Article | February 6, 2019

Tackling The Talent Gap In Payments Through Upskilling

Source: Cayan

By Charles Keenan

Upskilling

Payments and financial services face the same fundamental challenges as any other industry: how to find enough skilled workers to keep up with technological change.

Right now there aren't enough qualified workers to help companies meet the new demands for products and services, which increasingly rely on people skilled in areas such as artificial intelligence, analytics, cloud services and cybersecurity. With cybersecurity alone, the world's economy is on pace to have a gap of 1.8 million workers by 2022, according to a report by the Center for Cyber Safety and Education.

Much of the tech talent coming out of traditional American colleges is flocking to 'hip' places to work: large tech firms such as Alphabet, Amazon, Facebook, Apple — and legions of Silicon Valley startups. At the same time, unemployment is at historic lows; in November, it was 2.1 percent in the category of management, business and financial operations, according to the Bureau of Labor Statistics.

So the remaining companies can either fight for the scraps or take matters into their own hands by 'upskilling' (sometimes also described as reskilling) their own workforces.