3. How Online Training Helps to the finance & banking sector?
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 voluntarily. That’s because companies around the world are discovering that online training can be much more efficient and effective than the traditional approach.
According to the same Corporate Finance Institute study mentioned above, 96% of finance professionals prefer to work at a company that offers online training.
In addition, more than half of all finance professionals view online-only training as the ideal model, while 42% prefer a mix of online and offline—leaving only 6% who prefer exclusively in-person training.
In a tight labor market, providing online training as an option for employees can give companies a legitimate edge over competitors.
One of the reasons finance professionals prefer online training is that it allows them to learn at their own pace, focusing on the topics they need most. In a traditional classroom setting, employees often find themselves either confused because the lesson is too advanced or bored because it’s too easy.
Online training eschews this one-size-fits-all approach of the traditional approach and lets learners go as fast or as slow as they need to. This is especially valuable when onboarding new hires.
The growth of remote work has shown clearly that employees tend to be more satisfied—and productive—when they have a say in when, where, and how they work. The same is true for training. This translates to happier employees and higher engagement levels.
In fact, 68% of financial organizations and 88% of finance professionals say that online learning increases participation rates for corporate training.
Another benefit of online training is that it facilitates microlearning. Microlearning means learning in short bursts—often 10–15 minutes at a time.
Research shows that most employees work for an average of 11 minutes before getting distracted by colleagues, emails, and phone calls. Since online training sessions are frequently shorter than 11 minutes, this is an ideal timespan for an employee to give the lesson their full attention.
Plus, microlearning lets employees fit their training regimen into the empty spaces of their day—such as between meetings. That way, they can grow their skills while remaining productive rather than having to devote entire days to eight-hour training sessions.
Who doesn’t love getting more for less?
In one analysis of the costs involved in employee training, the traditional model costs companies an average of $1,200 per employee, while online training only costs $8.30 per employee. With those numbers, it should come as no surprise that 74% of organizations feel that online learning is “significantly” or “very significantly” lower in cost than in-person classes and workshops.
Better yet, that reduced expense doesn’t mean settling for less of a return. On the contrary, 93% of organizations polled felt that online training would improve their companies’ profitability.
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 voluntarily. That’s because companies around the world are discovering that online training can be much more efficient and effective than the traditional approach.
Key Benefits of Online Training
- Recruiting
According to the same Corporate Finance Institute study mentioned above, 96% of finance professionals prefer to work at a company that offers online training.In addition, more than half of all finance professionals view online-only training as the ideal model, while 42% prefer a mix of online and offline—leaving only 6% who prefer exclusively in-person training.
In a tight labor market, providing online training as an option for employees can give companies a legitimate edge over competitors.
- Tailored Learning
One of the reasons finance professionals prefer online training is that it allows them to learn at their own pace, focusing on the topics they need most. In a traditional classroom setting, employees often find themselves either confused because the lesson is too advanced or bored because it’s too easy.
Online training eschews this one-size-fits-all approach of the traditional approach and lets learners go as fast or as slow as they need to. This is especially valuable when onboarding new hires.
- Employee Experience
The growth of remote work has shown clearly that employees tend to be more satisfied—and productive—when they have a say in when, where, and how they work. The same is true for training. This translates to happier employees and higher engagement levels.
In fact, 68% of financial organizations and 88% of finance professionals say that online learning increases participation rates for corporate training.
- Efficiency
Another benefit of online training is that it facilitates microlearning. Microlearning means learning in short bursts—often 10–15 minutes at a time.
Research shows that most employees work for an average of 11 minutes before getting distracted by colleagues, emails, and phone calls. Since online training sessions are frequently shorter than 11 minutes, this is an ideal timespan for an employee to give the lesson their full attention.
Plus, microlearning lets employees fit their training regimen into the empty spaces of their day—such as between meetings. That way, they can grow their skills while remaining productive rather than having to devote entire days to eight-hour training sessions.
- Return on Investment
Who doesn’t love getting more for less?
In one analysis of the costs involved in employee training, the traditional model costs companies an average of $1,200 per employee, while online training only costs $8.30 per employee. With those numbers, it should come as no surprise that 74% of organizations feel that online learning is “significantly” or “very significantly” lower in cost than in-person classes and workshops.
Better yet, that reduced expense doesn’t mean settling for less of a return. On the contrary, 93% of organizations polled felt that online training would improve their companies’ profitability.
Refrences
Gautam, P. (2021) Advantages and disadvantages of online learning, eLearning Industry. Available at: https://elearningindustry.com/advantages-and-disadvantages-online-learning (Accessed: April 21, 2023).
Great, with the covid pandemic situation most of the organisations
ReplyDeletefollow online training programmes and you have nicely shown us the benifits associated with the online training programme .
Thanks for the comment Dulara, Yeah COVID 19 makes the next step to T&D function by enabling digital HR practices.
DeleteThe trend towards online training in the financial industry is rapidly growing, and this change has been accelerated by the pandemic, which has led to remote work and learning becoming more prevalent. The benefits of online training include tailored learning that allows employees to work at their own place, higher participation rates, greater efficiency through microlearning, and significantly lower costs.
ReplyDeleteThanks for the comment Asith, Online training now has become popular method of delivering trainings to financial industry employees. As it's one of the cost saving and effective method which makes high efficiency.
DeleteClear explanation on how effective the online training sessions during the COVID pandemic and at present.Well we also experienced that how effective the online platform to have trainings and meetings within the organization.As you mentioned all the benefits we have been enjoyed as bankers.
ReplyDeleteThe technology that almost always connect employees to organizations and the world must be updated today. This article has explained it well.
ReplyDelete