If businesses are about people, as is often said, then why is investment in staff development dropping? The amount UK employers spend on training their workers has fallen by almost a fifth over the past decade, according to research from the New Economics Foundation.
Economic uncertainty, political instability and a focus on short-term profits are the most obvious headwinds for long-term learning and development (L&D) initiatives. Yet the L&D benefits are perhaps more important than ever: increased productivity, happier employees and a better-skilled workforce capable of tapping into new technologies.
‘Generation Z employees value training more than other generations’
The L&D love
A Workforce of the Future study by global HR law firm lus Laboris states: ‘The evidence that Generation Z employees value feedback and training and development more than other generations indicates an appetite to develop, which should be welcomed by organisations that need to train and develop workers for a technology-enabled world of work where new skills will be in high demand.’
Lorraine Twist, a director at Hays UK, says: ‘The absence of adequate training and professional development is undoubtedly a factor behind the skills crisis.’
Hays research has identified a lack of career progression (50%), career development opportunities (44%), long-term prospects (41%) and upskilling possibilities (29%) as the main reasons why finance professionals feel dissatisfied in their current role, aside from salary concerns.
L&D should be considered the bedrock of employee (and so business) performance, says Nicole Gorton, a director at Robert Half in Asia Pacific. ‘Organisations that lack L&D programmes do themselves a disservice. Jobseekers value knowing they will continue to progress when joining a business, while a big part of why workers stay with a business is that they feel they can progress and grow their skills.’
‘Experimentation is important in this fast-paced digital world’
Fun factor
Nasheeda CC FCCA, founder of UAE-based professional services firm Nishe, agrees. ‘Our business is about people delivering services to clients; therefore, L&D truly matters to us,’ she says. ‘It’s about ensuring that people continuously grow and enjoy delivering the firm’s services with competence and confidence, that services continuously evolve and improve, and that clients get consistent quality and enjoy working with the firm. When all these elements work well, we have a happy business and we grow profitably.’
The L&D approach at Nishe currently focuses on both hard and soft skills via coaching and on-the-job learning, with exposure to multiple scenarios and clients. Nasheeda finds value in fun challenges and competitions to focus minds on important attributes and behaviours. ‘When creatively designed, these can focus on multiple skills, but at the same time bring a lot of fun to the workplace,’ she says.
Her approach is backed up by Workforce of the Future research, which found that gamification platforms for learning and career development and digital wellness and wellbeing programmes ‘will all be highly appreciated’ by younger employees.
‘Gone are the days when someone says they’re too busy for training’
Certainly L&D at Nishe is proving its worth – the firm has recently made the Best Places to Work in the UAE list. ‘There is a sense of experimentation alive in the firm and there is constant tinkering with everything as we grow. Everyone understands and accepts the importance of this, especially in this extremely competitive, fast-paced digital world.’
African models
At medical diagnostics business Synlab Nigeria, maintaining a high level of L&D on the science side is clearly essential, but CFO Oyinda Akanbi FCCA has also been fostering a learning culture in her finance team. ‘Candidates ask at interview about our L&D programmes, if they’d be eligible, and the kind of appraisals they can expect,’ she says. ‘I feel it’s a major deciding factor for them.
‘Employees really want professional development. Gone are the days when someone says they’re too busy for training. They’re always happy to do it, which is a win-win: they get to develop and we get the expertise and fresh perspectives.’
Akanbi favours a mix of training, often working with local business schools to provide courses. She is a big fan of classroom-based learning, which currently accounts for 80% of Synlab training, for its higher engagement levels.
At non-profit Inkomoko, head of talent development Lucy Njoroge views L&D as one of working life’s essentials. ‘Just as individuals strive for self-actualisation, so do organisations,’ she says. ‘More than meeting the basic requirements of their roles, we want to equip employees to lead, innovate and adapt to the ever-changing business environment. That’s how we create lasting impact.’
Just 32% of finance employers currently offer AI training
Operating across Eastern and Central Africa, helping thousands of micro-businesses and SMEs gain access to finance, Inkomoko has adopted a 70:20:10 learning model: 70% on-the-job experiential learning through exposure and practising, 20% other learning forms such as coaching and mentoring, and 10% formal means such as structured courses and programmes.
The big AI beast
Looking ahead, the growing presence of AI calls for a commensurate level of training, which is currently lacking, Twist says, with just 32% of finance employers currently offering AI training.
Gorton points out that in Hong Kong and Singapore, 95% and 94% of workers respectively say learning and enhancing AI skills related to their role is necessary for future career success. Workers feel very similarly in Australia, where 98% of businesses are updating their L&D programmes to offer training on the use of generative AI.
‘In order to attract and retain talent today, employers can’t afford to neglect the importance of L&D and clear career progression pathways,’ Twist says. ‘It’s certainly a green flag when organisations are transparent about the career progression opportunities up for grabs and exactly how staff can go about taking advantage of them.’
More information
Take a look at ACCA Careers advice and ACCA Career Navigator
Read ACCA’s Global talent trends 2024 report
