modern workplace learning for financial services · pdf fileneeded to compete within this...
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The Case for ModernWorkplace LearningHow organizational learning and development is changing in an age of digital
disruption, and why you need to make the move now
Financial Services
Modern workplace learning in financial services
“Ultimately, the future workforce will see human and machine working side-by-side, which calls for a whole new way of thinking, operating, and collaborating. Fostering the innovation and closer customer engagement needed to compete within this fast-changing landscape demands people with fresh ideas and a broad array of experiences and capabilities.”
- Jon Terry, PwC’s Global FS HR Consulting Leader
Comprising banks, security and commod-
ities, insurance, and real estate firms, the
financial services (FS) world is undergoing its
own whirlwind of change, enduring a perfect
storm of industry and workplace upheaval
while still struggling to rebuild its reputation
with customers and prospective young hires
following the 2008 economic collapse.
The key external challenges are many. From
the rise of mobile banking to the emergence
of blockchain technology to new, disruptive
fintech and small challenger bank business
models, rapidly advancing technology is driving
significant disruption in the industry.
Digital transformation is seeing new demands
and unprecedented expectations from a
younger, increasingly tech-savvy clientele
who are skeptical of traditional organizations
and keen to change the way they interact
with them. These consumers prefer an online,
on-demand, self-service experience to the
more traditional, hands-on, white-glove
approach of the past.
According to the 2014 Millennial Disruption
Index,1 a three-year study looking at millennial
industry disruption in the US, 73% would prefer
to address their FS needs2 through Google,
Amazon, Apple, PayPal, or Square.
1 http://blog.viacom.com/2014/03/scratch-reveals-bankings-increasing-irrelevance-among-millennials/2 https://techcrunch.com/2016/11/02/how-banks-can-tackle-millennial-skepticism/
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These new customer preferences, coupled
with an increasing number of upstart fintech
businesses popping up to service them (it’s
risen more than 50% since 20113), have created
a pressing need for traditional FS organizations
to invest more in developing technical and
specialized hybrid skill sets.
The obstacles facing FS organizations aren’t
just external. Internally, they’re contending
with new employee mindsets and growing
knowledge and leadership gaps resulting
from retiring baby boomers, which have made
attracting, training, and retaining the right
talent another significant challenge. Younger
workers, while boasting high aptitudes for tech,
are notoriously fickle when it comes to employ-
ment. According to 2017 LinkedIn data based
on US job-switching activity in 2016, millennials
are 50% more likely to relocate4 and 16% more
likely to switch industries for a new job than
non-millennials.
Plus, while they’re eager to learn (87% say
development is important in a job5), the flexible
workplace learning culture millennials desire—
which includes informal learning opportunities
with video, social learning, mentoring and
coaching, microlearning, and personalized
learning—runs counter to the FS business
model, which doesn’t lend itself well to the
open, flexible, collaborative work environment
they’re seeking out.
3 https://www.strategyand.pwc.com/trend/2017-financial-services-trends4 https://business.linkedin.com/talent-solutions/blog/trends-and-research/2017/top-industries-gaining-and-losing-millennials5 http://news.gallup.com/businessjournal/
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Seven priorities for tomorrow’s financial services6
1. Rebuild trust and establish employer brand.
2. Develop dynamic workforce supply and demand models.
3. Maximize the potential of digital talent exchanges.
4. Tackle the skill gap by influencing academic curricula and
modernizing corporate learning.
5. Digitize the workplace.
6. Integrate human capital analytics into priority business decisions.
7. Redesign jobs and compensation models.
6 https://www.icas.com/ca-today-news/seven-priorities-for-the-future-financial-services-workforce
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While financial services organizations recognize they need to reinvent their service
delivery models, culture, and learning and development strategies, they also exist
within a highly regulated, risk-averse environment, so with any kind of transformation
compliance and security remain key considerations.
Although 88%7 of millennials would prefer a collaborative work culture to a
competitive one, the workplace remains largely hierarchical. Some 74% want flexible
work schedules, yet most banks and insurers are rigid about working hours.
72%8 of FS CEOs see the limited availability
of skills as a threat to growth, on a par with
concerns over the speed of technological
change (73%) and ahead of changing customer
behavior (69%) and competition from new
market entrants (59%).
71%9 of FS CEOs have changed their people
strategy to reflect the skills and employment
structures they need for the future, but only
25% to a significant extent.
Only 10%10 of FS CEOs are using data
analytics to a great extent to find, develop,
and keep people.
Nearly a fifth11 of FS CEOs (19%) believe that
technology has completely reshaped compe-
tition in their industry over the past five years,
and a further 44% believe that it has had
significant impact.
Only 53%12 of FS CEOs believe their
organizations have strong digital skills.
41%13 of FS CEOs strongly agree that
they’re considering the impact of AI on
future skills needs.
Building the organization of the future, where
agility plays a central role, will have a huge
impact in the financial services industry.14
With FS organizations facing tough
competition from industries like technology,
new approaches to hiring and development
are needed.15
Wednesday is the most popular time to
learn at work.16
7 http://talentorganizationblog.accenture.com/financialservices/reinventing-financial-services-workplace-to-attract-digital-natives8 https://www.pwc.com/gx/en/ceo-survey/2017/industries/ceo-survey-fs-talent.pdf?logActivity=true9 Ibid.10 Ibid.11 Ibid.
12 Ibid.13 Ibid. 14 https://www2.deloitte.com/nl/nl/pages/financial-services/articles/human-capital-trends-have-huge-impact-on-financial-services-industry.html15 https://www.pwc.com/gx/en/ceo-survey/2017/industries/ceo-survey-fs-talent.pdf?logActivity=true16 http://www.humanresourcesonline.net/5-learning-development-trends-watch-2017/
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Key elements of modern learningFor financial services organizations, modern workplace learning isn’t just about making training
available on a smartphone. It’s about using next-generation learning experience platforms to
deliver more highly relevant personalized learning for employees, allowing the organization to
respond dynamically to new learning demands and changing market conditions.
FS organizations must make continuous learning a core competency in order to thrive in today’s
competitive environment and attract and retain talent. This means leveraging key modern
workplace learning strategies like:
Personalized learningIn addressing the growing knowledge and
leadership gaps, FS organizations need to
recognize that there’s no one-size-fits-all
answer to learning and development (L&D)
and leadership training. Through a learning
experience platform, L&D leaders can establish
personalized learning paths focused on key
competencies essential for an individual’s role.
Employees can also custom curate content to
further individualize their own learning path.
GamificationThe 2016 worldwide gaming industry
generated $90 billion in revenue17 and, with
such massive worldwide appeal, gaming
offers FS organizations a fantastic opportunity
to engage game-savvy employees around
training. Integrating game-based learning
elements like badging and leader boards into
business processes is an effective way to
encourage competition and collaboration in
learning, and to stimulate high-performing,
ambitious staff members.
VideoVideo-based learning provides a highly visual
and engaging medium for learning that’s very
familiar to today’s employees, who are accus-
tomed to turning to Google and YouTube to
learn and develop skills. On top of being used
to serve up engaging learning content, video
can also be used to promote social learning
in the workplace, for instance by enabling
iterative improvement in leadership training by
encouraging regular, engaging feedback from
peers, coaches, and mentors.
MicrolearningSmart young professionals on the career track
appreciate “just-in-time” learning content
that’s doled out in bite-sized chunks, easily
consumed, and available on demand at the
point of need. For example, short instructional
videos can be an engaging way for FS learning
leaders to update employees on new regula-
tory guidelines or changing market conditions,
allowing them to consume the information in
pieces at their own pace.
Anywhere, anytime accessFlexibility in work environments is highly prized
by today’s employees. The ability to access
learning in the cloud and on personal devices
means learning and training can happen at
any time of day and in any location.
17 https://venturebeat.com/2016/12/21/worldwide-game-industry-hits-91-billion-in-revenues-in-2016-with-mobile-the-clear-leader/
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Modern financial services learning in actionAccording to researchers in brain science, situated learning—where a learner can access
relevant examples—can accelerate learning. In addition, by breaking down that learning
into snackable snippets, allowing employees to answer questions at the point of need and apply
learning to a relevant situation, and by using a medium like video, learning and development
professionals can provide a learning environment that better suits the new employee mindset.
Use caseA large retail bank is seeking to improve
sales performance. The firm is still recov-
ering its brand reputation since the economic
downturn. Its customers, a younger demo-
graphic, are demanding a more interactive
online banking experience. The firm needs to
hire and retain top technical talent who can
guide them through a digital transformation
of their business.
In the newly formed innovation unit, employees
are encouraged to take a start-up style
approach to working. They must assume
a leadership role within the bank to adapt
business units—by nature more hierarchical
and traditional—through changing systems
and processes. To execute on their mission,
managers and business analysts within the
unit must develop strong coaching and
leadership skills.
Rather than take a “one-size-fits-all” approach
to leadership training, each team member is
provided with a personalized learning plan
focused on achieving three core competencies
relevant to their role. They are also provided
with the tools to curate their own related
learning and select supplementary learning
paths from an approved library of training.
65%18of financial services CEOs
say leadership skills are very important to
their organization, with 29% saying that it’s
very difficult to recruit people with those
skills. And yet, leadership training often fails
to achieve its goals.19
18 https://www.pwc.com/gx/en/ceo-survey/2017/industries/ceo-survey-fs-talent.pdf?logActivity=true19 https://www.mckinsey.com/global-themes/leadership/why-leadership-development-programs-fail
They are encouraged to apply their newly
learned skills on the job, and, through their
next-gen learning management system, reflect
on their progress by capturing in-the-mo-
ment video anecdotes on their smartphone.
These reflections are then shared with others
in the program for comment and discussion.
Team members are also encouraged to use
the learning platform to connect with coaches
and mentors across the organization. In the
large retail bank setting with thousands of
employees, coaches can send short pep talks
and advice via video to provide that all-im-
portant personal connection young, tech-savvy
millennial employees crave. Finally, using data
captured in the learning platform, the learning
and development team is able to monitor
the level of engagement of individuals in the
leadership program, determine which content
elements are most utilized, and track the entire
cohort of trainees over a two-year period to
determine the program’s long-term impacts.
Four Reasons Leadership Training Fails
1. Lack of context and personalization
2. Failure to connect leadership development to on-the-job projects
3. Moving beyond functional expertise to connect with a learner’s mindset
4. Failure to measure and monitor progression over the long term
Learn how MetLife harnessed the power of digital for workforce transformation.
Webinar >
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How modern is your learning?With disruptive market conditions rapidly changing
the world of work, traditional approaches to
workplace learning and development need to be
rethought and reinvented now if organizations are
to successfully future-proof their workforces.
Just-in-time social learning, video, and content
curation are just a few of the ways learning and
development professionals can better engage
workers and provide the highly adaptive, flexible,
and responsive learning they demand.
Join the conversation by sharing your
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How are you reinventing learning
within your organization?
We’d love to hear your thoughts.
Join the conversation by sharing your
perspectives with us on
Twitter (@D2L) using the hashtags
#modernlearning #workplace.
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