What’s next for professional development?
- Describe how learning requirements have changed
- Explain why professional development might need to change
- Communicate how learning can be structured more effectively for future talent
- Describe how learning requirements have changed
- Explain why professional development might need to change
- Communicate how learning can be structured more effectively for future talent
Only the London Institute of Banking & Finance utilises part coursework for its diploma-level qualification. This innovation should be welcomed.
As part of my MSc in finance I considered the benefits of coursework, which proved to be a far more inclusive option for many students who were able to manage their work life balance as they juggled family commitments.
More working parents were able to progress their professional development as they fitted studying around caring responsibilities.
Coursework also lends itself to application of knowledge, as noted by one candidate: “The coursework for me suits the profession really well because it allows you to actually go and think about what you’re doing and do what you’re doing in the real world.”
While many students are motivated by achieving the qualification they aspire, through my research it was clear that an engaging coursework and inclusive syllabus converts the extrinsic qualification motivation into a more powerful, intrinsic applied knowledge motivation.
It is not what you know but what you do with the knowledge that delivers great client outcomes.
Another significant factor is the increasing importance of soft skills, such as communication, problem-solving and teamwork, which are key for successful businesses.
The Financial Conduct Authority has published excellent research and guidance on vulnerability highlighting the importance of soft skills.
Currently, the diploma adviser benchmark is focused on technical knowledge rather than including the key skills of empathy and listening.
I undertook three soft skills surveys during my research and advisers consistently identified listening and empathy as the top two key soft skills.
Identified soft skills when supporting clients in vulnerable circumstances | ||
Interviews | Validation survey | Social media survey |
Listening | Listening | Listening |
Empathy | Empathy | Empathy |
Patience | Communication | Communication |
Reliability | Approachability | Approachability |
Emotional intelligence | Emotional intelligence | |
Communication | Patience | |
Approachability | Reliability | |
In its 2018 jobs study, the World Economic Forum noted that as technology automated more processes artificial intelligence can respond to data, but it struggles to deliver empathy and compassion.
Current and future business leaders are stressing the development of soft skills as critical for productive performance in the workplace.
The Backing Soft Skills campaign estimated, through its research of 40 companies, that soft skills would be worth £127bn to the UK economy by 2025.
To close the soft skills gap the campaign recommended embedding soft skills into education and work, the creation of a soft skills framework, stronger links between business, education, youth and voluntary sectors, and encouraging government departments to co-ordinate more.
With the introduction of virtual learning and the virtual reality courses at St James’s Place we are testing both technical and soft skills, including vulnerability and inclusivity.
Having undertaken some of the modules myself, it was helpful to be given an inclusivity score on completion based on how much I focused on the man or woman in the case study.
