“Banking is necessary, but banks are not”……Bill Gates.
**This is an opinion piece with the aim of creating more awareness of the critical need to have a good balance of skill sets in financial service providers, to meet the growing digitalization of banking across the globe***
The Future of Work
The future of work simply implies the projection of how the workplace, work and workers themselves will be like in the coming years, let us say in the next five years or even a decade. With a combination of both traditional and digital banking, I envisage that our parts of the world would likely to still have a combination of out-sourced staff, part-time and full-time staff, robots, and virtual workers. In the very much regulated and dynamic banking industry, many CEOs are kept awake at night thinking, reflecting and even wondering whether their staff or they themselves can still fit into the jig-saw puzzle of the future of work.
It is therefore imperative that CEOs and Management of banks take a hard look at how their institutions can stay afloat and be on top of the high tidal waves mostly brought about by the Fourth Industrial Revolution led by Artificial intelligence, Big Data, etc. There has been much concentration on the technological aspect with great strides being made in digital banking, employment of young tech-savvy staff who can facilitate the technological side of banking. One big gap that is being created is creating an environment for existing staff to fit into the new tech spaces created. How can a middle-aged Supervisor supervise the engineers in banking, as well as staff taking care of the relationship banking needs of digital-savvy customers? The future of work cannot dwell only on young Generation Z and Millennials, and neither can Management discard most staff and plunge into the digital space at full swing. The illiteracy levels of some bank customers may not allow such drastic decisions to be made. The future of work encompasses a combination of traditional full- and part-time staff who will be working with outsourced staff, gig workers and even crowdsourced contributors. Even so, there are expected inter and intra-departmental movements, plus employees also moving into other institutions where their skills may be appreciated more to meet the needs of their future.
In these periods of no job for life, staff attrition rates are likely to go up. Employee expectations keep changing and it is seen that the priorities of younger staff are different. For example, unlike the older staff, younger staff easily leave when their expectations are not met. Management is also likely to be on a regular rollercoaster of developing modern appraisal systems, better skills audits and development of career paths for employees, retooling and reskilling of its staff to meet the new demands.
The Future of Banking Work
Mobile banking has made great strides in Ghana but after that, what next? Some groups of customers like the semi or illiterates need to understand the financial digital world to facilitate their investments, understand the credit and treasury functions of banks, to enable them make prudential decisions about the digital opportunities available to them and prevent them being duped by internal and external fraudsters. Building beyond today’s level of digital banking channel acceptance demands better use of customer data and increasing comfort with technologies beyond basic mobile features. That brings to fore, the above topic….TRAINING! We all know that the opposite of training is IGNORANCE.
Some Perceptions/Misconceptions about Training or L & D
What does the subject “Training or Learning and Development (L & D)” mean to you? A cross-section of bank staff, when asked this question, is likely to produce the following perceptions and misconceptions, some of which may sound humourous:
- “Don’t mind them, Training courses are reserved for their favourites”
- “Who wants local training? We also want to travel overseas to get foreign experience”
- “Yes, as for the per diem, my “Project” here I come”
- “Training is sometimes regarded as a punishment, especially when it is in-house”
- “I want the global appeal, not the same boring faces of our Managers”
- “Some are too repetitive and even irrelevant. The supervisors themselves need training because they don’t allow us to implement the skills taught”
- As for me, I take training very seriously because it is a chance for me to better myself, enhance my CV and make myself more marketable.
- “I look forward to every training program because it aids in my in-house as well as external networking”.
- “My manager never allows me to go on courses. He says he cannot do without me. Getting my leave is even a problem”
- “I am sure the Supervisors only do it to meet their targets before the end of the year”.
I can go on and on but the above remarks speak for themselves.
What is Training?
BusinessDicitonary.com has the following definition of the term: “Organized activity aimed at imparting information and/or instructions to improve the recipient’s performance or to help him or her attain a required level of knowledge or skill.” Training implies teaching a special skill or behaviour. Workers in a company receive training when they need to or want to learn new skills. Trainers and teachers are both trying to get people to learn things. However, teachers generally impart theoretical knowledge while trainers impart practical knowledge.
In an article in the Indeed Career Guide, (1st October, 2022 edition) Jennifer Herrity, a seasoned career services professional states: “As technology advances and workplace strategies evolve, there comes a need for professionals to align with these changes in terms of knowledge and skills. One of the best ways to enhance knowledge and skills is through training. Providing employees with relevant and consistent training can help improve performance and efficiency in the workplace.”
She listed 11 benefits of training employees:
- Increased productivity and performance
When employees undergo training, it improves their skills and knowledge of the job and builds their confidence in their abilities. This will improve their performance and make them work more efficiently and effectively.
- Uniformity of work processes
When employees in a workplace are exposed to training, it helps to standardize the work process among the staff. Workers will apply and follow similar procedures as a result of their exposure to similar training.
- Reduced wastage
When employees are trained, they will learn to make good, safe and economical use of the company’s materials, tools and equipment. Accidents and equipment damage will be minimized, and this will keep waste low.
- Reduced supervision
Though training employees should not totally eliminate the need for supervision, it can significantly reduce the need for excessive supervision in the workplace.
- Promoting from within
When an organization needs professionals with new or specific skills, they don’t have to go into the labor market to employ new professionals from outside sources. They can look inward and select promising staff members who can be promoted after they are trained in this set of new skills needed by the organization.
- Improved organizational structure
When a company has an organized system of training for employees, it helps them learn in a consistent and systematic way. It also prevents the employees from learning by trial and error.
- Boosted morale
Employees of organizations who go through training programs will feel like they are a part of a supportive work environment where they are appreciated, which will boost their morale and make them approach their job duties with more self-confidence.
- Improved knowledge of policies and goals
A good training program will always help employees get acquainted with their organization’s ethics, values, policies, visions and missions.
- Improved customer valuation
When employees of an organization are exposed to consistent training, it improves their skills on the job and makes them work more professionally and productively. Customers will feel the impact of this elevated service, and it will improve their opinion of the organization.
- Better workplace environment
Consistent training will help employees work more effectively in the workplace environment. This brings about an atmosphere in the organization that encourages every employee to feel valued and welcomed.
- Improved and updated technology
With the ever-increasing change in technology across all industries, exposing employees to new techniques in advanced technology will help to increase efficiency and productivity in the organization.
TO BE CONTINUED
For more insights on this topic, please book a copy of my new book, “THE MODERN BRANCH MANAGER’S COMPANION” which involves the adoption of a multi-disciplinary approach in the practice of today’s branch management. It also shares invaluable insights on the mindset needed to navigate and make a difference in the changing dynamics of the banking industry. Call 0244333051 for your copy.
ABOUT THE AUTHOR
Alberta Quarcoopome is a Fellow of the Chartered Institute of Bankers, and CEO of ALKAN Business Consult Ltd. She is the Author of Three books: “The 21st Century Bank Teller: A Strategic Partner” and “My Front Desk Experience: A Young Banker’s Story” and “The Modern Branch Manager’s Companion”. She uses her experience and practical case studies, training young bankers in operational risk management, sales, customer service, banking operations and fraud.
CONTACT
Website www.alkanbiz.com
Email:alberta@alkanbiz.com or [email protected]
Tel: +233-0244333051/+233-0244611343
