Hard and soft skill needs: higher education and the Fintech sector

ABSTRACT

This paper explores the implications for higher education of the emergence of new industries, driven by technological changes. The pace of technology-driven changes creates significant challenges for the alignment between the skill needs of industry and provision by higher education. Drawing on concepts from neo-correspondence theory, we examine the emergence of the FinTech sector. We present data from two structured interviews with 28 employers based in Ireland. What emerges from this study, is that the type and level of skills required by industry is changing faster than ever before. The level of competence required in hard skills is decreasing, as in-house training and continuous professional development requirements increase. However, there is a greater expectation that graduates will have advanced soft skills. Skill shortages exist, not because of poor industry-higher education relationships but because of a lack of understanding of employers’ perceptions, preferences, and expectations.

KEYWORDS:

• Fintech
• industry 4.0
• higher neo-correspondence theory
• soft skills
• hard skills

Acknowledgments

The authors acknowledge the support they received from the North-West Regional Skills Forum and their partner organisations.

The authors wish to acknowledge the invaluable contribution of the editor and the reviewers. Their guidance and recommendations have resulted in significant improvements to this paper.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Oran Doherty

Oran Doherty: For the last 15 years Oran has held several managerial positions responsible for the design and delivery of work-based learning programmes. He has published a number of national sectoral skills reports that examine emerging skills for the future workplace. These reports have been extensively used by industry and education providers in the design of new programmes throughout Europe.

Simon Stephens

Simon Stephens: Simon's research explores the lives of entrepreneurs and their ecosystems. His research has been published in top ranking journals including Business Strategy and the Environment, Entrepreneurship and Regional Development and Entrepreneurial Behavior & Research.