Table of Contents
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- Introduction: The key to agility in Financial Services
- Challenges for L&D Leaders in the Financial Services Sector
- It’s not all doom and gloom for L&D leaders in Financial Services
- 2 practical takeaways for L&D leaders
- Conclusion
Introduction: The Key to Agility in Financial Services
Priorities have shifted quickly in Financial Services, and agility, something not often seen in the industry is now a critical factor for success.
As Financial Services organizations strive for operational excellence and simplicity in their processes to become more agile, it’s becoming clear that a large factor in achieving true agility is a free flow of knowledge and expertise.
For example, we have seen this in a leading FTSE 250 bank in partnership with Hive Learning that has outlined a key leadership priority as being a commitment to “developing others”.
Challenges for L&D Leaders in the Financial Services Sector
For L&D leaders in the financial services sector, the current climate presents a unique set of challenges. Given the sector’s historical resistance to agility, introducing more agile ways of working is a large undertaking.
This is where L&D is key and can be hugely influential in creating cultures of continuous improvement and knowledge sharing will be the crux for success in a lot of Financial Services organizations. However, achieving consistency in L&D initiatives to do this, while ensuring that they are scalable is no easy feat.
The pace at which the financial services industry operates demands learning solutions that are not just effective but also efficient and easily disseminated across different levels of the organization.
It’s not all doom and gloom for L&D leaders in Financial Services
Where there’s a will, there’s a way. Addressing these challenges requires a strategic approach to L&D that is both dynamic and robust. Partnering with vendors can play a pivotal role in this, enabling organizations to cultivate a learning environment that is consistent, scalable and rapid.
It can be hard to picture what this actually looks like, so we’ll share a recent example with you:
Recently one of Hive Learning’s Financial Services clients faced the imminent departure of a long-serving employee with over 20-years expertise specific to the organization. There was a real risk of losing invaluable knowledge, and they did not have the luxury of time to ensure that this was passed down to more junior employees.
By partnering with Hive Learning, and approaching the solution with an open mind, they were able to essentially “download” the employee’s wealth of knowledge and distill it into contextualized skills programs for current and future employees.
This in turn, is updated to truly embed a continuous learning culture that can be deployed consistently and at scale.
2 practical takeaways for L&D leaders
1. Prioritize agility in learning programs
To overcome the traditional lack of agility in the financial services sector, design and execute learning programs that can quickly adapt to changing market conditions, regulatory environments, and technological advancements.
2. Prioritize agility in learning programs
As an L&D leader, consider partnering with external organizations that specialize in innovative learning technologies and solutions. This strategy allows you to effectively outsource innovation and leverage external expertise to enhance your L&D initiatives.
Such partnerships can provide access to innovative technologies and methodologies, ensuring that your learning programs are not limited by any internal constraints on agility.
Conclusion
As financial services businesses grapple with the demands of being consistently excellent and simplifying complex processes, L&D leaders have a crucial role to play. Through strategic L&D initiatives that leverage technology for knowledge sharing and skill development, financial services organizations can cultivate a workforce that is well-equipped to navigate and thrive in an ever-changing industry landscape.
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