Whether it’s due to a lack of talent on the market or the need to keep your team small, internal training and development is the key to long-term success.
If you want to grow your team internally and increase staff retention rates, you should focus on offering learning and development opportunities for employees. Time and resources need to be dedicated to upskilling and training to ensure your employees are keeping up with the demands of the job, are able to progress, can move up to the next level, and feel they are being invested in.
In this blog post, we’ll be exploring reasons why training is crucial for the future of your FinTech company.
Tech is Constantly Evolving
FinTech jobs and their roles are never set in stone. The tech industry is constantly evolving and with it, FinTech professionals in all sectors of the business need to progress to keep up. Simply look at the past five years and how the jobs in the industry have changed and you’ll see how quickly the requirements in tech move on.
Staff training and development is vital in this digital age if you want to keep up with the times. Your team members should be given the resources they need to upskill themselves on a continuous basis.
The challenges of training and development in an organisation include finding the time and resources to allocate to employees. However, not offering training and development can negatively impact your future as a FinTech company. It’s important to stay ahead of current trends in order to succeed.
Learning and Development Training is Crucial for Staff Retention
Locating talent in the tech industry at present is a big challenge. If you want to retain your talent, an impactful way to do this is to ensure your current employees feel as though you are invested in their growth. Training and development is a huge investment that will be greatly appreciated.
Some may feel that training employees gives them further skills to offer a competitor when they leave. This is a harmful perspective to have as it limits your employees, which will leave them feeling unfulfilled and stagnant in their careers.
Retaining skilled employees is easier when they find their position at your company valuable to their career as a whole. They’ll be more loyal and less likely to look elsewhere if they find the work and training they are doing to be helpful and engaging.
You’re Investing in the Leadership of Tomorrow
When management and leadership positions open up, you should be able to look within your team to locate the talent for that role. If you’re constantly having to recruit from outside the business to fill certain roles, you’re not doing enough to develop your team members.
Investing in staff training and development is a great way to ensure that your current team members are in a position to be promoted when the time comes. Companies that have long-term employees ensure their staff members have the opportunity to grow within the business.
Recruiting from within the company has many benefits. The employee knows your culture, they are comfortable with all the software and processes, and they are respected and valued by their peers. They’ve already established themselves in your business, which saves you time and money in the long run.
Continuous Employee Training and Development is a Draw for Talent
If you invest in your employees and their future in the industry, it becomes part of your employer branding. Your team members will be open about the opportunities they’ve received on social platforms and at networking events. Your potential talent network will see this investment and be more likely to apply for open roles at your company.
Talent wants to be nurtured – that’s the truth of the matter. If you’re willing to put time and resources into developing your employees, you’ll find it easier to attract talent to your organisation.
If you’ve found this blog post helpful and want to find out more about attracting and retaining talent, attend our upcoming event: Keep Up: The Key to FinTech Talent Attraction and Retention. Sign up now to secure your spot.