City employers want deeper relationships with UK Universities

A new report out today entitled ìGraduate Skills and Recruitment in the Cityî finds City employers are calling for closer links with UK Universities.

The report, commissioned jointly by the City of London Corporation and the Financial Services Skills Council (FSSC), examines the relationship between Financial and Related Business Services (FRBS) employers operating from the City of London and the UKís universities. The report is an analysis of the perceptions of the skill requirements for graduate entrants, an examination of current recruitment practices, and an assessment of views on the performance of UK Higher Education Institutions (HEIs) as providers of appropriately skilled graduate labour.

It finds that there is a lack of understanding between educators and employers. The report recommends coordination to assist and develop the relationships between City businesses and UK Higher Education Institutions.

The Lord Mayor of the City of London, Alderman David Brewer, said: ìTo maintain its competitive edge as a world class financial centre, the City must ensure that the most skilled people keep coming to work here.

ìWith London generating thousands of new financial services jobs each year, this report makes interesting homework for those working in UK universities and financial institutionsî.

Financial Services Skills Council Chairman Stuart Bernau said: ìThe UKís financial services employers and UK Higher Education Institutions are global leaders in their respective fields. The success of both relies to a great extent on ensuring the continued excellence of UK graduates.

ìAlthough there are examples of excellent collaboration between employers and UK Higher Education, opportunities still exist for both to work more closely and form new types of relationshipsî.

One of the reportís findings is that FRBS employers tend to target graduates who are not specialised in any particular subject. Commenting on this, the Lord Mayor of the City of London, David Brewer said: ìThis research shows that more than ever employers need graduates who can apply their education practically.

ìThere is a widespread perception in the sector that preparing graduates for the world of work, both directly, and indirectly, should be part of the proper function of UK Higher Education Institutionsî.

ìI hope this report will encourage wider debate on the subject,î said the Lord Mayor.