Skills top prioritisation for risk professionals in 2023
Most of us will look at the new year as hopeful, a chance to get our personal lives in order and introduce new, more positive habits into our day-to-day lives. Whether you plan to exercise more, introduce a new healthy diet, or finally pick up that hobby you’ve been thinking about, all these things are part of a regular health check we take for our personal life, but what about our professional lives?
The past three years have shown us nothing is certain - when it comes to our careers. Routines, workplaces, and structures can change in an instant, and a health check on your professional career is always something to consider.
In a recent IRM poll, 55% of risk professionals will prioritise developing new skills in the new year. 18% intend to change jobs/careers, 16% will seek a pay rise whilst the remaining 10% are aiming for a promotion.
Despite salaries not going up in line with inflation, many are focusing their time on improving their skills to bolster their future during this period of uncertainty, and it’s not just employees working towards this goal. As the threat of ‘The Great Resignation’ still looms over many businesses, employers know that they are now fighting a ‘war for talent’ and focusing on retaining their current employees however they can, taking note that it is not the time to cut training and professional budgets but rather to invest in developing them and their existing staff.
This was further evidenced by a UK survey of 2,000 people, commissioned by Resource Solutions, which found 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 by offering alternative incentives such as training, flexible hours, and remote working.
Investing in employee development can be beneficial for your business if done correctly. By choosing to upskill your staff, you can help both your business and your employees in multiple ways, allowing them to learn a new technical skill, master an existing skill, and expand their knowledge.
There are various ways by which upskilling can be done inside your company, you just need to figure out your aims and what resources are available to you:
Upskilling on a budget
For some employers, the cost is a major factor - but that shouldn’t deter you from putting the focus on your staff, you can pair up junior and senior employees, with the senior ones acting as mentors and teaching junior staff new skills.
Improving employee efficiency
Identify the risks that may be hurting your business and teach your employees new technical skills to fill the gaps. By doing so, your employees will be able to spot strategic opportunities which your organisation can leverage. You can make your employees more productive by being equipped with knowledge of the latest development in the market.
The outcome will help parry the risks and allow your employees to improve their existing skills in a familiar environment.
Introducing new tech
In this fast-paced digital world we’re now working in, 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.
Businesses that use the latest technologies are more likely to outperform their competitors since the latest technologies provide a competitive benefit.
Invest to reduce turnover rate
When you invest in employee development, you make them feel valued, and they feel more satisfied with their jobs. This results in fewer employees leaving your company, and the number can reduce further if both you and the employees are on the same terms before the development programs.
How can IRM support in employee development?
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, which define the knowledge, skills and behaviours today's risk professionals need to meet, we have the ability to make an employee an asset to your organisation in the face of an increasingly complex and challenging business environment.