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Toronto's financial services industry is not yet facing a "talent crisis," but there are clear warning signs that a lack of critical talent will continue to grow, according to a year-long study of the industry. If not addressed, the talent shortage could undermine revenue growth and productivity in Toronto's main industry.
In a landmark report entitled Talent Matters - A Study of the Toronto Financial Service Industry Talent Market (PDF 4.6 Mb), released by the Toronto Financial Service Alliance (TFSA), the study's authors, Deloitte, report that the industry expects there will be major gaps in "critical talent" - the talent that drives a disproportionate share of a company's business performance - for Toronto's banks, insurance companies, investment firms and other companies in the sector.
"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 cautions, "other centres across the country and across the globe will take the lead."
The Talent Matters study drew on interviews and surveys with human resources leaders in the financial services industry, as well as educators, government officials and Deloitte's own international network of human resources experts. The study recommends, and industry leaders agree, that Toronto's financial services industry would benefit from increased industry-wide collaboration on three fronts:
- Eliminating barriers to hiring and integrating new immigrants
- Strengthening financial services education and its alignment to industry needs
- Improving the Toronto financial services "brand" both as a business location and as a career.
Download the briefing note. (PDF 65 kb)
