Continuous learning is an essential element of the Fintech industry. It is essential for all industries, and upskilling in the workplace has become a major focus around the world. The Fintech industry has long been aware of the challenges of talent shortages, skills gaps, and the need for growth-minded employees. With agility and adaptability being key characteristics across the industry, upskilling will become more prevalent. This applies to both established financial institutions and start-ups that face similar talent demands. The impact of upskilling in this sector could increase global GDP by up to $263 million, says the FinTech report. Labor Economics Forum and P.W.C..
Other reports have published similar examples. Financial Services Skills Council (FSSC) and EY EY has published a case study specific to the UK finance industry. The report highlights the urgent need for upskilling, noting that at least 16% of the workforce in this sector is in need of immediate development. The report also reveals that there is a growing demand for “highly skilled” talent: 73% of roles in the sector are now considered “highly skilled”, compared to 52% 20 years ago. EY said employers must urgently address significant “skills and capability gaps”. This gives employees a unique opportunity to take advantage of the learning and coaching that a growing number of companies have to offer.
Diverse and flexible learning
Alan Smith, Senior Enterprise Sales Director, works at Seismic and runs a number of client partnerships for sales enablement. He specializes in creating diverse and flexible learning methods that cater to people in client-facing and sales roles. He is a strong advocate of modern learning approaches, explaining that they should be interactive and similar to coaching. He is trying to create ways to make diverse, easily consumable micro-training easily accessible to everyone. Alan believes that rethinking traditional training methods is essential to effectively develop your own and your team's skills. Making it easy for people to find relevant new knowledge that they can immediately absorb and apply to their roles helps to foster a culture of active self-development. The key is that “learning needs to be more adaptable to the needs of the individual.” Traditional training often relied on a one-size-fits-all approach. It focused on a single teaching style for a large audience. According to Alan, this needs to change by incorporating a variety of methods. This includes quizzes, mentoring, coaching, assessments and continuous feedback. This engages not only on an individual level but also a wider audience. Group coaching is becoming increasingly popular, especially in areas such as digital assets and artificial intelligence. Rapid change in an already agile industry has created a culture of upskilling. Professionals recognize that continuous learning is necessary to remain competent and effective.
Continuous learning
Corporate learning has changed significantly as workplace demands have evolved. Alex Baker, CTO of Orchard Group, well understands the need to adapt to rapid technological and economic changes. Baker believes upskilling is essential for all employees. He also emphasizes the importance of offering a balanced variety of learning methods to get the best results. When discussing recent successful approaches, Baker spoke of “gamification, rankings, and competitions.” One-off training is different for companies that want to establish a consistent daily workflow. These are essential in establishing a broader culture of commitment to learning. To maintain expectations, teams must ensure effective follow-up. Organizations need to measure the impact of upskilling to continue their commitment to continuous learning. This can be done by evaluating employee performance, effectiveness, and the success of the company as a whole. Only then can companies address long-term time and cost considerations.
Safe and supported learning
Some companies underestimate the impact that an incompetent manager can have on the entire staff. Many are committed to continuous learning and believe that making mistakes is an essential part of the learning process. In theory, managers understand that mistakes allow individuals to improve and learn from their failures. In practice, companies need to create an environment that supports this. With increased customer focus and changing consumer demands, the workplace faces new pressures. It is therefore essential that employees feel safe while learning and upskilling. Successful upskilling is best achieved in a supportive environment where people can experiment and learn from their mistakes. It encourages employees to fully commit and achieve real progress.
Learning new skills often leads to a greater sense of accomplishment and confidence in one's work. As a result, they feel more prepared and are therefore more likely to volunteer for new projects or seek out opportunities. Bronwen Gray has worked in sales in financial services for over 20 years. She says that a focus on upskilling can lead to “diverse career paths and thought leaders across adjacent skill sets.” She advises leaders to encourage more people to commit to the industry for the long term. Through upskilling, people can “learn how to better position themselves for the future.” Current discussions about the future of work and generational attitudes include topics such as portfolio careers and fractional positions. LinkedIn The future of the Fintech industry depends on individuals being able to adapt and contribute in changing times. Fintech companies will need to adopt different learning strategies to stay competitive and innovative. A commitment to continuous learning will be key to future success. This will differentiate both individuals and organizations from their competitors.