2023-Public-Sector-Perspectives

4. Human capital To support the infrastructure and market environment of a successful IFC, an adequate supply of skilled labor is vital. The skills needed are outlined in Table 3. Table 3: Expected skills of labor that help to form a successful IFC Technical skills Soft skills • Mathematical proficiency • Qualitative analytical and research skills • Languages • Intermediate or advanced IT literacy • Industry or product knowledge • Specialist financial skills • Communication and teamwork • Problem solving • Professional approach and integrity • Organization and time management • Managerial or leadership ability • Cultural sensitivity and understanding Adverse demographic trends and an absence of sufficient local skills mean that numerous financial hubs around the world are engaged in attracting individuals globally with the appropriate skill sets. Table 4 shows the three common ways to address any skills gap. Table 4: Commonly observed ways to address any skills gap What How Expanding the domestic labor pool • Expand suitable graduate pool through provision of finance-related university courses • Specialist post-graduate courses — financial MBA/Master in Finance • Primary and secondary school education focusing on science, technology, engineering, mathematics; mandatory foreign language classes Reskilling the existing labor force • Product and industry expert seminars • Technical and soft skills training • Business language courses • Executive education • Improved knowledge from the contributions of academic research Attracting foreign skilled labors • Simplified visa and immigration policies • Incentives for skilled immigrants • Overseas marketing through media, embassies, and trade bodies Citi Perspectives for the Public Sector 15