Canadian Underwriter

Toronto financial sector faces looming talent shortage

March 28, 2007   by Canadian Underwriter

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A growing lack of critical talent in Torontos financial services sector looms, according to a year-long study of the industry by the Toronto Financial Services Alliance (TFSA).
Talent Matters A Study of the Toronto Financial Service Industry Talent Market found that Torontos insurance companies, banks and investment firms, can expect major gaps in critical talent the talent that drives a disproportionate share of a companys business performance in the near future.
If there is no collective will to create a vibrant, compelling financial services industry in Toronto that stands as a magnet for talent, TFSA president Janet Ecker cautioned in a statement, other centres across the country and across the globe will take the lead.
Demographic changes are cited as a major contributing factor to the challenges financial services companies face, but the report also cited: an aging workforce, declining birth rates, increased labour mobility and a lack of interest from younger generations in the financial services sector.
Increasingly, financial sector employers will have to look outside our borders for talent either by attracting people to come here to work, or by sourcing labour in other markets, the study reports.
But there are concerns among industry stakeholders that the Toronto markets financial rewards are not substantial enough to attract some international talent, the authors write.