Banking institutions are adopting new technologies and providing an updated variety of digital services such as mobile banking, net banking, telebanking, etc. Therefore, the impact on the skill sets of workers in this sector is also expected to grow rapidly. Technology is one aspect; soft skills play a significant role in sustaining a customer’s loyalty says Suvendu Dhar, Head of Corporate Training Solutions, Centum Learning, in conversation with Elets News Network (ENN).
- How is corporate training market growing in India?
The term ‘training’ has evolved a lot over the years. From classroom to PC to e-learning, the model has changed, but the objective remains the same, to enhanceskillsets and sustain in the market. Medium of training is like a shadow effect of technology – as more people become tech-savvy, channels to communicate change. LinkedIn Learning’s 2019 Workplace Learning report clearly stated that mobile and social learning are on the rise to boost engagement and mobile learning continues to increase. Corporates must understand the best ways to reach their organization’s hierarchical levels.
According to a study, the online learning industry in India expected to grow to$1.96 billion and around 9.6 million users by 2021 from $247 million and around 1.6 million users in 2016. Training methodologies like Technology enabled Blended Learning (TeBL®)approach and shift from LMS to LXP platforms show that the market has evolved from providing ‘one solution that fits all’ to individualized and effective solutions. As an organization, we have seen the shift and adapted to it successfully.
- Why is there a need for corporate training and assessment in the BFSI sector?
The emphasis is on digital training, considering recent trends in the banking industry. BFSI has been one of the markets that have been hit by the digital wave. Though consumer enjoys the benefits, it does not eliminate the human involvement at the back end – ultimately, banks need to resolve the queries generated online. Adapting to this change requires employees to upskill themselves in understanding how technology works. Banking institutions are adopting new technologies and providing an updated variety of digital services such as mobile banking, net banking, telebanking, etc. Therefore, the impact on the skillsets of workers in this sector is also expected to grow rapidly. Technology is one aspect; soft skills play a significant role in sustaining a customer’s loyalty.
The cycle of learning is incomplete without assessment – theleast considered part of training. Unless an individual is assessed on their progress, finding the gaps for reskilling & upskilling becomes difficult and non-scientific. However, assessing a distributed workforce is sometimes challenging. Here platforms like Centum LearnPro® simplify assessment process, by tracking progress of an employee at every stage of learning – results of which go to the decision-makers for taking a better learning decision for the employees.
- How is the current job scenario and future of the job market in the BFSI sector in India?
According to the reports, the financial services sector expects to increase employment in this fiscal year by 47,800 new jobs. The growing digitization in banks will boost employment by creating a lot more opportunities. Not just the metros that will see a boom, digitalization will expand to rural areas revealing a huge market and opportunities for people in tier 2 locations. While this seems exciting for mid-level job roles, it will also open new jobs roles/ skills that senior management will have to opt for.
- How can the job scenario be improved through Centum’s L&D offerings?
We are not in business of improving job scenario, we upskill and training existing and new workforce of corporates so that the employees become more productive and engaged.
- How is Centum offering a different approach than its competition?
Centum Learning offers training to provide quality talent development and management, with a direct impact on key business performance indicators. We have worked with over 350+ organisations in 15+ countries. Our strong team of over 2700+ learning and development specialists, our ability to do consistent, high-quality training for a distributed workforce, pan India and expertise gained in 21+ industry verticals has made us a trusted partner in L&D space. Through our award-winningmethodology of Technology enabled Blended Learning (TeBL®) and our AI-enabled platform Centum LearnPro®, we deliver trainings in a blended delivery mode as well as on-demand, anytime, anywhere access to comprehensive learning and development modules. With this, we have successfully benefited corporates that are associated with us and continually impact their ROI.
We have been working closely with various BSFI institutions to help retain talent by helping them to train their staff across multiple stages of jobs – onboard training, training the existing staff along with the senior leadership levels. Centum’s blend of technology and essential human interventions in training, bring about a holistic solution that ensures better learning effectiveness leading to sustainable business impact for long periods. This is further reinforced by our empanelled best in class consultants which comprise a pool of ex-CHROs, ex-CEOs.
With its strong industry awareness, Centum builds and upgrades current training programs and helps companies have interactive training videos and gamified learning experiences that follows the principals of micro-learning – modules broken into small ‘nuggets’ for self-paced learning. These ensure that employees are fully capable of facing the industry’s dynamics.
- Tell us about the challenges and loopholes in the training industry and how can they be bridged?
Any training solution remains ineffective till it doesn’t impact an organization’s primary objective, i.e. business outcomes, knowledge index, service quality, to mention a few. Developing a training intervention that matches each employee’s strength and weakness, requires, L&D professionals to create in-depth yet personalized training interventions. Tackling this challenge will resolve critical skill or knowledge gaps which most companies, as well as workers, deal with every day.
Overall, in my view, thereare two glaring challenges that training service providers deal with while providing training:
– Assessment &Personalized Training – Before training a large audience, there is a requirement of skill-gap analysis, which helps L&D heads to recognize the areas where an employee needs help. There are various measures to undertake this through proper assessments. However,an individual has separate requirements, and the training must be personalized, which many times becomes difficult to do purely through a face-to-face training mode.
– Engaging people: A training is successful only if the learners are engaged in it. The best way to tackle this is by developing a vibrant training platform that utilizes a range of strategies. Features like micro-learning, gamification, leaderboards for top learners, and live interactive classroom with whiteboards etc. simplify learning and stimulate growth.