Employers must collaborate to ensure Yorkshire's financial services sector remains competitive, says report

It also calls for action to raise awareness of, and access to, financial and professional services careers in the region. The commission recommends a greater focus on careers outreach in schools and colleges, focusing on ‘coldspots’ where young people have less access to the industry.

The commission was formed by Yorkshire Building Society and brings together employers, education leaders and local government with the aim of analysing how effectively the industry recruits, retains and develops its workforce.

In a statement, the report said: “The financial and professional services industry is one of the region’s success stories, employing more than 149,000 people and generating more than £11.8bn of economic value. The recommendations have been made by the commission to ensure the financial and professional services industry in the region can maintain its success and adapt to sector challenges such as the impact of technology, changing workforce demographics and shifts in workplace culture.”

John Heaps, chairman of Yorkshire Building Society, told The Yorkshire Post that the region had to retain more of its financial services talent because it was facing competition from cities such as Manchester, Bristol and Birmingham.

He said the presence of the Bank of England and UK Infrastructure Bank showed the strength of Leeds but it was important for stakeholders to advocate for the sector in a more coordinated way. Mr Heaps said he wanted the sector to become more diverse and inclusive and this required collaboration.

He added: “The economy of the Yorkshire and Humber region continues to make a huge contribution to the wealth and prosperity of the nation, not least of all through the development of an outstanding financial and professional services sector. In the coming decades, financial and professional services have the potential to play an even more central role in Yorkshire and the Humber’s future, generating further growth and prosperity. That can only happen if we create the best possible conditions for existing businesses to grow in the region, for those outside it to be drawn here and for new ones to start here.

“I am confident that the recommendations outlined by the Yorkshire and the Humber Financial and Professional Services Skills Commission will help stimulate the change and positive action that will be required so we can look forward to an exciting and successful future.” Claire Tunley, Chief Executive of the Financial Services Skills Commission, said: “This report makes clear that greater collaboration between employers, civic leadership and education in Yorkshire is essential to develop the expertise our sector needs to remain competitive.”

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