Digital and Tech top talent needs of the London Market
Deloitte and London Market Group (LMG) recently produced a report as a result of a market-wide survey which found digital and technological advances are having the highest influence on the talent needs of the London Market.
For more than 300 years, the London Market has been a unique global marketplace at the forefront of developing new solutions to meet emerging client needs. It has developed exceptional technical expertise and experience, and continues to support and encourage innovation. Recently, the London market has been the subject of dramatic change.
Rapid changes to the London marketplace
Global forces are reshaping the workplace and the workforce, which is starting to have a profound effect on the talent agenda in London:
- The London Market has unparalleled technical expertise. Digital and technological change are disrupting existing business models and were seen as the most important influence of the talent needs of the London market in future
- Millennials (Gen Y, birth years ranging from early 1980’s to 2000) are the future of talent in the London Market, and will make up three quarters of the global workforce by 2025. To succeed, the market will need to effectively engage this generation who have high expectations for a rewarding work experience
- Diversity is becoming a big opportunity for London Market businesses, as it is home to 1.7 million highly-skilled workers. The report states that harnessing this potential will enhance the market’s ability to win in the future
- The rate of change has also accelerated, requiring the London marketplace to be more innovative and pro-active in responding to new challenges
- Employer-employee relationships are evolving as young people are increasingly demanding an enriching experience at each stage of their working life
- Rapid career progression and a flexible workplace are now key expectations, and companies are having to respond to these demands
To ensure London continues to be a employer of choice for top talent, it is important to be aware of these challenges and recognise the areas where further work needs to be done.
Click here to read the full report.