Is investment in soft skills for marginalised youth essential in unlocking opportunity in the financial sector whilst cultivating more equitable, diverse and inclusive teams

Youth from marginalised and overlooked backgrounds generally do not have the opportunity to develop soft skills as these are not taught in schools, they do not have visible role models in the financial sector and opportunities for meaningful internships where some of these skills can be developed are relatively few.

These soft skills are essentially employability, career, life and active citizenships skills. These are instrumental in unlocking potential and opportunities in youth who lack social mobility owing to their disadvantaged backgrounds.

In the financial sector, technical expertise is paramount and this is non negotiable but it is essential that positive relationships are built with clients and colleagues. Building trust and conviction is not for instance a technical skill but reliant on soft skills. Those with networking skills, confident, able to positively brand themselves and would be employers, with good, high emotional and cultural intelligence will be able to navigate the financial sector to the advantage of their clients, teams, employers and themselves. Increase their opportunities of being recruited in the first instance and ensure career progression by being retained and promoted owing to the value they bring.

Soft skills are life skills which are essential in the financial sector in building relationships, effective networking, fostering relationships centred on trust, confidence and equity.

There are numerous organisations seeking to create opportunities for overlooked and undervalued youth by investing in leadership and mentorship programmes where these soft skills are taught often with opportunities for internships and sometimes employment. Examples of such organisations are JOLT International, Aleto Foundation, 10,000 Black Interns, The Academy, several programmes run by Universities such as Kings College, University of Roehampton etc. Firms such as PWC, EY, Accenture, Aviva etc already run leadership and mentorship programmes in partnership with a view of cultivating these essential traits and competencies.

Academic institutions and Prospective Employees in the Financial and other sectors should invest in developing the soft skills for marginalised youth to ensure their organisations are equitable, diverse and inclusive, where all can belong, this is not only the right thing to do based on values but makes business sense as evidence shows  that diverse and inclusive teams are more productive and profitable. This investment is crucial in ensuring equitable, inclusive recruitment and retention whilst seeking an even playing field for candidates from diverse backgrounds.