Financial Services Sector Investing More in Training and Development

Career Climbers / 28th October 2016

While budgets for training and development came under pressure during the recent economic downturn, they are now firmly back on the agenda in the financial services sector, according to new research from leading specialist recruitment consultancy, Robert Half Financial Services. Recognising the perceived value of training and certification to employees, nearly four in 10 (39%) of financial executives state they will increase investment in professional development in the year ahead.

From preparing for succession planning to increased employee motivation, job satisfaction and efficiencies in processes, the benefits of training and development are well documented with employers and employees alike reaping the rewards. According to Robert Half’s research, companies’ investment in training and development will increase, on average, by a fifth in the next 12 months.

Certification courses (49%) and mentoring (48%) offer the greatest career development opportunities for financial services professionals, followed by on-the-job training (39%) and tertiary and post graduate education (34%).

100 UK financial executives were asked: “Which of the following offers the greatest training and career development opportunities for financial services executives?”

External training certification and courses: 49%
Mentorship: 48%
On-the-job training: 39%
Tertiary & post graduate education: 34%
In-house training by HR or third party: 31%
Cross-functional team training: 23%
Reverse mentorship: 8%

*Multiple responses permitted.

Luke Davis, Vice-president, Robert Half Financial Services said: “The success of any business depends on its people. As employers continue to seek ways to improve their staff’s motivation, engagement and productivity, they should not overlook reviewing their training and development plans.

“The planned increases highlight the importance of attracting and retaining the best people, particularly in light of the current skills shortage. Professionals today are eager to find ways to advance their career and professional development. The most successful training and development programmes are those that are tailored to the individual and their personal career path within the business.”