By Daniel Mason, VP EMEA at Visier
The success of any industry relies on a multitude of factors. But one which often takes the limelight is the need for talent with a specialist set of skills that enable a business to flourish. As a result, plugging the skills gap is at the front of mind for many business leaders as we enter 2022. From the recent news on staff shortages in nursing, to a dramatic lack of lorry drivers, all industries are being forced out of necessity to take on new measures to overcome the lack of skills.
The financial services sector is also feeling the strain of the skills gap, uncovered by our own research. More than half of employees said they are worried that their career will stall if they do not develop more skills, causing complications for job retention and employee satisfaction. In turn, this insecurity about skills is translating into an existential threat to the business itself. Less than six in ten workers reported feeling confident that their employer is bringing in the right people to keep pace with clients’ expectations for digital services.
However, employers need insight to be able to address the impact of the growing skills gap in the sector. One of the ways they can do this is by embracing people analytics tools to better understand where the skills gaps might exist, and the detrimental impacts that these will present over the coming years. In doing so, organisations have the opportunity to implement pre-emptive measures that can reduce churn, boost competitiveness, and lead to better quality financial services delivery.
Despite the worrying figures, the financial services sector as a whole is moving in the right direction. For example, our journey towards a more cashless society has accelerated, as contactless and online payments soar in reaction to the transmission risks associated with cash handling. And what we don’t see, is the skills training behind the scenes required to make this possible.
Dynamic shifts like this highlight a level of determination from the financial services sector to reskill employees to ensure that they are armed with the tools and training needed to tackle skills-related challenges in the new year..
Adopting microlearning into your workforce
There are many lessons other industries can take from financial services and its approach to skills training and development.
One trend is the adoption of microlearning. Centred around embracing strategic, bite-sized learning to reskill teams and managers on the job, it offers a contemporary alternative to corporate skills programmes that were defined by traditional classroom settings and off-site training.
With in-the-moment learning, employees can develop skills at their own pace by accessing content through their desktop or mobile devices. This can cover everything from technical skills for coders to soft skills for managers leading their teams through the uncertainty caused by the pandemic.
What financial services firms have done well is advance microlearning from an ad hoc process to an institutionalised norm set within wider strategic plans based around identifying gaps in knowledge.
How to boost skills development in 2022
So, how can firms from other sectors start to embrace microlearning and ensure their approach to reskilling and upskilling is successful?
As a starting point, data should underpin any strategy. Before setting out on building your skills strategy for 2022, data should be obtained on which tasks are best suited for automation, business direction, the skills to get there and the intermediate roles that people should consider to help achieve their goals. Furthermore, data-driven coaching represents one way of closing skills gaps. This involves leveraging career pathing data which shows how employees can transition from one role to the next. Opportunity marketplaces, for example, have emerged during the pandemic as a way to promote workforce agility by moving people to where they are needed most, thus enabling employees to learn through new on the job experiences.
It is also important to appreciate that a series of micro-changes can combine to become greater than the sum of their parts. Once again, data will help demonstrate this. With a unified analytics platform that connects learning, employees, and business data, business leaders can instantly see the impact of learning activities on key business metrics such as productivity and even absenteeism.
But, we must not forget soft skills either. Despite the natural inclination to believe that tech skills are predominantly what is needed in today’s modern digital society, the reality is that soft skills are more important than ever, especially for managers. According to a study of US companies, the skills most needed in a post-pandemic world are innately human. These include agility and flexibility, teamwork and collaboration, and global and strategic thinking.
Although such skills shortages are not a new issue, the urgency for closing the skills gap is obvious as it continues to impact employees and employers in financial services equally. Financial services companies must recognise that whilst they can lean on technology to bridge this gap as traditional methods continue to become outdated, leaders will also need to build effective microskilling roadmaps that are flexible and agile to unlock the full potential of their workforce.