The Impact of Training & Development on Employees Performance in Finance & Banking Sector

Defining Employee Performance There is no doubt in it that employees are the building blocks of an organization. As put forward by Hameed & Waheed (2011), the most value adding possessions (assets) available to any firm, business, or organization are its workforce. The performance on part of the workforce is the driving force behind the survival of any business firm. Further, they are of the view that well performing employees contribute to the efficiency and success of the organization. So, performance is crucial for the organizations and making strategies to improve performance and measuring it from time to time are a basic step that is to be taken. Without desired performance results, it is of no use continuing to invest in processes and projects. If we define employee performance then we may say that “the set of employee behavior, results, and outcomes that come after completing the job tasks using certain competencies and that are measured through different metrics constitute ...

The finance & banking industry has been on the path of HR transformation since the COVID-19 pandemic. In this article, we look at the HR trends that the finance & banking industry in the future years.  The scope and importance of the HR function in the finance & banking sector have experienced an incredible ramp-up over the last two few years. HR leaders have led the charge to keep things up and running. HR has been a critical driver of operational and strategic success, from enabling remote working at an unprecedented scale to focusing on human capital needs like reskilling the workforce. It is evident that the disruption caused by the pandemic has transformed how people practices will be configured in the finance & banking industry for a long time to come. Having said that, let's look at HR trends in the  finance &  banking industry. https://blog.darwinbox.com/hr-trends-in-banking-for-2023 https://www.ibm.com/topics/training-development Remote mobile...

Successful businesses understand that it’s more beneficial and cost-effective to develop their existing employees instead of seeking out new talent. (i) Higher Productivity: It is essential to increase productivity and reduce cost of production for meeting competition in the market. Effective training can help increase productivity of workers by imparting the required skills. (ii) Quality Improvement: The customers have become quality conscious and their requirement keep on changing. To satisfy the customers, quality of products must be continuously improved through training of workers. (iii) Reduction of Learning Time: Systematic training through trained instructors is essential to reduce the training period. If the workers learn through trial and error, they will take a longer time and even may not be able to learn right methods of doing work. (iv) Industrial Safety: Trained workers can handle the machines safely. They also know the use of various safety devices in the ...

The principal objective of training and development division is to make sure the availability of a skilled and willing workforce to an organization. In addition to that, there are four other objectives: Individual, Organizational, Functional, and Societal. Training and development is a subsystem of an organization. It ensures that randomness is reduced and learning or behavioural change takes place in structured format.   Individual Objectives  –   help employees in achieving their personal goals, which in turn, enhances the   individual contribution to an organization.   Organizational Objectives –  assist the organization with its primary objective by bringing individual   effectiveness.   Functional Objectives –  maintain the department‘s contribution at a level suitable to the organization‘s   needs.   Societal Objectives  –   ensure that an organization is ethically and socially responsible to the need...

Training is the process of improving and polishing the required Skills to an employee in order to make him/her skilled and perfectionist in the job which he / she does. Training is purely job focused but development is psychology and soft skills oriented. Previously many authors have defined the difference between training and development, but still there is little confusion in understanding the difference. In fact many organisations are using term "training and development" as one and same. Mostly we hear the term "training" for the purpose of the inducing skills and knowledge among employees. Both training and development are continuous and core tasks of organisation, but employee training will be for the particular job to develop skills in concern particular job for a particular period and will be given periodically whenever updating of skills needed for performing particular job and moreover training is meant for the purpose of development of technicality among ...

Traditionally, training takes place in a classroom or workshop setting. But over the past several years, a new model is growing in popularity— online training, either exclusively or in tandem with in-person training. More and more financial organizations are turning to online delivery to train and upskill their workforce. Recently, the Corporate Finance Institute conducted a survey of major accounting firms, global banks, and Fortune 500 companies. This study found that a full 99% of financial organizations expect to increase their use of online training over the next five years—and 87% have already started that transition. This is contrasted with the pre-COVID world, when only 25% of respondents used any form of online training for employees. Due to the pandemic, many companies had to transition to remote work, and this necessitated remote training. But while remote work and learning might have started out as a necessity, many financial organizations are continuing those policies vol...