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18 May 2022 / Guides

Learning at Work Week: Why more businesses should realise the importance of developing talent from within

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In today's business landscape, rising costs and competitive challenges demand attention. Firms should prioritise upskilling staff and employee satisfaction to stay ahead.

This Learning at Work Week, Chief Executive Officer at Time Finance, Ed Rimmer, shares how businesses benefit from a long-term strategy centred around employee training investment. He highlights the value of developing talent from within.

Why do you think creating learning opportunities for employees from within can play such a crucial role in supporting a business’ success? 

At the heart of every thriving business is its staff—dedicated individuals who keep operations running smoothly. However, as businesses push forward with growth plans, they often unknowingly neglect team development. Admittedly, businesses have many plates to spin. However, by prioritising employee training investment, wellbeing, and learning, they can tackle industry challenges more effectively as they adapt and evolve.

When an industry is flipped on its head, as many experienced during the pandemic, agile thinking becomes essential. This is where new skills play a vital role. Businesses can pay recruitment fees to fill their skills gap with new talent. However, a better approach is developing teams from within. This not only bridges the skills gap but also creates progression opportunities and boosts job satisfaction for existing employees.

It’s a no-brainer for businesses of all sizes to offer ongoing learning opportunities and career advancements for employees. This approach saves money on recruitment fees and training costs. Additionally, retaining staff leads to a deeper understanding of the business. In this environment, firms can truly flourish while also reducing time and effort spent on hiring and onboarding.

In which ways do you believe businesses most benefit from investing in training and employment schemes? 

It goes without saying that when a company invests in training and employment, it's with team development in mind. That said, there are countless benefits to a company’s development that come alongside this. 

Employee training investment boosts a company’s reputation, improves staff retention, and enhances employee performance. It also helps train future leaders and fosters loyalty. By making gradual investments in development, businesses can build strong, cohesive teams that drive long-term success.

In your view, what are the most effective ways businesses can upskill from within and why is this valuable to overcome recruitment challenges?

Upskilling can take many forms and vary in cost for businesses. Free online training and knowledge-sharing exercises allow companies to distribute expertise at little to no expense.

In recent years, many businesses have shifted to hybrid or fully remote work, limiting communication to calls and emails. In these environments, development must remain a priority. Junior team members, in particular, benefit from direct contact with senior staff to progress and expand their skill sets.

Training managers and leaders to coach their teams leads to ongoing development. By creating new projects and opportunities, businesses can encourage continual learning. Supporting personal development helps build a culture of growth, benefiting employees, the business and professional growth overall.

If a more structured approach is needed, businesses can partner with learning providers to offer courses or even undergraduate degrees. This approach brings fresh, innovative ideas back to the business, transforming it from stagnant to thriving.

Do you think there is enough being done in the UK to encourage learning at work? 

Whilst learning at work is something all businesses should practice, it doesn't come without its cost. With the immense pressure and financial turmoil that UK SMEs are currently facing, finding the funds to cover these costs will prove challenging for most. 

With very little government support available to businesses to invest in skills, many are turning to financial specialists like Time Finance. Via our funding routes: invoice finance, asset finance, loans, vehicle finance and asset-based lending, businesses can unlock funds from within, releasing additional working capital and giving them the financial freedom to invest in its teams.

By unlocking such funds companies are able to stay on top of their game, provide a competitive edge and thrive in a business landscape that is thirsty for agile thinking and innovation from its businesses.

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