An investment in knowledge pays the best interest*
February 2008
How many times do we hear people in the
finance industry bemoaning the shortage of good quality applicants
to fill their vacancies? And what is more, what are they doing
themselves to remedy the situation? Sadly, the answer is often very
little, when in reality there is so much that can be done.
Only last year, these very questions were
raised on the Isle of Man when the education minister, teachers and
members of the business community met to debate whether the
education and training on the Island provided the freedom to
flourish or to flounder. In her summing up, Education Minister Anne
Craine put the onus firmly on the financial sector and industry to
get involved in educational schemes, and concluded that ‘investment
in our youth is investment in our future’.
I believe passionately that the success of
any organisation is directly related to the skills and talents of
its workforce. In addition, I recognise that the training and
development of staff will not happen without considerable
investment of time and money. But, as we find it increasingly hard
to find suitable applicants for many vacancies on the Island, it is
more important than ever that we heed this advice and begin to look
to our own homegrown talent.
One prime example of what can be done to build
a bridge between the worlds of education and work is the work
experience scheme run by the local high schools. At Fairbairn
Private Bank we offer a steady stream of fifteen year olds a taste
of the world of finance. We see it as vitally important that each
student receives a ‘quality’ work experience and, with this in
mind, their time with us is scheduled to include a taste of each of
the departments within the organisation; this includes not just
‘talking and listening’, but also ‘doing’ activities.
Bearing in mind that the amount students can
experience within a week’s placement will inevitably be limited, it
is still important to provide a mix of activities or the student
may become bored and ‘switch off’. In other words, provide a
‘blended’ mix of learning opportunities under appropriate
supervision. It is so important for the student to get a good
understanding of the industry into which they have been placed. I
always tell the students that I will not be disappointed at the end
of the placement if they inform me that they don’t think that
working in a bank would be right for them. If this were the case,
the placement has still served its purpose in that the student can
pursue another career direction. However, to date the opposite has
happened with students often requesting consideration for any
summer jobs that may be available or even for a permanent position
when they leave school or complete further education! The message
is clear, if undertaken well, work experience placements can be a
valuable experience for both students and potential employers
alike.
Junior Achievement is another initiative
which offers people from the business community opportunities to
work closely and share their experience of work with students in
the local high schools. A Manx educational charity, it was set up
to forge links between schools, business and industry. Its mission
is to inspire and prepare young people to succeed in a global
economy and help educate them in enterprise, business and the
economics of life.
Junior Achievement (formerly known as Young
Enterprise) is based on the principle of ‘learning by doing’ and
each programme involves practical activities led by a volunteer
from business or the community, working alongside teachers or
lecturers. A variety of programmes are available, designed
specifically for a wide range of different age groups, from 6 to 25
years old. A key objective of Junior Achievement is to prepare
young people for the world of work. It aims to inspire and educate
them to understand the role of business through practical business
projects which develop theattitude and skills required for personal
success, lifelong learning and, most importantly,
employability.
The vision is that all young people will
have the opportunity to gain personal experience of how business
works, understand the role it plays in providing employment and
creating prosperity, and be inspired by their own prospects and the
competitiveness of the Isle of Man. The organisation has been in
existence for 25 years in the Island’s secondary schools and at the
Isle of Man College. A large number of primary schools are also now
involved with the Primary Programme, in which volunteers engage
children by sharing their work experiences, and a variety of ‘hands
on’ activities enable the children to better understand the
relevance of their education to the world of work.
‘Learn to Earn’ is another programme that
sends business volunteers into schools to work with students
between the ages of 13 – 15 years, just before they take their GCSE
options. It is an activity-based introduction to the relationship
between learning and the attainment of personal goals. The
programme helps students to explore the concepts of success,
independence and employment, and shows the importance of education
in preparing them for the future. With the guidance of a teacher
and a volunteer business partner, students create budgets, learn
about the costs of living on their own and explore the types of
careers they will need to match their lifestyle aspirations.
Both these initiatives are extremely
beneficial to the individuals involved and the businesses, but
forging close links with the Island’s schools does not always have
to take on such a structured form. Just over a year ago, in
November 2006, we were approached by one of the local high schools
to take a student for long term work experience.
The student, who had recently relocated to
the Isle of Man with his family, was experiencing problems settling
in. Identified as an extremely bright student and forecast straight
As in his GCSEs, he had difficulty adapting to the school
environment and problems with some of the teachers. His work began
to decline and, consequently, he dropped two subjects.
Recognising his failure to thrive in the atmosphere at school, we
agreed to take him on and he came to work at the bank for two
mornings a week. However, escalating problems ultimately led to his
exclusion from school and the prospect he would not be able to sit
his GCSEs. A concerned maths teacher, who retained faith in the
student’s abilities, offered one to one tuition and we arranged for
him to come into the office for an hour a week to coach the student
for the exam.
Despite his evident problems with school,
the student flourished in the work environment becoming a valued
member of the customer services team. After three months, in
February, the bank offered him a part-time job for six hours per
week and the chance of a permanent position if he succeeded in
completing his GCSEs. Entered for seven subjects, he buckled
down and passed them all with an impressive six Cs and one B, for
maths. Now as a permanent and highly regarded member of staff, he
has the opportunity to build a career for himself and undertake
further qualifications through the bank’s educational sponsorship
scheme.
Our former student summed up his
experience: “The work environment is so different to the school
environment; it gives you an opportunity to grow and develop as an
individual. Work colleagues treat you as an equal and working
within a very supportive team has given me the confidence and
ambition to strive for greater things.”
What this story illustrates, is not only
the mutual benefits of companies working more closely with the
education system, but also the importance of being open minded and
flexible with training. What suits one individual does not always
work for another and it is well-documented that people employ a
mixture of styles when learning. For these reasons, a ‘one size
fits all’ theory cannot be relied on and personalised training
plans are vital if we are to develop individuals to fulfil their
true potential.
Unfortunately, due to the ever-increasing
demands placed on the education system, not all students have the
opportunity to develop their natural attributes to the full, and
work experience can offer another valuable means to help with this.
Imagine what the finance sector could achieve if more businesses
supported students in this way. Not only would we run less risk of
losing so many talented young people who move away from the Island
for university and never return, but we would be using coaching and
mentoring to develop potential high flyers and leaders for the
future.
*Quote: Benjamin Franklin – US Statesman,
author and scientist (1706-1790)