5 Trends Driving Learning in 2022 & the Role of a Learning Management Software

Learning trends are defined by over all change in society and human lives have changed beyond doubt and deliberation. According to a Pew Research paper, the current trends have far-reaching effects on businesses, as the pandemic has reshaped supply-chains, consumer behavior, currency systems, not to forget the shift to gig economy. Organizations have had to take a hard look at their way forward, as they try to accommodate recession and the ‘Great Resignation’ simultaneously. Covid19 has made the importance of an agile learning environment clear to the  companies and upskilling and reskilling has been the top priority for 59% organizations this year (LinkedIn Workplace Learning Report 2021). In this blog, we are going to talk about the trends that will drive learning in 2022 and the role of Learning Management Software as the driving force behind it all.

 

Learning Trends of 2022 & Learning Management Software

 

Employee Engagement and Retention

The ‘Great Resignation’ is real, and people are quitting faster than companies can hire. According to Gallup, 48% of the US population is on the lookout for better opportunities. This is a trend that started in 2020, with 300% growth in upskilling effort from an individual learner (LinkedIn Learning Report 2020) and has continued in 2021. Employees are eager for companies that provide opportunities to grow within the organization with continuous learning support for skill development and enhancement. The modern learning experience platform engages the learner with AI-powered learning recommendations based on their skills, industries, and processes.

 

Skill Assessment and Evaluation

The World Economic Forum had announced the Second Industrial Revolution and need for upskilling due to heightened digital dependency in the very beginning of 2020. Covid19 only accelerated digitalization in all sectors. While the nature and technology of many jobs are changing across banking & finance, pharma, retail, and even government departments, employers do not have the time to waste on redundant efforts. Businesses need to assess the skills of their employees faster as they fight the lack of digital-savvy workforce. A learning management system with an in-built on-job-evaluation feature can help in flexible and objective job performance evaluation across roles and multiple hierarchies.

 

KPI Based Learning for Performance Support

The buck does not stop at evaluation of performance but providing real-time support for performance enhancement. According to JoshBersin.com, this year job postings which offer on-the-job training have gone up by 40%. C-Suites of companies engaged in successful businesses have realized that learning is not an exclusive activity that happens inside a classroom but a reinforcement of habits. An employee needs to be triggered learning content based on their own performance metrics or skill gap. A Learning Performance Platform integrates with the various business tools like CRM, QMS, and ERP to collect data on an employee’s key performance indicators. This data is then used to upskill employees and ensure they can meet performance goals.

 

Virtual Learning of Dispersed Workforce

Remote working has become such a norm that 33% of L&D leaders have virtual onboarding as their top concern (LinkedIn Workplace Learning Report, 2021). However, they have also come to realize that providing effective virtual training for the globally dispersed workforce means a lot more than a video call or a conferencing tool. Remote training needs to engage with the employees right from the onboarding to help them adjust with the company culture. Effective learning will require identifying training needs and skill gaps, tracking certification and compliance, keeping employees updated with refresher content and more. An extended enterprise learning management system with multiple training format support for learners and seamless user management for administration, is the key.

 

All-in-one Technology and Easy Integration

Experts all over the world are warning against the excessive use of technology. The future will need all of these functions to come together for a singular human experience. Sophistication of technology lies not only in invention but also integration with the existing tools and technique. The ability of a learning provider to step up to this game will decide their journey in the new era.

 

At G-Cube we are continuously researching the various aspects of human learning and the role of the learning management software in this journey. We would love to collaborate, talk, and listen to anyone who is interested in the same domain. Do write to us and Happy New Year!

Hypercare via LMS, the solution for Employee Development in BFSI

Banking, Financial Services and Insurance (BFSI) industry is fast growing worldwide due to the rising per capita income, introduction of new products, innovation in technology, expanding distribution, networking, and increasing customer awareness of financial products.

 

The customer base for this sector is highly tech-savvy, short on time and always looking around for competent and personalized services. To meet customer requirements, there is a need to establish a productive workplace which is free of human errors, security threats and brings premium banking & financial products or services. Hence, BFSI sector need to build a strong & highly skilled team of professionals to remain innovative and quickly adjust to the external changes.

 

Business Challenges in BFSI sector

 

The Global reports confirm a dismally low employee engagement of just 33% and as per survey reports, an employee turnover rate of 24% in the BFSI industry – one of the highest among all industry sectors.

The industry leaders have tried to control attrition, but the steps have not resulted fruits. So, attrition is going to stay, and we need to find ways to reduce the impact of attrition. One way to reduce the impact of attrition to smoothen up the onboarding process which can help to speed up new employee become proficient quickly and the loss of productive hours and business performance is reduced to minimum.

 

Let us look at two important issues that need attention

 

Faster Onboarding

 

Huge customer base using banking & finance services as per their individual requirements and to handle them in an effective and efficient manner, there is a need to have a set of skilled professionals. Thus, arises the requirement of faster onboarding of the skilled set of workforces which includes agents, distribution partners and the workforce working in their respective branches.

 

Upskilling & Training Workforce

 

The rate at which BFSI sector is transforming, there is really urge to upskill the workforce. Post COVID19 situation, banks and other financial institutions have looked to make most of their processes online. For example, the opening of the accounts and completing KYC formalities have gone digital. Employees need to be trained to deal with the online customers and help the customer have a seamless experience.

 

The Role of a Training & Learning Platform

 

The higher aim of learning is not only acquiring skills but changing behavior. By transferring the right knowledge and skills, it is possibly change the behavior of employees and stakeholders which is necessary for business continuity and competence. Let’s talk about the role of a LMS in Banking in managing the training and learning process at the organization level.

 

The learning management system comes with several features that can create learning journeys more appropriate for an individual. The LXP variant of LMS brings AI driven suggestion engine, place for learners to find skills-based learning. The Learning Performance Platform variant integrates with your business processes and tools to get data on your business goals and performs skill gap analysis. Combined the features of these learning management systems provides the right environment for the employee to remain engaged, upskill and perform as per the intended KPIs.

 

Once new workforce has been hired, comes the Hypercare phase which starts right at the onboarding phase. Hypercare basically means an elevated level of support for the new hires to ensure the seamless adoption of a new system.

 

 

Commenting on the need of Hypercare through a BFSI LMS, Bharat Jain, AVP – Learning Technology, G-Cube shared “Post onboarding, hypercare is essential to ensure learners stay focused with regular training interventions as well as daily sales huddles. LMS brings various ways of training need identifications and automation to conduct daily huddles.”

 

Therefore, Hypercare phase helps in developing culture of continuous learning where the employee gets the necessary support and guidance to perform well, feel confident and grow personally while adding value to the organization.

 

If you want to see how it works, try demo of a Learning Management System which is built in consultation with BFSI industry experts.

Cooking up Culture: Blending Merger, Acquisition, and Motivation

Communication, Communication, Communication!– The successful mantra to anything.

 

In mergers and acquisitions, it is all about how, when, and in what frequency you communicate with the employees to adapt them to the change. The marrying of two different cultures, goals, and vision needs to be smooth and seamless to make this a success.

 

“Organization is for the employee, by the employee and of the employee,” therefore, with employees at the heart of all plans and goals, leadership should take special care to ensure that they maintain proactive communication with the employees in a complex situation. Since many employees end up being associated with the organization for a significant part of their lives, they treat it like their own family. Thus, addressing them becomes important. During a merger or acquisition, employees experience a range of emotions. But often, the leaders focus only on:

• Financial projections
• Organizational charts
• Contracts

 

The majority of mergers and acquisitions fail because leaders ignore the emotional needs of their employees. Therefore, leaders focusing on improving the employee experience and effective communication prove to pull the best out of such situations. After all, the M&A process will go as far as your people together take it. If the business does not understand the effect of the merger on employee motivation, their efforts could fall flat, which is not an ideal situation for anyone. It results in a loss of time, effort, and money.

 

Let us look at some statistics on global M&A activity:

 

• According to Refinitiv reports, the global M&A activity dipped in 2019, yet it was the fourth biggest year since data collection started in 1980.
• According to Fortune reports, M&A activity in 2021 has totaled a record of $2.4 trillion globally, up 158% from the same period last year.

 

 

If you have ever been involved in an M&A, you would have seen the firsthand impression of how critical its culture and communication become for the success of integration. But unfortunately, the clash of culture and lack of clear communication becomes the number one reason for the deal’s failure.

Imagine for a moment: your CEO just announced the acquisition by an MNC. A flood of worry overcomes you and your colleagues. Your mind crosses multiple questions, all wanting immediate answers. You are sweating!

 

The announcement of acquisition hit on everyone on the level of Maslow’s Hierarchy of Needs:

• Physiological – what if I have to relocate?
• Safety – what about job security? Is it safe? Do I have to compete with an employee of another company for my job?
• Belongingness – how will I adjust or fit in with the new culture, new people, and the new management?
• Esteem – will I be respected? Will I be considered for promotion, and will my work and effort be appreciated?
• Self-Actualization – what about my growth? Can I still achieve my personal growth?

 

When employees start thinking about mergers and acquisitions, they think on these lines. It is better to address them instantly than to face a poor productivity ratio, which is typical during these times. It is usually noticed that anxiety reduces the productivity rate to half of the normal during these times. The questions or doubts in employees’ minds take the best of them.

 

What approach would lead towards successful M&A:

 

• Address anxiety
• Setting clear new goals and bringing everyone on the same page with it
• Communication with the employees
• Streamline and clarity of the new roles and structure in the organization
• Create enthusiasm
• Build trust
• Foster culture champions
• Work on synergies

 

I would like to conclude this critical situation with some positive notes:

First, a synergy is where the whole is greater than the sum of its parts. When two or more organizations combine their efforts, they can accomplish more together than separately.

Instead of merging everyone under one of the old company cultures, find a way to unite everyone under a common set of values.