Received from: Accord
Merged into composite 16
Congress notes with concern a report from June 2024 stating that up to 54 percent of banking jobs and 48 per cent of insurance roles could be displaced by AI in the future. AI- driven job displacement is predicted to be higher in financial services than in any other sector of the economy, while at the same time, it is expected to drive global banking industry profits to $2tn by 2028, a 9 per cent increase.
Congress further notes that in 2021, nearly 2.5 million people were employed in the UK’s financial and related professional services, accounting for more than seven percent of total UK employment.
Faced with this scale of challenge, Congress calls for a major programme of reskilling and retraining for employees in the sector to equip them for the new roles that will evolve in the financial and broader services sectors.
Congress calls on employers in the sector to work collaboratively with unions to:
i. provide current employees with opportunities to learn new skills or enhance their existing knowledge to meet future requirements
ii. develop new roles that align with evolving business needs
iii. explore innovative alternatives to redundancy if some roles are no longer needed
iv. invest in jointly accredited skills champions to enhance reassignment, retraining, and upskilling initiatives for future jobs
v. attract new talent to the industry from diverse and non-traditional backgrounds.
Accord