IN A recent poll conducted by the Institute of Risk Management (IRM), 55% of risk professionals will prioritise developing new skills in 2023. Further, 18% of respondents intend to change jobs/careers, 16% will seek a pay rise and the remainder are aiming for a promotion.
The past three years have shown that nothing is certain when it comes to careers. Routines, workplaces and structures can change in an instant. That being so, a ‘health check’ on professional careers is always something that’s worth consideration.
Despite salaries not going up in line with inflation, many risk specialists are focusing precious time on improving their skills during this period of uncertainty. It’s not just employees working towards this goal, either.
As the threat of ‘The Great Resignation’ still looms large over many businesses, employers know that they are now fighting a ‘war for talent’ and focusing on retaining their current employees however they can, all the while taking note of the fact that now is not the time to cut training and professional budgets, but rather to invest in developing them and existing members of staff.
Indeed, this assertion was further evidenced by a UK survey of 2,000 people, commissioned by Resource Solutions, which found that 67% of workers had not seen a wage increase this year, while everyday essentials and bills have continued to soar. Businesses are aiming to counter this truism by offering alternative incentives such as training, flexible hours and remote working.
Investing in employee development can be beneficial for a given business if it’s done correctly. By choosing to upskill staff, this can help the business and its employees in multiple ways, allowing the latter to learn a new technical skill, master an existing skill and expand their knowledge.
Upskilling on a budget
For some employers, cost is a major factor, but that shouldn’t deter them from putting the focus on members of staff. They can pair up junior and senior employees, with the senior ones acting as mentors and teaching junior staff new skills.
It’s a good idea to identify the risks that may be hurting the business and teach employees new technical skills to fill the gaps. By doing so, employees will be able to spot strategic opportunities which the organisation can then leverage. Employees can be made more productive by being equipped with knowledge of the latest developments in the market. The outcome will help parry the risks and allow employees to improve their existing skills in a familiar environment.
In what’s now a fast-paced digital world, the success of a business is largely determined by the technologies used and by how quickly the workforce can acquire skills to embrace those technologies. New technologies and digital disruption are changing the risk environment and posing new ethical challenges for businesses.
It follows that those businesses employing the latest technologies are more likely to outperform their competitors since the latest technologies provide a competitive benefit.
Investing to reduce turnover
When investing in employees’ development, this makes the latter feel valued and more satisfied with their jobs. This results in fewer employees leaving the company. The number can be reduced still further if both parties are on the same terms before the development programmes are rolled out.
Qualified IRM members work in many roles, in all industries and across the public, private and not-for-profit sectors around the world. By providing globally recognised qualifications, training, published research and thought leadership, and setting professional standards for defining the knowledge, skills and behaviours that today’s risk professionals need to meet, the IRM has the ability to make an employee an asset to an organisation in the face of an increasingly complex and challenging business environment.
*Further information is available online at www.theirm.org