Number of Learning Days for Workers: Monthly Performance Indicator
Organizational complacency in employee development can be a detrimental mindset, especially in finance sectors. Once employees have surpassed their initial training periods, many organizations assume further learning and training are no longer necessary. However, leading organizations understand that learning is a continuous process and consider employee growth an ongoing investment rather than a one-time cost.
To gauge your organization's commitment to employee development, it's helpful to benchmark the number of learning days allotted per employee each year. APQC's cross-industry data considers all formal learning and professional development time, such as training, attending conferences, taking classes, or obtaining certification. The data also includes learning opportunities for employees at all levels, from senior management to operational workers.
Based on responses from over 4,500 organizations, APQC finds that the 25th percentile provides four or fewer learning days per employee. On the other hand, organizations in the 75th percentile offer seven days or more of learning opportunities.
Developing future-ready finance talent necessitates a focus on learning at all levels. The technical skills required to leverage robotic process automation and artificial intelligence may be valuable today, but they could become essential competencies in the near future. To foster such skills, some organizations train employees for "citizen development." This approach empowers non-IT employees with the tools and skills to create automation and AI applications. The contributions of each employee may be small, but collectively, they drive enterprise value by making tasks more efficient and scalable.
In addition, allocating dedicated learning time is crucial for building a pipeline of future finance leaders. Leading organizations offer a wide range of learning opportunities to develop interpersonal skills like communication, problem-solving, negotiation, and critical thinking. They don't restrict these opportunities to a select few, but make them available to anyone interested in leadership positions. This can help employees begin mapping out their career paths, boosting engagement and employee satisfaction.
Formal learning also addresses an organization's near-term needs, such as maintaining current skills, qualifications, and certifications. In Texas, for example, individuals need to complete 120 hours of continuing professional education (CPE) every three years to maintain a CPA certificate. That's approximately 15 days of formal learning or about five days a year. Organizations that are median or lower in dedicated learning days might only provide the minimum number required for CPE.
Leading practices in managing formal learning and development programs involve acting as an executive champion, leveraging in-house expertise, utilizing technology, aligning learning opportunities with organizational goals, partnering with human resources or learning and development functions, and offering a mix of formal and informal learning opportunities. Transitional training, mentoring, and learning opportunities are essential to prepare employees for success in new roles.
Employees increasingly value learning opportunities, and the pursuit of better development opportunities is a leading reason why people leave their jobs. Offering growth opportunities can enhance satisfaction, making finance talent more likely to stay with your organization.
Perry D. Wiggins, CPA, serves as secretary, treasure, and website manager for APQC, a nonprofit benchmarking and best practices research organization based in Houston, Texas.
- Leading organizations acknowledge that learning is a continuous process and view employee growth as an ongoing investment, not just a one-time cost.
- To assess an organization's dedication to employee development, benchmarking the number of learning days allotted per employee annually can be helpful.
- Developing future-ready finance talent relies on learning at all levels, including technical skills like leveraging robotic process automation and artificial intelligence.
- Organizations that prioritize learning and development can retain finance talent, as employees often value learning opportunities and may leave a job due to a lack of growth prospects.
