8 Nov 2024
New Research Identifies Cork’s Potential as ‘Leading International Financial Services Destination’
New research from Cork Chamber Skillnet, one of 70 Skillnet Business Networks nationwide, has identified the potential for Cork to become a leading European destination for International Financial Services (IFS).
The Skillful Futures: Strengthening Cork’s Role as a Leading IFS Destination report was launched at the Cork Financial Services Forum’s annual Financial Services Summit. The event was attended by over 230 financial services sector leaders, government officials, and academic experts from across Ireland. The summit focused on enhancing the talent pipeline and the future direction of asset management. The research revealed that Cork’s IFS sector is poised for growth and resilience. It highlighted stakeholders would have to take proactive measures to address current challenges. These include investing in upskilling and capitalising on future opportunities.
Key findings from the report include:
- 78% of IFS employers in Cork are prioritising technology skills in hiring strategies
- Strong talent diversity exists, with added potential to tap into ICT expertise
- 91% of IFS employers in the region reported growth over the last 3 years
- 100% of employers predict growth over the next 3 years
- Strong sectoral employment growth, led by fund administration
Delivering the keynote address at the summit, Michael McGrath, EU Commissioner-designate for Justice praised Cork’s financial services sector for its resilience and adaptability in an evolving global market. Speaking at the event, Mr McGrath emphasised the importance of continuing to foster innovation and investing in the talent and skills required to drive growth in the coming years.
“Ireland is recognised internationally as a hub for financial services, and the sector has become a key contributor to the Irish economy. The financial services sector continues to thrive, which makes today’s event particularly important and relevant,” said Mr McGrath. “Cork benefits from a strong talent pipeline and the launch of the Cork Chamber Skillnet report today points to the importance of that talent and skills development in supporting continued growth across the sector in Cork.”
Tracey Donnery, Policy and Communications Director at Skillnet Ireland
“As the national talent development agency of Ireland, at Skillnet Ireland we are acutely aware of the key role that learning and development play in supporting the growth of our economy. This pioneering research report examines the international financial services sector in Cork and its current and future skills needs. The impactful report identifies key trends and opportunities for the continued growth of the IFS sector in the region and the importance of employers upskilling their teams to develop new skills, increase talent retention and to remain competitive in a rapidly changing and technology-driven era.”
“There are over 52,800 people working in the sector across Ireland with almost 40% of all roles outside of the Dublin region. Cork is now the second largest financial services centre in Ireland and a growing European hub for IFS activity. By focusing on talent development and emerging industry trends, Cork can continue to compete as a location for IFS. This research found that in the last three years, 91% of IFS employers in the region reported growth. 100% of respondents have predicted growth over next the two to three years. Cork’s position as a leading financial services centre is underpinned by the strength of our international financial services sector and the exceptional talent that drives it. We are proud of our achievements and remain dedicated to fostering an environment where businesses can thrive, and individuals can excel. I want to thank Skillnet Ireland for their valuable contribution in keeping Irish business competitive through their innovative and future focused talent development initiatives.”
Rob Horgan, President of Cork Chamber
“The Cork Financial Services Summit has provided a valuable opportunity for leaders and pioneers from across the FS sector in Ireland to gather to exchange ideas, share insights, and identify opportunities that lie ahead. The recommendations outlined in the Skillnet report launched today outline the importance of including strategic collaboration with Dublin and London, and diversifying IFS offerings. It confirms the importance of technology skills in the industry, with 78% of IFS employers prioritising technology skills in their hiring strategies. These insights are crucial in guiding the future direction of our efforts to ensure that Cork’s IFS sector continues to grow, remains proactive in addressing current challenges and capitalises on emerging opportunities.”
Karen Conboy, Chair of Cork Financial Services Forum
About Skillnet Ireland
Skillnet Ireland is the national talent development agency of the Government of Ireland. They are responsible for advancing the competitiveness, productivity, and innovation of Irish businesses through enterprise-led talent development. Skillnet Ireland partners with 57 industry bodies, supporting over 26,600 businesses and more than 97,700 trainees annually. This is achived through its 70 Skillnet Business Networks and three National Initiatives – Skillnet Climate Ready Academy, Skillnet Innovation Exchange and MentorsWork – across most sectors and all regions in Ireland. Skillnet Ireland is funded by the National Training Fund through the Department of Further and Higher Education, Research, Innovation and Science.
To learn more about Skillnet Ireland visit www.skillnetireland.ie
Skillnet Business Network search tool: https://www.skillnetireland.ie/our-networks/
About the Cork Financial Services Forum
Cork Financial Services Forum was established by Cork Chamber in 2008 to advance the financial services industry in the region, strengthen partnerships between industry, education and government organisations. The Forum also promotes Cork as a destination for investment and talent. The Forum is comprised of representative organisations and businesses that represent the wide depth and breadth of the FS sector in the Cork region, as well as the local agencies that support the development of economic growth in the region.
About Cork Chamber
Cork Chamber is committed to making Cork the best place for business. As the leading business organisation in the south of Ireland, it supports and represents the interests of almost 1,200 businesses employing over 120,000 people across the region. Founded in 1819, Cork Chamber is one of Ireland’s largest and longest established Chambers and is the nation’s No.1 regional lobby group. Supporting sustainable development in the region, Cork Chamber is championing the UN Sustainable Development Goals, through which the Chamber priorities and activities are framed.
To find out more about Living, Working, Studying, Investing in Cork visit WeareCork.ie.