongoing basis, Jersey Finance endeavours to identify training/upskilling opportunities for Members, for example Jersey Finance secured discounted access for its Membership to the CISI Sustainable and Responsible Investment Professional Assessment.
International Connections
Connections were made with the London Institute of Banking and Finance (LIBF) in relation to common interest and opportunities for collaboration. This resulted in LIBF offering a 25% discount to the Jersey Finance membership on their Sustainable Finance Fintech Leadership Programme.
An introductory meeting was held between Jersey Finance and the Rennes School of Business in May 2024. The purpose of the meeting was for the school’s representatives to better understand the need of companies on the Island, the placement of students in apprenticeship/internship programmes and the training opportunities for Jersey executives. Jersey Finance was pleased to see the recent announcement about the School signing a Memorandum of Understanding with the Government of Jersey.
What Next?
Be assured, the FFW efforts will continue for the foreseeable future. In fact, a lot of the initiatives are now fully transitioned to BAU, with a dedicated team responsible for the workstream.
In addition to this, Jersey Finance’s four-year plan for 2024-2027, clearly sets out our commitment to having a strategic focus on skills and talent throughout its duration. We also commit to engaging on a regular basis with policy makers regarding immigration and infrastructure, reflecting the views of the finance industry, and lobbying for change as needed. Finally, it is vital to champion a more diverse and inclusive Financial and Related Professional Services (FRPS) sector and we will find ways to celebrate best practice. This is in addition to the ongoing work and initiatives, and any other opportunities identified along the way.
People are the bedrock of a thriving financial and related-professional services industry. As such we strongly believe that people and expertise should always be at the heart of our strategy.
- 1. Make young people excited about careers in finance
- 2. Need for more joined-up approach to engagement with schools
- 3. Increase diversity amongst the financial services workforce
- 4. Create an enabling environment for talent to thrive; facilitate career progression in support of succession planning
- 5. Focus on soft skills/work readiness and upskilling/training to close the gap
- 6. Raise awareness of and respond to changing attitudes to work to maximise job attractiveness and potential labour pool
- 7. Upskilling and reskilling are essential to the success of the financial services industry
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