You may have heard the phrase “learning is a lifelong pursuit”. Certainly – to be human is to learn things every day. But to be successful in a rapidly evolving world like accounting, we’d suggest altering the thought, if only slightly. Rather we say that learning is a lifelong obligation, and with the rise of new technologies, theories, and values, we aren’t the only ones.
In this blog, we explore some of the challenges around hiring and retaining talent, and the role Professional Development Plans (PDPs) can play in helping your firm to stay ahead of the upskilling curve.
The challenge of attrition
Firms are changing at an alarming rate. Following the peak of the global pandemic, employees have re-evaluated what they want out of a job or career and, as a result, attrition is at an all-time high. We know that over 70% of high-retention-risk employees will leave their current jobs to further their careers. This phenomenon has been called The Great Resignation.
The challenge has only been aggravated by the pace of technological progress. As the pandemic accelerated the development and uptake of remote technology, it has meant that old thinking is now seldom relevant. We need to adapt to a more modern paradigm.
The challenge of lifelong learning
The implications of the Great Resignation, automation and other phenomena are not any stranger to the industry today than Excel or remote working were only a few years before. Adaptation is essential and we know that the best way to do this is through lifelong learning.
Broadly speaking, lifelong learning is a process of continuous self-improvement and education along the various steps of your career, or the life span of your business. Embarking on new courses helps to upskill owners and team members in order to adopt new technologies and embrace the changing business landscape with confidence. And it’s a great way to encourage employees to stay.
“Learning and development is fast becoming the number one reason candidates join organizations. An investment in your team’s learning increases growth and retention. It also attracts those who will make a positive impact on the organisation,” says Ab2 Institute of Accounting Executive General Manager Sarah Stone.
Learning versus leaving
We know that companies with strong learning cultures experience a 30-50% increase in team retention. The reason for this is necessity. According to the Pew Research Center, 87% of those in the workforce agree that “it will be essential for them to get training and develop new job skills throughout their work life in order to keep up with changes in the workplace”.
Today’s employees understand that training isn’t just about success – it’s about survival. If they aren’t getting any, they’re likely to leave. That’s why giving employees the tools to broaden their skills is, counterintuitively, one of your best ways to make them stay.
Meet the challenge with Professional Development Plans
The question then is, how can you be sure that you’re giving your team members – or indeed yourself – the right skills to match your situation? And even if you did know, how would it be possible to upskill while balancing the obligations of running or working in a firm?
Ab2 Institute of Accounting has launched a comprehensive, flexible, and exclusive suite of Professional Development Plans (PDP) to give your team the training they need without cutting into work time or your bottom line.
What are PDPs?
PDPs have been created to unlock your team’s very best abilities. They are tailored training programs that hone the key competencies of accountants, bookkeepers, managers, owners, and many other roles, utilising these four pillars:
- Leadership training
- Technical qualifications
- Success skills
- Compliance courses
- CPD offering
Designed for professionals already working in the industry, or considering changing roles, our PDPs can be completed in relatively short periods, remotely, and using the guidance of our on-site industry experts.
Tailored for your accounting business
At Ab2 Institute of Accounting, we’re committed to the idea of constant self-improvement, but through the lens of individual purpose and applicability. We offer full 360-degree tailoring to PDPs for firm owners.
“Our PDPs are developed by accountants, bookkeepers and Practice Managers who know what exceptional performance looks like and what training content is required to take the firm to the next level of capability,” Sarah adds.
Our goal is to fit continuous learning to your firm’s needs by understanding your story and consulting one-on-one with your team members in need of new training.
One of our clients shares what she loves about the PDPs. Michelle Beadle of BJT Business Advisors says, “The courses have been extremely helpful for my team, but the great thing is the follow-on support. Each month, I get progress reports on what the team have been working on. This allows me to follow up with the team to see if they need anything extra to complete their courses”.
Explore in greater detail how our PDP offering can equip your team members. Once you’re done, arrange a commitment-free call with a member of the Ab2 team to discuss your firm’s needs and where we can help.