Millennials represent 50% of the workforce. Overlay that with the predicted skills shortage in the fintech space, and it’s clear that as an industry, we need to appeal to this generation.
In an ever more competitive global landscape, how attractive our sector is for millennial innovators and entrepreneurs will be central to the future success of fintech services.
So how do we attract them?
Gallup recently produced a report on how millennials like to work and live.
One area that came out of this study was really interesting and vital for employers to understand. Millennials want coaches, not bosses. They care about having managers who will develop them, and who value them as people and employees. And millennials want to understand and build on their strengths rather than address their weaknesses. Weaknesses never develop into strengths, but strengths continue to develop.
These observations bring us to one of the central aspects of job satisfaction for this demographic; that element that 87% of millennials consider essential – upskilling, or the process of continually upgrading your employees’ current skill sets to support changes to the organisation’s needs.
You need to act now
The fintech sector is in a state of flux. New technologies such as machine learning, AI, robotic process automation and IoT are growing fast, and are changing the ways in which repetitive processes are being delivered.
To flourish, fintech companies must examine how they equip their staff with the skills to be able to build and deliver innovative solutions that lead the market to their client base. By embracing an upskilling culture, you’ll enable your teams to be responsive and adaptable and to rapidly gain the new technical knowledge that is so quickly becoming essential. You’ll not only ensure that you can meet the changing demands of the industry, but will be supporting your employees in developing their careers, by giving them the skills they need to keep ahead of the crowd.
What practical steps can I take?
Organisations that successfully embrace upskilling place it at the heart of their employment policies. If it’s an area you are looking to enhance, here are some steps you can take that will bring you closer to that ideal.
- Audit your current learning strategy – where are the gaps and the weaknesses?
- Identify what skills your organisation is lacking for future growth
- Talk to your team to see which skills each person would be interested in developing
- Create skills ‘champions’ – experts that others can ask advice of
- Create a library of resources that are easily accessible
- Make development a priority and allow employees time in their working day to learn
- Try out different learning methods to find out which ones work best for your team
- Promote knowledge sharing as a culture within your company
- Reward your employees for learning new skills
- Measure the results and adapt where necessary
There are some clear benefits
When you develop your existing employees rather than recruit new ones, there are clearly savings in both time and money. Take the recruitment route, and you’ll be very lucky to find someone who is 100% fit for the role. But when you upskill, you can train for the specific skills you need.
And upskilling can help to create a more efficient team. By going through a process of pinpointing the skills gaps of individuals, you can raise everyone’s game, whether they have been with you for years or are relative newcomers. It can not only help to address disparate training needs within the mix of your team and bring everyone up to a higher bar, but it’s a chance to make it work smarter by fine-tuning every member.
With an increase in remote working, employees can work – and train – from anywhere. Your team may be dispersed but integrating online training into your upskilling strategy lets you deliver a unified training approach to both office-based and remote employees. This can result in a more cohesive group and enhanced collaboration.
And let’s not forget how crucial it is to the sector who will soon be the majority of the workforce. Providing learning opportunities is a great way to retain top talent and future proof your team. It helps to counter the job-hopping mindset of millennials that stems from the desire for continuous learning and engagement.
From an employee point of view, find an employer who believes in upskilling, and you may well unearth talents and areas that you excel in, leading to new career turns and opportunities. It also helps to protect your future. When chances for promotion arise, if you’re known for your willingness to learn and take on new responsibilities, you’ll be ahead of the pack. And when you do move on, you’ll be more attractive to potential employers.
So is upskilling important?
100%. It’s an essential element of the future of the fintech workspace – not just for millennial employment, but for the growth and success of the companies that employ them.
Do you have an upskilling culture in your organisation? What challenges have you found, and how have you overcome them? And what success have you achieved in using it as a tool for future growth? We’d love to hear your thoughts.