Scarce skills refers to a shortage of people with the required attributes to fill positions available in the labour market. The attributes that employers are seeking when they try to fill positions in their organisations are specifically important. These may be qualifications, specific skills and experience, a specific race or gender or a combination of these attributes.
Scarce skills are normally expressed in terms of the occupations for which there are not enough candidates available. Scarce skills in the financial services sector are mainly in the professional and technician and associated professional occupations. Although these occupational categories are experiencing above average growth, the shortages are often related to very special skills sought by employers. The lack of qualified black people, especially in the higher level occupations and professional designations, is considered a serious problem.
The Sector Skills Plan of Fasset, 2016 - 2021 indicated that shortages of finance and accounting services skills exist at all levels – from clerical to technician, and administrative to professional, and managerial.