The six-month skills cycle: what to do?

Caroline Evans, VP of enterprise sales, FutureLearn

The lifespan of the average newly learned skill is 2.5 years, so how can accountancy firms ensure their staff keep up to speed in this rapidly changing workplace. Caroline Evans, VP of enterprise sales at FutureLearn, looks at ways to maximise training.

In today’s ever-evolving business landscape, the shelf life of skills is shrinking rapidly, with new ways of working and skills needs emerging at an unprecedented pace.

To stay competitive, businesses can no longer rely on long-term planning alone – they need to also embrace a culture of learning agility.

Evolving skillset

The skills in demand are changing at a rapid pace – mostly thanks to technological advancements and digital transformation, but also because of wider global change.

The world is becoming more aware of the economic value of sustainability and diversity, just as much as some companies are struggling to grapple with it.

This has resulted in a connected world in which, paradoxically, some demographics or sectors are more disconnected. It’s confusing and constantly changing, which also means that businesses, their workforces and the skills they demand are rapidly evolving.

As a result, the time the skills develop and remain relevant is shortening. According to the World Economic Forum, the average skill now has a maximum lifespan of 2.5 years.

Added to this, a Forbes report found that executives believe nearly half of the skills that exist in today’s workforce will not be relevant just two years from now, and the skills needed for jobs are predicted to change globally by at least 65% by 2030, as rapid developments in artificial intelligence (AI) accelerate workplace change.

If nearly half of today’s skills become obsolete in just two years, businesses that fail to upskill and reskill their staff risk falling behind in innovation, productivity, and customer satisfaction.

For instance, emerging technologies like AI-driven audits, automated bookkeeping and predictive analytics are reshaping the accountancy industry. Firms that don’t invest in developing tech-savvy professionals may struggle to compete with more agile competitors.

What this all means is that the ‘shelf life’ of skills is shrinking – and spending years to learn, and develop new skills, is not as beneficial as it once was.

Of course, there is still a strong need and desire for training that takes more than a few months to complete – degrees are still very much in demand and relevant for many roles, but when it comes to upskilling, businesses also need employees to gain skills at a much quicker pace and drive impact on the bottom line as a result.

From annual L&D to agile learning

For the accountancy industry, agile learning has never been more important. Technology is creating an existential change in the sector, with more companies now looking towards technology to help with their accounting needs.

A significant percentage of small businesses now use accounting software to manage their finances, with studies showing a growing demand for accountants with strong data analysis skills, allowing them to interpret complex financial data and provide actionable insights. 

This means that those working in the profession need to find quick, responsive ways to adapt to the changing needs of clients.

Short, high-impact courses are one solution in the learning and development mix. These courses can be a more suitable option because they cater to the fast-paced, ever-evolving demands of today’s workforce.

Bite-sized modules allow employees to acquire relevant skills quickly. By focusing on specific, actionable knowledge, bite-sized modules will also help with learner retention and application in real-world, current scenarios.

Flexibility is also a key selling point here, as it allows employees to access content on-demand, fitting education into busy schedules, quickly developing skills they need in the here and now.

As industries rapidly change, this agile approach ensures employees remain competitive, and their skills up to date with the latest trends and technologies.

Practical steps companies can take

Businesses need to implement agile learning by breaking down complex training modules into smaller, manageable learning chunks, and regular feedback loops, continuously improving the training based on employee needs and performance. This will allow them to rapidly adapt and change alongside the skills in need.

For this to work, firms need to regularly gather feedback from learners to identify areas for improvement and adjust the training they offer according to the needs of the business.

Six months is the current ‘sweet spot’ to make sure that what employees are learning is still relevant to keep up with industry changes but of course, this is likely to get even shorter in the future. Online learning platforms support this, as learners can choose shorter top-up courses to help keep long-term learning constant and relevant.

Again, when partnering with a learning provider, businesses need to make sure they are regularly updating learning content to reflect the latest industry trends, tools and technologies. Learning providers should be in tune with business needs, so they can point teams in the right direction.

This brings us to personalised learning. Adaptive learning platforms that tailor content to individual needs can really make or break the upskilling process.

Platforms that assess employees’ progress, strengths and areas for improvement, while dynamically adjusting the curriculum, will provide the most relevant and effective content from both shorter and longer learning options.

More importantly, however, this approach will adhere to the needs of a business, while making sure team members are upskilled in the areas needed for them to flourish.

In today’s fast-paced business environment, the rapid evolution of technology and industry demands means that new skills can quickly become outdated. Forward-thinking firms must invest in digital skills training, AI integration, and regulatory education to stay ahead. 

To stay competitive, businesses must consider a more holistic approach to employee development by considering a variety of training options including short-term, bite-sized learning that urgently plugs current skills gaps.

By fostering a culture of adaptability and professional development, accountancy businesses can enhance efficiency, strengthen client relationships, and secure long-term profitability.