Are you investing in learning and development to close the skills gap of your Financial Operations team?
We are living in an age of instant access to information and opportunities. A world where there are more opportunities than ever for people to learn. Accounts Payable certification, courses and qualifications are available on-demand, at the touch of a button. As learning and development opportunities are so widely available, should companies take responsibility for investing in their employees; or should people themselves be responsible for certifying their skills?
Keep reading to find out!
It must be widely understood that people are looking for more than merely remuneration from their jobs and workplaces. In Walters People’s 2020 Salary Survey, training and development are recognised as key factors in recruiting – and retaining – Accounting and Finance professionals in the new world of work.
However, organisations may be concerned that providing certification opportunities and upskilling workforces will result in team members searching out new opportunities at competing organisations. On the contrary, reports show that employees are staying at a company that invests in their career for longer.
Walters People found “half of Millennials expected to leave their current positions within the next year due to lack of investment from their employer”. So, organisations that create valuable continuous learning opportunities are far more likely to hold onto talent. Additionally, providing learning and development opportunities also means employees and employers both benefit from the skills developed.
But what costs does this generate for an organisation?
Turnover of staff can be very costly to organisations. The outlay to fill a vacancy due to resignation is significant. Recruitment and selection processes are costly, and on-boarding a new team member can be time-consuming. Further, if outgoing team members depart before handovers are completed, significant knowledge-gaps can emerge.
Walters People report 28% of Accounting and Finance professionals find learning and development opportunities a reason for moving jobs. For example, recruiting a new employee is a far more significant cost undertaking than investing in a Procure to Pay certification programme for an existing employee. This highlights that an investment will likely ensure the business retains the employee; and benefits from their enhanced knowledge and skills.
Yet, Managers can be particularly apprehensive about team members developing beyond their own skillset. But advancing the skills of their team is a way for Managers to showcase their own talent. By helping develop team members’ skills and finding new opportunities for them internally within an organisation, Managers are too achieving. For this type of continuous learning culture to work, organisations must ensure Managers feel valued and assured within their own role.
Even for team members perceived as very accomplished, education and learning can be very meaningful. For those who have developed their skills on-the-job, courses and qualifications can provide staff with a sense of recognition that may otherwise be missing. Retention of such team members and their comprehensive knowledge of the business can be extremely valuable.
Organisations that place value on certifying expertise benefit from developing their team members
What must not be overlooked is that continuous learning is not a single means of advancing towards promotion. This is particularly important to consider when thinking about longer-serving team members who may feel that their role has become stagnant. Training and learning opportunities can provide the internal career advancement needed to encourage a refreshed sense of engagement. Employees view education opportunities as a way of recognising their value to a business.
Procure to Pay courses, certification and qualifications can also help future-proof organisations. Employers upskilling team members ensures that when positions become vacant due to promotion or retirement, employees are ready for the progression. Additionally, the pace at which technology and the labour market is advancing means that organisations that train staff members beyond their job role are preparing to fill skills gaps that perhaps don’t even exist yet.
So, how will you make the leap to invest in your employees and closing the skills gaps? At IFOL we provide a variety of certifications and training in Accounts Payable, Procure to Pay, and Payroll as well as an exclusive Continuous Learning Programme to keep your employees and organisation up to date with the latest and emerging trends and topic in the industry.