Delivering skills to employees
Every year, companies collectively spend billions of dollars delivering skills to employees of all ages through training methods that are out of date or simply out of touch. At least four generations of workers co-exist, from the post-World War two veterans through to the youngest new professionals – the Generation Y/Millennials who were born in the Internet era and who now comprise 46.5% of the workforce.
The companies that comprise the Financial Service industry strictly confined by regulations such as Dodd Frank, and this, in conjunction with security threats, global events, downsizing and outsourcing are creating an almost impossible situation in which to train and retain a strong workforce.
Gartland & Mellina Group (GMG), a strategic management consulting firm based in New York and with clients worldwide, is now seeking to assist in resolving this conundrum with the release of its white paper, entitled Passive vs. Active Learning: Virtual Collaboration and Training in Today’s Financial Services Workspace, one of four papers that comprise its new Thought Leadership Series on Technology Adoption in Financial Services, located at http://gartlandandmellina.com/gmg/who-we-are/white-papers .
The paper focuses on the need for financial services companies to take full advantage of collaborative learning environments to engage learners while reducing costs. Quoting former General Electric CEO and management icon Jack Welch, the paper states, “An organization’s ability to learn and translate that learning into action is the ultimate competitive advantage.”
The paper starts out by highlighting some of the classic problems found in traditional corporate teaching methods that primarily use passive learning – in other words, “sit at a desk and pay attention to the teacher.” This includes the fascinating “forgetting curve” which reveals just how little knowledge is retained when students are unable to interact.
Active learning, by contrast, focuses the responsibility of learning on the learners, once they have been given sufficiently engaging material to work with. This is usually built out of a combination of instructor-led and interactive elements known as blended learning.
The significance of effective learning to the financial services sector is huge. For example, the GMG paper states, “In 2010, it was estimated that 61% of all compliance training and 23% of all Executive training was done online.” It is essential that in such a crucial area of business that learning objectives are met properly and cost-efficiently.
The GMG paper highlights the effectiveness of the Jigsaw meeting approach, which is a multi-screen approach to teaching that allows teachers and students access to each other and a more personalized curriculum than is generally offered in a classroom situation.
The essence of teaching students of any age is to get them engaged. And although teachers may have tried to do this over previous generations, it is only now that the technology exists to make it possible. As the GMG paper states, “Companies who incorporate virtual collaborative platforms as part of their competitive strategy and can fully adopt and leverage the benefits of virtual teaming will be the ones that survive and flourish in the future.”
The GMG White Paper series contains four titles:
- The Art of the Talent War: Why Financial Services Human Resources Should Learn to Love Big Data
- Navigating Through the Cloud in Financial Services: How to Best Confront Cloud Computing Security and Compliance
- Centralizing Data and Consolidating Applications to Support Your Enterprise Data Strategy: Driving your Financial Services Business
- Passive vs. Active Learning: Virtual Collaboration and Training in Today’s Financial Services Workspace
For more information, please visit http://gartlandandmellina.com/gmg/who-we-are/white-papers/
By Steve Prentice