Could skills shortage affect specialist lenders?
Many businesses in the world are reporting difficulties in recruiting suitably skilled personnel. Does this mean that specialist lenders, which include bridging finance lenders, may soon find it difficult to recruit skilled staff, especially among younger people?
A November 2017 BridgingAndCommercial.co.uk article notes that according to Bibby Financial Services Global Business Monitor, 49% of business in Asia, Europe and North America said that skills shortages were the main challenge that they face.
Many specialist lenders see themselves as vibrant and fast-moving businesses, but BridgingAndCommerical.co.uk notes that this image is not being sufficiently communicated to young people in order to attract them to careers in the finance sector.
Some jobs in the specialist lending market are high-pressure positions, and some young people may be put off by this. Many specialist lenders have been in business for a long time and employ mature staff. To attract younger staff, lenders are having to focus on training to ensure that new recruits can quickly become expert advisers.
Like many businesses, technology is changing the finance sector. There is a shortage of specialist staff to help lenders introduce advanced technology, and young people tend to be more proficient in these technology areas.
The situation, however, is far from being at a crisis point and has not affected the high-quality customer service that lenders and bridging finance brokers provide. It does mean, however, that financial businesses need to address the issue of recruiting quality staff to avoid problems with providing expert advice in the future.