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Quantity of Instructional Days to Allocate for Employees: Monthly Measurement Standard

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Embracing Lifelong Learning in Finance Teams

Quantity of Instructional Days to Allocate for Employees: Monthly Measurement Standard

Let's bust the myth that employees no longer need training once settled into their roles. Top-tier organizations know that continuous learning is crucial for finance professionals. Viewing employee growth as an ongoing investment, rather than a one-time cost, separates those at the top from the rest.

Start by benchmarking the number of learning days per employee per year. APQC's research encompasses all formal learning and professional development activities, such as training, conferences, classes, and certifications. It includes employees at all levels, from seniors to front-line workers. Statistics indicate organizations at the 25th percentile provide four learning days or fewer, while the 75th percentile offers seven days or more.

Nurturing Future-Proof Finance Talent

Fostering a learning mindset across the organization is vital for meeting today's demands and preparing for future challenges. As technology advances, skills like robotic process automation and artificial intelligence could become essential competencies.

Forward-thinking organizations endorse citizen development, enabling non-IT employees to build AI and automation applications. The collective impact of these minor improvements contributes significantly to enterprise value, streamlining processes and ensuring scalability.

Dedicated learning time is essential for cultivating a pipeline of future finance leaders with essential soft skills like communication, problem-solving, negotiation, and critical thinking. Top organizations do not limit training to an exclusive few but make it accessible to everyone aspiring for leadership roles, boosting engagement and employee satisfaction.

Formal learning is essential for meeting immediate needs, such as maintaining current certifications and skills. For instance, maintaining a CPA certificate in Texas necessitates 120 hours of continuing professional education every three years, equivalent to about 15 days of formal learning or about five days annually. Unfortunately, many organizations only provide the bare minimum learning days, with those at the 25th percentile coming up short by a day or more.

Best Practices for Learning Management

APQC's research has uncovered several effective practices employed by organizations excelling in formal learning and development programs:

  1. Lead from the top: Back your learning initiatives with executive support, resources, and championing for growth in your finance team.
  2. Leverage internal experts: Harness the expertise of your colleagues for a more personalized learning experience that aligns with your organization's culture and priorities.
  3. Technology matters: Utilize learning portals and management systems to empower employees to control their learning paths and access resources at their own pace.
  4. Align learning goals: Ensure your learning and performance development plans align with your organization's strategy and objectives.
  5. Partner up: Collaborate with HR and learning & development teams to identify the skills your finance team needs and the resources required to meet them.
  6. Get creative: Don't limit yourself to formal learning opportunities. Incorporate a mix of in-person and online classes, job rotations, and hands-on learning experiences.
  7. Set up success: Provide transitional training, mentoring, and learning opportunities to help employees excel in new roles.

Learning Boosts Retention

Employees seek compensation, but they also value opportunities for personal and professional growth. The desire for better learning opportunities is a major factor driving employees to leave their positions. Providing learning opportunities helps increase employee satisfaction and makes finance talent more likely to stay with you as they see a place to grow and hone their skills.

Perry D. Wiggins, CPA, serves as APQC's website, secretary, and treasurer. APQC is a nonprofit benchmarking and best practices research organization based in Houston, Texas.

  1. Embracing the concept of lifelong learning is essential for finance professionals to maintain personal and career growth, as top-tier organizations recognize the continuous investment in employee learning as crucial for success.
  2. Balancing formal learning activities, like training and certifications, with hands-on learning experiences, such as job rotations and project assignments, can prove beneficial in fostering future-proof finance talent.
  3. Leveraging internal expertise, technology, and collaboration with HR and learning & development teams can help organizations build effective formal learning and development programs that align with their strategic objectives.
  4. To meet the demands of today and prepare for future challenges, finance teams should incorporate a variety of learning opportunities, including in-person and online classes, and focus on developing essential soft skills, like communication, problem-solving, negotiation, and critical thinking.

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