UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
According to recruiters, Robert Half, its annual survey of FS executives released this week shows that certification courses (49%) and mentoring (48%) offer the greatest career development opportunities for financial services professionals.
On-the-job training (39%) and tertiary & post graduate education (34%) are also popular means to advancement.
Training and development is back on the agenda for nearly four in 10 (39%) financial executives, says the survey.
Budgets for training and development came under pressure during the recent economic downturn, but they may now be on an upward curve as FS, and other firms, seek to address the productivity gap between British works and their counterparts in the European Union (EU).
The Brexit saga may also be contributing to training investment because UK firms could soon lose access to the free movement of labour which the EU provides, depending upon if a ‘hard’ or ‘soft’ Brexit is negotiated. This means UK companies will have to focus more on developing their own staff.
Commenting on the survey, Luke Davis, vice president of Robert Half FS, said: “The planned increases [in investment] highlight the importance of retaining the best people, particularly in light of the current skills shortage.”
“The success of any business depends on its people,” he continued. “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.”