Future-proofing and upskilling your employees is more important than ever before. Replacing an existing employee can cost a business between six to nine months of a regular employee’s salary, when considering the financial implications of recruitment and training expenses, on top of a yearly salary for new employees.
When solving the issue of employee turnover, putting together a comprehensive upskilling strategy is essential. The Great Resignation has shone a light on how important it is for business owners to offer training and development opportunities ensuring a skilled workforce.
If you are wondering where to begin with upskilling your employees, we’ll look at why it should be a priority for your company in 2023.
Why upskilling employees is important
The importance of upskilling employees cannot be overstated in today's fast-paced and ever-changing business environment.
Regular upskilling is particularly important in the accounting industry due to the ever-changing regulatory environment and the ongoing technological advancements. The industry is heavily regulated, and the laws and regulations are continually evolving. Therefore, keeping employees up to date with the latest regulations is crucial for compliance and avoiding costly penalties.
Technology has transformed the accounting industry considerably in recent years, with automation, data analytics, and cloud computing becoming an integral part of the profession. Employees who have developed their skills in these areas can work more effectively with these technologies, stay competitive, and improve their overall job performance. Now more than ever, chartered accountants are expected to have a thorough understanding of the latest accounting softwares, practices, laws, and regulations. Thus, upskilling your employees is essential in maintaining client satisfaction for your business, and ensuring you can provide the best service possible.
What are the benefits of upskilling your employees?
The long-term business benefits of upskilling your employees are abundant. Offering opportunities for growth will not only increase employee retention, but also produce higher quality work. There are many great resources available to employers, one of which is the ICAEW Chartered Accountant qualification (the ACA), which brings benefits to both employees and businesses. Employees can upskill their logic, problem solving, and general interpersonal skills, while furthering their career development with a highly respected and internationally recognised qualification.
It’s not just employees that can benefit from the programme, businesses that encourage their employees to pursue an ACA qualification, are equipping their staff with a toolkit for success. Employers who adopt a culture of learning are demonstrating their commitment to their employees' long-term professional development, which more often than not will yield a greater return-on-investment.
Many businesses are now shifting their recruitment efforts to focus more on hiring entry-level accounting and finance professionals, and offering a path to professional development through tailored apprenticeship programmes, such as our Level 4 Accounting Technician Apprenticeship or Level 7 Accountancy Professional Apprenticeship. We’ll make sure that your apprenticeship is delivered in a way that best suits both you and your apprentices, and ensures they have an up-to-date skillset and knowledge base, that will make them a valued asset to your company.
How does upskilling employees boost productivity and employee engagement?
Upskilling not only helps employees develop new skills but also enables you to take their existing skills to the next level, helping them strive for greatness through your investment in their future. Giving employees the opportunity to develop to the next level can be a powerful motivator that drives them to perform at their best. It demonstrates a commitment to their professional growth and development, which can improve their job satisfaction and engagement in the workplace. Employees who are given opportunities to learn and grow are more likely to be invested in the success of the business and feel a sense of loyalty to the company.
Investing in upskilling employees can create a win-win situation where your business benefits from a more skilled workforce and higher retention rates, while employees benefit from increased job satisfaction, career development and progression opportunities.
How can employers create an upskilling culture?
To create an upskilling culture, employers must prioritise employee development and make it a core part of their company culture. This can be done by providing regular training and development opportunities, promoting a growth mindset, and recognising and rewarding employees who pursue further education and training.
Empowering your business with an ACA qualification, can help your employees to develop a wide range of skills and knowledge, from financial management to business strategy and accountancy risk management. Providing your employees with a tailored route to achieve a full ACA qualification can enhance the reputation and competitiveness of your business, which may be a key component in attracting new clients and opportunities in the future.
By promoting the pursuit of further education and training in your workforce, you’ll be creating a culture of continuous learning and growth, which can lead to increased innovation, productivity, and engagement for employees at all levels of your business.
Knowing when to offer upskilling opportunities to your employees
Before you consider upskilling your employees, it's important to assess the current skills and knowledge of your workforce and identify any gaps that need to be filled. Some examples of specific skills that could be useful to upskill employees in the accounting sector include financial modelling, data analysis, and communication skills. Financial modelling involves using spreadsheets and other software to create financial models that can help businesses forecast future performance and make informed decisions. Data analysis skills are becoming increasingly valued attributes in the accounting sector, as businesses collect and analyse large amounts of data to gain insights and inform strategic decision-making.
Communication skills are also essential for accountants, who need to be able to communicate financial information and insights to clients and stakeholders in a clear and understandable way. By upskilling employees in these areas and others that are relevant to the business, employers can create a more knowledgeable and capable workforce that is better equipped to tackle complex challenges and drive innovation for the business.
Once you have identified the areas that need improvement, you can create a training plan that is tailored to the needs of your employees. ICAEW provides a range of training and development opportunities to help employers upskill their workforce including the ACA qualification and a range of CPD courses covering technical and soft skills.
Our tailored training programmes help employees develop their careers and stay up-to-date with the latest developments in the industry, which can lead to employee productivity boosts and improved business performance.
Upskill your employees with ICAEW
The fast-paced nature of the 2023 workforce requires businesses to keep up with the latest developments in the industry, and upskilling is the key to staying ahead. While there are many ways to upskill employees, the ACA training offered by ICAEW is a comprehensive programme that covers both technical and soft skills, preparing employees for the challenges of the accounting sector. By investing in employees' development, businesses can improve retention rates and build a more engaged and committed workforce. Furthermore, upskilling employees can boost productivity and drive growth, leading to increased revenue and a future ready workforce. With the support of ICAEW, your business can create a culture of continuous learning and improvement that ensures you stay competitive in the marketplace and succeed in the years to come.