Members of the so-called Millennial Generation, also known as Generation Y, place a high value on opportunities for continuous learning in deciding whether to accept or remain in a position. A survey by Robert Half International and Yahoo! HotJobs asked members of Generation Y to rank the importance of 11 factors relating to job selection. Respondents placed salary, benefits (including health insurance and 401(k) programs), and opportunities for professional growth and advancement at the top of the list, in that order.

Other demographic studies of Generation Y have underscored Millennials’ desire for challenge and growth in their careers. The firms that are most likely to attract Gen Y are those that promote perks such as in-house training and mentoring programs, rotational opportunities, tuition reimbursement, and paid time off for professional development activities. But it’s not just members of the youngest generation that want to feel they’re progressing in their careers. Opportunities for ongoing learning and development are essential to keeping professionals at every career stage productive and engaged in their work.

With this in mind, here are some suggestions for keeping training and development initiatives a high priority without straining your budget:

• Take advantage of offerings from industry groups. Many professional associations, such as the American Institute of Certified Public Accountants (AICPA), The Institute of Internal Auditors (The IIA) and state CPA societies provide seminars, workshops, conferences and online courses that allow financial professionals to update their knowledge and acquire new skills. These programs are typically offered at a substantial discount to members. In addition, affiliation often includes free subscriptions or discounts on trade publications and other educational materials. Make sure your corporate memberships and discounts are being leveraged with these organizations.
  
  
• Participate in training from professional service providers. Accounting and finance professionals working in private industry often have opportunities to attend training and seminars offered by accounting or consulting firms. These sessions usually have nominal costs associated with them – some are even free – and they’re often made available to both clients and nonclients. Because these programs are designed to educate financial professionals about industry trends, new accounting rules and hot-button issues, they can be extremely timely and educational.
  
  
• Tap the knowledge of in-house experts. Don’t neglect to consider whether you may be able to offer more cost-effective and applicable training by asking in-house subject matter experts to develop an educational course or make themselves available to offer additional guidance on specific topics.
  
  
• Incorporate internal development strategies. Rotational programs and mentoring are complementary alternatives to traditional training methods. Rotating accounting and finance staff into other business areas or roles allows employees to expand their skills and develop a more comprehensive understanding of the business. These experiences can also be highly motivating because they provide staff members with the chance to experience new roles and perspectives, which is especially important if there are not immediate opportunities for advancement.
  
  Mentoring is an effective means of transferring knowledge from seasoned staff members to newer professionals. Mentors can serve as career advisers, providing guidance on everything from the subtleties of office protocol and the nuances of accounting standards to getting ahead in the profession. If your organization has multiple locations and a corporate intranet, don’t overlook the benefits of e-mentoring as a supplement to more traditional arrangements.
  
  
• Support certification. Continuous change in the accounting and finance fields make it especially important for professionals to pursue and maintain certifications. Managers should encourage staff members to seek in-demand designations such as the CPA, certified internal auditor (CIA), chartered financial analyst (CFA) and certified information systems auditor (CISA). Also consider reimbursing personnel for costs associated with pursuing and maintaining these credentials.

Firms that remain committed to employee training and development – even during lean periods – can turn economic duress into fiscal success as staff members enhance their expertise and productivity. And keeping employees engaged in their jobs and growing professionally is essential to attracting and retaining top performers and ensuring your staff’s ability to continually raise the performance bar.

DeLYNN SENNA, CPA, is the executive director of permanent placement services for North America for Robert Half International. Founded in 1948, Robert Half is the world's first and largest specialized staffing firm. The company's financial staffing divisions include Robert Half® Finance & Accounting, Accountemps® and Robert Half® Management Resources, for full-time, temporary and senior-level project professionals, respectively. For more information about Robert Half, please visit www.rhi.com.