Why Continuing Professional Development is Key For Financial Services

People often see Continuing Professional Development as a way to get more from their employees. But what they often overlook is how important it is to employee retention. One study in particular found that professional development seems to be an issue dear to the heart of millennial workers specifically.

Out of all people surveyed, 90% stated that development was essential for a job, and it was found that 40% of employees who weren’t presented with opportunities for development in their organization left their position within 5 years. Not only can development increase retention and engagement, but is especially important in a field like finance where regulation and technology changes every day. Let’s take a look at a few reasons why CPD and continuing education should be key for any financial institution.

It’s a Brave New World Out There

The world of finance is going through a shift right now, and those who are stuck in their ways are bound to be left behind. We will soon see a day where all business programs will need to have some sort of IT component in it. And we could start seeing IT knowledge appearing as a requirement for even basic jobs in finance.

The only way to counteract this is to give your employees the tools needed to understand new products and technology while building on prior knowledge. They also need to brush up on things like compliance as new financial instruments with a whole different regulatory framework are being introduced.

Online CPD Benefits Investment Specialists

Some of the best finance training options today are found online, and an increasingly larger number of investment specialists are turning to online options nowadays for education. Not only that, but finance as a discipline is one that is easily adaptable to an online format. Online colleges are also seeing a surge in enrollment, and most respectable institutions offer online or hybrid options that are as extensive as their on campus offerings.

Online training and programs allow investment specialists who have limited time to gain new skills and knowledge on their time without skipping a beat. Not only that, but online CPD is much less expensive, and a worthwhile investment for any firm who wants their team to stay current and be able to advise on new instruments, such as cryptocurrency for instance, with full confidence and expertise.

CPD Attracts New Candidates

We already touched on how important professional development is for millenials, and this generation of workers will start to not only demand, but expect development opportunities from their organizations. This means you might not be able to attract top talent unless you have a solid CPD program in place. Not only will it help you attract candidates, but allow you to keep them longer as well.

Financial institutions cannot afford to neglect their employees’ development in this day and age. The field is changing by the minute, and continual professional development is essential not only for your team to be able to stay on top of the trends, but for your firm to stay relevant as well.