By: Daniel Mason, Vice President & Regional Sales Director, EMEA at Visier
Encouraging young workers through the post-pandemic landscape will not be an easy task for any business, but nowhere is this more apparent than in the financial services industry. Few industries gain as much attention as this one, with over a million people employed in the UK alone, the industry is often put under the microscope regarding pay, training and work-life balance.
Business leaders must look beyond salary as young employees feel satisfaction in their jobs through other means. As technology continues to evolve and workplace strategy enhances, there comes a need for employers to support new entrants to the financial service industry by aligning with these changes in terms of skills and knowledge. The best and more valuable ways to enhance this is through training – something that is recognised by today’s young workers. Being offered appropriate and consistent training helps businesses to improve employee satisfaction, performance, and results.
The key to positive employee experience
A positive day-to-day experience is what keeps young people in their roles. In a time where employee loyalty is a rare commodity it is crucial to feed entry level staff with training that will not only excel them forward in their careers, but also arm them with the tools needed to add value back to the business. However, our recent report found that young people in financial services do not think they are getting enough training and this is having a negative impact on an their career.
Therefore, it is no surprise to see that many young people are concerned about the influence this will have on future employment and personal growth. This is why companies must allow employees to take on different roles and responsibilities as the ability to play a more active role in the company will reignite employee enthusiasm and give them a reason to stay. And while doing so, there is no harm in administering temperature checks on how your employees are truly feeling to see if the extra responsibilities and recognition has made any difference.
The benefits of training beyond skill sets
In the eyes of a new entrant to the industry, training offers more than just a new set of skills. This prepares individuals for digital transformation, something the majority of businesses are undertaking to become more agile and respond to market changes. This shift to digital means that many roles need to develop to continue to serve the business function efficiently.
In addition to adding new sets of skills to employees, skills development leads to a competitive edge, for both a business and employees. To rise above competition, skills training allows young workers to have something extra and offers a way to stand out. Therefore, in the early stages of a career in financial services training should be viewed as equally as important as salary. In addition, the outcomes of the skills training can be matched against changes to their performance and turnover, which thus will impact on an individual’s promotion timeframe.
Prioritising personal growth
Above all else, the personal satisfaction financial services employees will experience from skills training is something to be prioritised. There’s nothing better than being able to feel like you’ve fulfilled your professional goals by earning certifications and accreditations that set you above the rest. This is an incredible career boost and offers the reassurance of knowing you are qualified to tackle any task that is sent in your direction. Not only can skills training bring an added layer of depth to an entry level role, but it also comes with benefits to your personal life. Training offers enriched negotiation, networking, communication, and time management skills, all of which are valuable in everyday life.
It is clear that young people are eager to become lifelong learners who set themselves targets to improve their own knowledge and skills. Therefore, businesses must understand the importance of feeding entry-level employees personal and professional development.
Workforce training in finance has never been more important, it is an essential way to keep organisations and employees competitive. From consistent training that will provide an atmosphere that encourages every employee to feel valued, to the need for new skills to cope with the ever-increasing change in technology across all industries, exposing employees to training programmes will help to increase efficiency.