While entry-level hires felt they could “hit the ground running” when entering jobs in the Financial Services Industry (FSI) in Malaysia, employers stated that these fresh graduates are frequently not industry-ready.
The new study titled ‘Bridging the Talent Gap: Financial Services Industry and Entry-Level Hires in Malaysia’, and launched today by the Asian Institute of Finance (AIF) reveals that while employers are in need of new skills from employees, hiring managers often say they are unable to find the right people with the proper skills to fill up vacancies.
“Young graduates may not necessarily have the right knowledge, expertise and experience that they can apply in the workplace immediately after they graduate. This is why we apply a combination of back-to-basics old-fashioned development with powerful, pragmatic, and experiential learning that continuously taps into the bank’s business ecosystem in our Management Trainee programme to build future banking leaders,” said Chew Siew Suan, Head of Group Human Resource at Alliance Bank Malaysia Bhd, in her review of the report.
The AIF study is aimed atgatheringinsights on the talent gap that exists in FSIand how FSI employers and Higher Learning Institutions (HLIs) can collaborate to plug this gap; where a proactive and cohesive approach is needed from employers and HLIs alike to produce effective talent with relevant knowledge and competencies to serve the industry.
The study involved 24 employers from four FSI sectors and professional bodies, 51 entry-level employees, 10 programme coordinators (HLIs) and 95 final year students in Malaysia who took part in a survey questionnaire, based on Malaysian Qualifications Agency (MQA) requirements.
Knowledge and skills were measured against six-level scale descriptors that determine respondents’ adaptability. The study is based on qualitative and quantitative insights from 180 participants.
The report also suggests that there is a need for more initiatives to improve soft skills such as leadership and problem-solving, more exposure and programmes on business and entrepreneurial skills as well as improvement in life-long learning for entry-level hires.
Chew adds that the study validates what Alliance Bank has practiced all along through its management trainee programme.
Meanwhile, Jaya Kohli, AIF’s Director of
Strategy, Policy Development and Research, said, “What makes the report particularly important and compelling is that it offers some significant insights on the challenges faced by Financial Services Institutions and Higher Learning Institutions in addressing the talent gap in the sector, and proposes a more holistic and cohesive approach from all relevant stakeholders.”
