Staff Development Ideas for the Finance Industry

Posted: Aug 28 2020

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Humans have a natural desire to learn and to better themselves, feeding their curiosity to find out new things and expand their knowledge. Those that work in the finance industry are no different, which is why, as someone responsible for the professional development of your team, you should ensure that your members of staff are provided with those opportunities.

When it comes to finance staff development, the goal is simple – to give each member of your team the best chance to better themselves on both a professional and personal level. Whether they desire to climb the ladder in the finance sector or branch out into different areas, your company should do everything it can to retain the most talented and ambitious of those employees.

Job Rotation

To encourage your members of staff to pick up and develop new skills, as well as a better understanding of the roles their colleagues play, job rotation is an option to consider. While this may not suit every company, and may not be applicable to smaller businesses where members of staff don many hats, this approach can help to keep your staff feeling challenged and motivated.

While some roles undoubtedly have interchangeable skills, others will have unique demands that can help the employee to add another string to their bow. Further down the line, this experience will be invaluable should they decide to move into a managerial position. Promoting from within, rather than hiring from outside the company, should always be encouraged and the rotation of roles and responsibilities lays the foundations for a future leader to step forward with a clear idea of the demands of the job.

Encouragement to Gain Professional Qualifications

Whether this may be providing access to short one-off courses or continuing professional development (CPD) courses, employees should always be encouraged to gain relevant professional qualifications. Not only does this build confidence for your members of staff to take on extra responsibility, but it adds value to the company.

As far as the benefit of finance staff development is concerned, courses and qualifications concerning day-to-day operational tasks (such as the making and recording of payments, banking income, processing the Month End), the operation of petty cash accounts, insurance returns and the setting up and monitoring of a budget are valuable. While the employee should always be encouraged to seek out development courses for themselves, the manager is responsible for ensuring their members of staff receive the relevant training for their role and responsibility.

Attending Seminars and Programs

There is no better way to learn than by learning directly from those in the industry. While some employees may see the attendance of seminar and networking events as an unnecessary interference, others see these as invaluable opportunities to learn. Quite simply, the attendance of seminars and programs should be for those of whom are genuinely interested in going, otherwise, there is a strong chance that this will be a wasted spot. If an employee displays an unwillingness to develop their skills, this is a clear sign that they probably should not be considered for future opportunities.

Those that do wish to develop and better themselves will take a great deal from listening and connecting with other professionals in the finance industry. Here, they can make notes from respected leaders in the field, discuss new concepts and report back to the company with fresh ideas.

Reimburse Membership/Subscription Costs

To encourage your employees to sign up to any subscriptions and/or memberships that will prove useful to their profession, consider offering a full or partial reimbursement of the costs. Often, new starters aren’t aware of what is available to them, so offering this at the start of their employment could help to increase staff retention.

If you already have staff that are paying for any memberships or subscriptions, this offer will certainly be greatly appreciated by them and give them further reason to stay and develop with the company.

Develop Leadership

As with any department, you need to have one eye on the future. While your managerial staff are great today, there are no guarantees about tomorrow. Eventually, your senior staff will depart the company, leaving junior staff to be promoted into those positions – which is why relevant training and opportunities should be afforded to prepare them for when this time comes.

At Team Challenge Company, we offer a range of team building events that are designed to unearth the leaders within your team, helping to develop and refine leadership qualities as well as the overall strength of the unit. Our events can be tailored to suit all sectors, meaning that we can offer a flexible approach with finance staff development in mind.

Cross-Training

The reality is that no employee wants to remain in the same role for years and years. They want to spread their wings and take on new roles and responsibilities. As an employer, you should encourage your staff not to remain in their comfort zone as this is when employees begin to stagnate.

Training your staff not just for the roles they have presently, but for the responsibilities they hope to have one day, will help to push them to achieve their personal goals. With the skills applicable to positions higher up the corporate ladder, this can also give them the confidence they need to pursue those opportunities.

If you would like some more information on how to develop the skills of your finance staff and how team building events hosted by Team Challenge Company can help, please get in touch with a member of our team today.

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