UK employers are gearing up to increase their workforce, with 80% of firms intending to hire in the next year. Expanding business lenders are no different. We look to capitalise on this growth to provide more support to SMEs with asset finance solutions.
Investing in the development of our asset finance teams is the key to the future of the sector. It continues to play a key role in supporting businesses as we emerge from the pandemic. There are skills shortages that must be filled across operations, underwriting, origination and sales.
Asset finance is perhaps a more niche area of finance than say retail or investment banking. Consequently, a more considered approach is needed which is based on the foundations of culture, knowledge, and development.
At White Oak UK we know we need to go further to attract and keep talent in asset finance roles and have worked hard to establish an environment which fosters positive collaboration, enables shared expertise and ultimately motivates people to reach their potential
Building a positive culture
It starts with culture. Delivering asset finance solutions often means collaborating with different partners both internally and externally while working to challenging deadlines. This means that it is vital that we instil a positive and people-focused culture so that everyone from origination to underwriting is committed to a common goal.
Over the course of the pandemic, this has been much more difficult to achieve. Remote working has been replacing the norm of the face-to- face office environment. This makes it even more important for leaders in asset finance to bring people together and give them the support they need to boost their careers. At Whit Oak, we have just invested in a brand new headquarters and the return to work has very much been focused on bringing people together again. We have a team of committed consultants with in-depth sector expertise, and we instil an ethos across the business that encourages sharing knowledge to deliver the best asset finance solutions for our clients.
We are actively recruiting with a focus on asset finance. It is important to us that all new employees can soak up as much “know how” as possible
Investing in knowledge
A career in asset finance comes with a host of training that is a regulatory requirement. By going on step further and inspiring people to develop a broader skill set, a firm can set themselves apart. Investing in personal development is high on the White Oak UK agenda. As a business, we see the long-term benefit in developing our people.
There is a host of external training that ambitious White Oak UK employees are encouraged to get involved in. These include generalist courses at the Finance & Leasing Association and the Asset Finance Diploma at the London Institute of Banking & Finance. There are also more specialist options such as the AFS Academy course.
Internal coaching is also key, and we have put structures in place through which knowledge is shared and everyone can develop their asset finance careers. Mentorship is key at White Oak UK; we have individuals who have been in the company for decades and have a wealth of knowledge that is fed through to the more junior members of the team who are keen to learn.
We intend to give people the opportunities to learn a range of skills from credit analysis through to business development. This will create a team of well-rounded professionals that are excited about working and delivering value in the long-term. We at White Oak UK are committed to building and nurturing this growth.
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