The Toronto Financial Services Alliance (TFSA) today announced that it will conduct the first-ever in-depth examination of Toronto’s human resource needs for the city’s number one industry sector, financial services.

TFSA has engaged Deloitte to complete the study, which will present a supply and demand forecast of the skilled workers who will be needed by the sector over the next five years, and propose a comprehensive plan to ensure the labour force requirements can be met. The study is scheduled for completion early next year.

“The financial services industry provides direct employment for more than 200,000 people in Toronto,” said TFSA executive director Janet Ecker. “Many other highly skilled professionals, such as lawyers, accountants and information and communications technology workers, also depend on the financial services industry for their livelihood. It is crucial to ensure that this industry continues to thrive, and we can only do that if we have a good understanding of the underlying labour market.”

The TFSA study has funding support from the federal Department of Human Resources and Social Development and the City of Toronto’s Economic Development Division. The government of Ontario is also participating in the project.

“We want Toronto to continue to be a magnet for people with the skills needed to work in financial services,” said Toronto Mayor David Miller. “This study will provide valuable insight that we can use to help ensure the right conditions are in place to build on the strength of this important sector of our economy.”

To complete the study, Deloitte will be working closely with HR professionals in the industry and with representatives of Toronto’s many post-secondary institutions. The consultants will also draw on Deloitte’s international network to identify issues and trends in other major financial centres, such as New York and London, that may be relevant to Toronto.

“If we are to remain internationally competitive and continue to attract financial services firms to Toronto,” said Ms. Ecker, “we need to have enough people with the right education, experience and skills. This study will help us find out our strengths and weaknesses and build on our opportunities.”

The TFSA is a public/private initiative whose mandate is to enhance and promote the long-term competitiveness of Toronto as a premier North American financial services centre.