One of the top challenges identified by CFO’s for 2015 is not only acquiring but retaining financial talent says Ernie Humphrey CTP Corporate Financial Educator and CFO.
“Developing talent in the finance organization ranked as a top-three concern in a study of 500+ CFOs” – IBM Institute of Business Value
Whether or not an organization thrives or not is truly dependant on its greatest assets – its employees. Employee retention is crucial and a fundamental building block of any organization as it reduces costs, increases morale and maintains productivity and performance. Knowing what causes and motivates employees to seek alternative employment is the best way to create a strategic retention plan.
Problem – Organizational Gaps
Opportunity, advancement and job flexibility in terms of work-life balance are what today’s employees seek as a whole however; specifically in the finance sector education and training should be the top priority in order to address gaps between organizational levels. Finance employees strive for professional development and organizations, in order to secure long term continuity and succession planning, need to train, develop and educate their junior level employees to prepare them to take on the broader responsibilities of a senior level position in the future.
“In a recent study titled Workforce 2020, by Oxford Economics and SAP only 41% of employees believe their company offers opportunities to expand their skill sets – and 50% worry they don’t have the skills they’ll need in three years”
Solution – Establish a Culture of Learning
Excellent training programs that address skills development and promote knowledge transfer at all layers of the organization are key influences in employee attraction and retention yet how does the current workforce prefer to learn and what educational opportunities will set your financial organizations up for success?
The way that people prefer to learn is shifting as well as the most successful methods. Long-form printed copy is becoming a way of the past and giving way to short and concise snippets of information more often than not on hand-held devices. A concept called “micro-learning” has evolved and emerged as a way to give employees a sense of momentum in their professional growth. Providing education in two-to-ten minute bursts keeps employees interested and holds their attention, giving them time to absorb and internalize information.
Through the use of technology and targeted, fresh, on-demand solutions to talent development finance managers and executives can meet individual and company-wide goals ensuring that their teams remain engaged and educated.
“By providing finance employees with access to on-demand micro training sessions, employers can simultaneously address the wants of their workers and the needs of their organization” – David Cowan, Vice President Proformative Inc.
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Business and Recruitment Manager