From Learning to Earning: A Skilled Workforce for a Stronger Business
With the incorporation of new roles and responsibilities, skill requirements, and tasks, change is inevitable in any profession.
In an ever-changing economy and as new technologies emerge, many professions are undergoing profound restructuring. The financial industry, for instance, has undergone a significant transformation over the past decade with the rise of online banking and mobile payment solutions. An advantageous change that has brought improvements to the convenience and accessibility of financial services and has led to the creation of new job profiles, along with the demand for specific competencies and qualifications to perform tasks effectively in response to these industry changes.
Banking professionals who previously focused on traditional roles, such as customer service and account management, are now expected to be proficient in digital skills, including software development, data analysis, and cybersecurity.
Similarly, the healthcare industry is experiencing a significant transformation with the rise of telemedicine, remote monitoring, and digital health solutions, to name just a few examples that exemplify the benefits businesses, employees, the industry, and the economy can derive from investing in staff training.
In other words, to maximise your team’s opportunities, and drive business growth, place staff training and development at the top of your business leader’s agenda. For one, training programmes help equip employees with the necessary skills and expertise to perform their tasks more effectively, which ultimately improves their productivity, quality of work and the overall performance of the organisation, while saving you time and money that you would otherwise have to invest in hiring and training new employees.
Additionally, investing in training shows employees that they are valued and helps to boost their motivation, job satisfaction, and loyalty to the organisation.
Plus, truth be told, skilled employees who are motivated to advance their skills and careers are more likely to seek opportunities with organisations providing training and development programmes. Unless a business invests in training its staff, there may be challenges in attracting and retaining talented employees, leading to a high staff turnover rate due to a lack of opportunities for growth and development.
To address this potential issue, consider following these guidelines that can help build a comprehensive training and development programme:
Conduct a company-wide skills assessment
A skills assessment can help identify gaps in knowledge and skills across the organisation and provide a more comprehensive approach to training and development.
Encourage employees to attend conferences and workshops
Provide opportunities for employees to attend relevant conferences, workshops, and events to help them stay up-to-date on the latest developments and best practices in their field.
Offer incentives for completing training
Incentivise your staff to complete their training by offering bonuses, promotions, or other rewards. Doing so can encourage staff members to take ownership of their learning and development while contributing to a positive and supportive work culture. Additionally, incentivising training can help ensure that skills and knowledge are retained within the organisation and can contribute to higher-quality work output.
Make training available on-demand to provide flexible learning options for staff members unable to attend in-person training sessions
Consider offering on-demand training and resources that can be accessed when needed and maximising the impact of training by allowing staff to learn at their own pace. Think of it as a learning library, providing access to books, articles, and other resources on relevant topics to promote ongoing learning and development.
Encourage peer-to-peer learning
Peer-to-peer learning helps improve staff skills and fosters a positive learning culture within the company while promoting collaboration and teamwork, leading to a more positive and supportive work environment by creating a positive cycle in the workplace.
Create a culture of continuous learning throughout the company
Emphasize the importance of ongoing training and development by modelling it yourself. As a leader, you can set the tone for the rest of the organisation by showing that you value learning and are committed to your professional growth. After all, you are a role model. Lead by example and demonstrate a commitment to learning and development.
Foster cross-departmental collaboration
Allowing employees to work on projects and initiatives with colleagues from other departments can help expand their skillset and knowledge base and break down silos, resulting in a more cohesive and innovative workplace culture where employees are more willing to share their expertise and ideas with others.
Set up lunch-and-learn sessions
Encourage employees to share their knowledge and expertise on relevant topics regularly during informal in-person or virtual lunch-and-learn sessions. The sessions can cover a variety of training materials, including technical skills, industry trends and best practices and should be voluntary rather than mandatory.
Provide ongoing coaching and support
Offer coaching and support throughout the training process and beyond to ensure that employees can apply their new skills to their day-to-day work.
Create a roadmap for employee development
– including clear learning objectives and timelines for completing online modules or attending in-person workshops. To ensure the effectiveness of training and development initiatives it is crucial to establish a clear timetable for achieving goals and regularly track and measure progress.
Moreover, providing feedback to staff is essential to help them stay motivated and on track with their learning and development goals while ensuring that the training they receive contributes to the business’s success. Otherwise, without tracking progress and providing feedback, the purpose of the training program may not be achieved, resulting in a waste of resources, and leaving your training program about as helpful as a lifeguard at a desert oasis.
Measure the Return on investment (ROI)
Keep track of the impact of the training and development programmes on the employees and the organisation to identify areas for improvement and demonstrate a return on training investment.
Alternative training solutions for organisations without access to training materials
If you do not have access to training materials, we recommend approaching industry or professional associations to source training programmes and explore online learning options such as webinars. You may also want to collaborate with other organisations to share resources and identify staff with the expertise to help train or coach colleagues.
On a final note:
Investing in staff training is not just a sound financial decision for every organisation but also a competitive advantage that can benefit both the employer and the employees. Staff training is essential to stay relevant, competitive, and agile, especially in a fast-paced and ever-changing economy like the present one.
Do you need more information or have any questions? Do not hesitate to reach out to us – Call us today.
Accountants Plus, from strategy to implementation, experience the difference with our customised solutions tailored to help small and medium-sized businesses improve their financial performance, achieve growth, and enjoy their journey to success.
