Financial Services Talent Network
New Jersey’s Financial Services Talent Network (FSTN) builds partnerships in the finance industry to develop and support financial services in the Garden State and formulate strategies for competing at the regional, national, and global levels.
The FSTN, led by the African American Chamber of Commerce of New Jersey (AACCNJ), connects with businesses, educational institutions, workforce organizations, training groups, and community- and faith-based organizations to gather ground-level intelligence on the industry to make informed decisions on high-quality public workforce investments and expand the number of New Jersey residents with industry-valued credentials or degrees.
- Develop industry intelligence: Creating and implementing effective workforce and education programs requires an accurate and timely understanding of business needs. The FSTN works closely with labor market analysts from the New Jersey Department of Labor and Workforce Development to provide a crucial source of information on the workforce needs of the industry. The FSTN hosts an Industry Summit to gather intelligence and inform key workforce stakeholders of essential employer needs and produces an annual Industry Workforce Report. Additionally, the FSTN engages employers and industry associations to contribute to the Industry-Valued Credentials list.
- Develop high-quality, employer-driven partnerships: The FSTN works closely with businesses, Workforce Development Boards, educational institutions, training groups, and community- and faith-based organizations to develop high-quality, employer-driven partnerships known as Targeted Industry Partnerships (TIPs).
Return on Investment for Businesses to Join TIPs
- Gain the distinction of becoming an industry champion and receive priority on applications for New Jersey Department of Labor and Workforce Development training grants.
- Access the Targeted Industry Partnership (TIP) fund, which will support implementation of the strongest workforce investment ideas developed by the TIPs.
- Spearhead discussion on the priorities of your industry with businesses, workforce development, education, and state officials to shape the future of your industry.
- Network with regional businesses in your industry to promote innovation, collaboration, and efficiency.
The FSTN works in areas of the state that have a concentration of financial services businesses to:
- identify workforce needs and common skill gaps to determine in-demand skills, abilities, and credentials.
- develop a workforce strategy (formalized in a written plan) to satisfy workforce needs and close skill gaps.
- develop sustainable TIPs through commitments from partners.
- Many of the world’s leading financial services companies have headquarters or significant operations in New Jersey, which includes 14 of the top 75 employers in the Garden State.
- The financial services and insurance sector is a major force in the state’s economy with nearly 11,700 business establishments employing approximately 182,400 workers and contributing more than $35 billion annually.
- New Jersey is an attractive location for companies in the emerging Financial Technology (FinTech) industry, a fast-growing sub-sector that uses technology to deliver next-generation banking, credit and investment services. Today, five of the world’s top 100 FinTech companies are headquartered in New Jersey.
- Insurance carriers and related activities combined with credit intermediation and related activities made up 77.2 percent of New Jersey’s financial services employment in 2015.
- The average annual wage for workers in the financial services cluster increased 15.2 percent to over $120,000 between 2010 and 2015.
- After Sept. 11, New Jersey became one of the hubs of the data center universe as New York City financial institutions increasingly moved their data centers across the Hudson River to protect their information systems.
- More than a dozen colleges in New Jersey offer bachelor’s degrees in finance including: Fairleigh Dickinson University, New Jersey City University, Rutgers University, Stevens Institute of Technology and Thomas Edison State University.
- Hudson County is New Jersey’s smallest county (by land area), yet it is home to far more of the state’s financial services workers than any other county. With just over 31,000 industry jobs, Hudson County accounts for more than 17.5 percent of New Jersey’s cluster employment due to its proximity to Manhattan, one of the largest financial centers in the world.
- Financial services is a component in each of New Jersey’s seven key industry sectors. The finance department serves as an integral part of many administrative management teams; tasked with making strategic and operational decisions.
- The Credit Intermediation component accounts for the largest percentage of financial services employment in six of the seven Southern New Jersey counties, mostly in the form of bank branches.
- The new trend in the financial services industry is hiring candidates who “think outside the box,” take an entrepreneurial approach to problem solving, and contribute practical application of analytical skills. Stackable credentials coupled with a teachable employee is leading this trend. Employers in the industry advise they no longer seek to hire individuals who can only perform specific tasks.
- Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds and some government-sponsored enterprises.