# Microlearning puts reskilling in the fast lane: Key learnings from financial services
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-30
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Skills Shortages in Financial Services: A Crisis Looming
Meta Description: Learn how the financial services sector is tackling skills shortages with innovative solutions like microlearning to upskill and reskill employees for the
URL: https://financedigest.com/microlearning-puts-reskilling-in-the-fast-lane-key-learnings-from-financial-serviceshtml

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_By_ **_Daniel Mason,_** _VP EMEA at Visier_

Although skills shortages are nothing new, they continue to hamper both businesses and employees in equal measure. The statistics, at least for the moment, look ominous. According to one [survey](https://www.livemint.com/news/world/about-70-professionals-feel-skill-gaps-hampering-productivity-at-workplaces-11627738475883.html), around 70% of workers feel they do not have the skills needed to succeed in their jobs. And this is not just limited to one sector.

The financial [services sector](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…") is also facing something of a skills crisis. Our own [research](https://www.visier.com/blog/trends/new-research-reveals-financial-services-skills-crisis/) shows that more than half of employees in the industry are currently looking for jobs outside of their current company in the next year, with more than six in 10 of those people considering moving into another profession.

Indeed, the underlying reasons behind the skills crisis is more subtle, and much of it has to do with a [lack of opportunity to develop skills](https://www.financedigest.com/lack-of-collaboration-and-skills-shortage-is-limiting-organisations-ability-to-meet-ifrs-9-requirements.html "Lack of collaboration and skills shortage is limiting organisations’ ability to meet IFRS 9 requirements"). It is a problem for business leaders, with seven in 10 saying that their organisations are already [facing a skills shortage which will present challenges over the next two to three years](https://www.financedigest.com/eu-could-face-gas-shortage-next-year-iea-warns.html "EU could face gas shortage next year, IEA warns").

Despite the worrying figures, the [financial services](https://www.financedigest.com/what-can-we-learn-from-financial-services-security.html "What can we Learn from Financial Services Security?") sector as a whole is moving in the right direction.

In fact, it stands as an example of leadership best practice for [tackling an overwhelming and immediate demand for new skills](https://www.financedigest.com/tackling-the-cloud-skills-gap-in-financial-services.html "Tackling the cloud skills gap in financial services"). For instance, the dramatic [rise of ecommerce due to social distancing and physical store closures has prompted many banks to give large segments of their workforces](https://www.financedigest.com/influence-of-the-rise-of-machinery-on-britains-workforce.html "INFLUENCE OF THE RISE OF MACHINERY ON BRITAIN’S WORKFORCE") new skills so they can work in related roles.

With proof of concepts like this on the rise, any lingering executive resistance to the ‘build from within’ approach will likely recede in 2022.

**The power of microlearning**

There are many lessons other industries can take from [financial services](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") and its approach to skills training and development.

One [trend is the adoption](https://www.financedigest.com/adopt-explore-or-avoid-what-to-do-with-the-latest-tech-trends.html "Adopt, explore or avoid? What to do with the latest tech trends") of microlearning. Centred around embracing strategic, bite-sized [learning to reskill teams](https://www.financedigest.com/what-can-accountants-learn-from-great-britains-olympic-team.html "What can accountants learn from Great Britain’s Olympic team?") and managers on the job, it offers a contemporary alternative to corporate skills programmes that were defined by traditional classroom settings and off-site training.

With in-the-moment learning, employees can develop [skills at their own pace by accessing](https://www.financedigest.com/poor-access-to-skills-and-regulatory-challenges-halts-uk-innovation.html "Poor access to skills and regulatory challenges halts UK innovation") content through their desktop or mobile devices. This can cover everything from technical skills for coders to [soft](https://www.financedigest.com/the-growing-importance-of-soft-skills-in-financial-services.html "The Growing Importance of Soft Skills in Financial Services") skills for managers leading their teams through the uncertainty caused by the pandemic.

What [financial services](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") firms have done well is advance microlearning from an ad hoc process to an institutionalised norm set within wider strategic plans based around identifying gaps in knowledge.

**Skills development in 2022 –** top tips

So, how can firms from other sectors start to embrace microlearning and [ensure their approach to reskilling and upskilling is successful](https://www.financedigest.com/strategic-budgeting-ensures-success-of-community-support-programs.html "Strategic Budgeting Ensures Success of Community Support Programs")?

As a starting point, [data should underpin any strategy](https://www.financedigest.com/investing-in-a-first-party-data-strategy-can-save-the-day-for-retailers.html "Investing in a first-party data strategy can save the day for retailers"). Before setting out on building your skills strategy for 2022, data should be obtained on which tasks are best suited for automation, business direction, the skills to get there and the intermediate [roles that people should consider](https://www.financedigest.com/the-rise-of-the-paraplanner-why-consider-a-career-in-this-up-and-coming-role.html "The rise of the paraplanner: why consider a career in this up and coming role") to help achieve their goals. Furthermore, data-driven coaching represents one way of [closing skills gaps](https://www.financedigest.com/closing-the-sustainable-investment-gap.html "Closing the sustainable investment gap"). This involves [leveraging career pathing data](https://www.financedigest.com/how-finance-brands-can-leverage-traveler-data.html "How finance brands can leverage traveler data") which shows how employees can transition from one role to the next. [Opportunity marketplaces](https://www.td.org/atd-blog/the-difference-between-a-talent-marketplace-and-opportunity-marketplace), for example, have emerged during the pandemic as a way to promote workforce agility by moving people to where they are needed most, thus enabling employees to learn through new on the job experiences.

It is also important to appreciate that a series of micro-changes can [combine to become greater](https://www.financedigest.com/savings-efficiencies-and-greater-reliability-in-entity-verification-processes-of-a-combined-annual-value-of-650m-to-the-financial-services-industry-identified-in-new-research-into-legal-entity-ident.html "Savings, Efficiencies And Greater Reliability In Entity Verification Processes Of A Combined Annual Value Of 0m To The Financial Services Industry Identified In New Research Into Legal Entity Identifiers") than the sum of their parts. Once again, data will help demonstrate this. With a unified analytics platform that connects learning, employees, and [business data, business leaders can instantly see the impact of learning activities on key business metrics](https://www.financedigest.com/5-fx-metrics-your-business-should-be-tracking.html "5 FX METRICS YOUR BUSINESS SHOULD BE TRACKING") such as productivity and even absenteeism.

But, we [must not forget](https://www.financedigest.com/forget-the-funnel-financial-marketing-must-become-a-virtuous-circle.html "Forget the funnel: Financial marketing must become a virtuous circle") soft skills either. Despite the natural inclination to believe that tech [skills are predominantly what is needed in today’s modern digital](https://www.financedigest.com/utilising-digital-tools-to-close-the-finance-and-accounting-skills-gap.html "Utilising digital tools to close the finance and accounting skills gap") society, the reality is that soft skills are more important than ever, especially for managers. According to a [study](http://www.edweek.org/technology/top-u-s-companies-these-are-the-skills-students-need-in-a-post-pandemic-world/2021/03) of US companies, the skills most needed in a post-pandemic world are innately human. These include agility and flexibility, teamwork and collaboration, and [global and strategic thinking](https://www.financedigest.com/will-global-commodities-suffer-as-a-result-of-brexit-the-experts-at-easymarkets-think-not.html "WILL GLOBAL COMMODITIES SUFFER AS A RESULT OF BREXIT? THE EXPERTS AT EASYMARKETS THINK NOT!").

These are just some of the ways [organisations can develop strategies](https://www.financedigest.com/why-an-orchestrated-digital-identity-strategy-is-vital-for-financial-organisations-in-fighting-fraud.html "Why an orchestrated digital identity strategy is vital for financial organisations in fighting fraud") to address the burgeoning skills gaps. What is clear is that the traditional [approaches have become](https://www.financedigest.com/as-banks-become-more-digital-customer-satisfaction-calls-for-a-robust-approach.html "As banks become more digital, customer satisfaction calls for a robust approach") outdated. Today, agile, flexible microlearning holds the [key to extracting the full potential out of our workforces](https://www.financedigest.com/6-keys-to-managing-a-remote-first-workforce.html "6 Keys to Managing a Remote-First Workforce").


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