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Peer2Peer Finance News | August 18, 2019

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Financial firms to spend more on staff training

Financial firms to spend more on staff training
  • On October 27, 2016

THE FINANCIAL services sector is planning to ramp up investment in professional development after cutting budgets during the economic downturn, new research has found.

39 per cent of financial executives said they will spend more money on training their staff in the year ahead, according to the study from Robert Half Financial Services.

The specialist recruiter interviewed 100 UK senior financial services executives, including those from fintech companies and start-ups. The survey found that companies plan to increase their investment in training and development by a fifth on average over the next 12 months.

The executives’ responses show an optimistic outlook to business investment in the wake of the Brexit vote. With the implementation of Article 50 looming by March, it will be of interest to see whether this prognosis materialises.

“The success of any business depends on its people,” said Luke Davis, vice-president at Robert Half Financial Services.

“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.”

According to the survey, certification courses (49 per cent of respondents) and mentoring (48 per cent) offer the greatest career development opportunities for financial services professionals, followed by on-the-job training (39 per cent) and tertiary & post graduate education (34 per cent).