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Rachel Treece, CEO fts-global Photo: fts-global 

In this article, we ask Rachel Treece, CEO of training specialists fts-global, what role training has to play in resolving the dilemma of the skills gap.

Delano: Unemployment in Luxembourg seems relatively stable, yet employers still have problems hiring the skillsets that they need. Do you agree with this statement?

Rachel Treece: I am entirely in agreement with this statement. There is obviously a huge demand in the financial services sector for candidates with risk and compliance backgrounds. We also note that in light of the transformation organisations are going through, there is a growing demand for more agile and dynamic leadership skills.

Delano: What skills are missing?

RT: We strongly believe that leadership and communication are two of the fundamental, overriding skills that companies need to invest in at all levels. We often see that a company’s organisational health reflects this need quite clearly. Of course, every company has different needs, so ensuring that training is tailored and relevant is a key part of seeing long term impact.

Delano: How are companies dealing with this?

RT: Our clients vary enormously in their approach to people development. Transformation is not easy for many of our clients, but they do understand that investing in training and communication is critical to keep ahead of competition.

Delano: Are they investing in training?

RT: Companies are investing in training, but with 2018 having a strong focus on technical skills such as MIFID, there has been slightly less demand for soft skills. We’re seeing this gradually change recently. Skills that touch on emotional intelligence are especially important throughout any form of transition and are increasingly valued in the job market.

Delano: What types of training?

RT: There is always a demand for management and leadership development, both of which are vital to healthy workplaces. We also see an increase in the demand for soft skills that touch on equipping people to better manage change, as well as on the topic of innovative thinking for business. Of course, communication skills are a critical part of this and surface in all types of our training courses.

Delano: In general, how have you seen demand for training evolve over the years?

RT: We see a huge demand for experiential type training like Reality Coaching™ where employees are put through scenarios they might encounter in their day-to-day that we co-create with our clients. Participants are filmed and coached throughout each scenario, which allows them to reflect on their own behaviours and build on their strengths. It’s a very powerful form of learning that always has positive feedback.

Delano: Do Luxembourg employers invest in training enough in your view?

RT: Personal growth is something that every human being needs. In my experience, industries outside the financial sector tend to have a more growth and learning culture, possibly a result of a more customer-driven business approach. Within the financial sector, which has seen phenomenal growth over the last years, the need for cultural cohesion is very apparent.

Delano: What should candidates do to remain employable?

RT: The market is always changing, and I can’t say what will be trending in 20 years from now. It is certain however that soft skills will always be needed where collaboration is concerned. It is important to stay ahead of the game in the tech space but being proactive and dynamic has always been an edge that I’ve valued personally. My advice would be--embrace change and the opportunity that comes with it.