Trends in Learning & Development for companies in the banking sector

Abstract

The learning and development concept is one of the major components of an effective strategic management approach. It is obvious that every successful company that has been operational for years owes its success to its keen desire to constantly review its business practices so as to align them with the evolving dynamics and demands of the business environment in which it operates. In essence, an organization that has a culture of constant learning and development in place optimizes its employee satisfaction efforts and subsequently achieves greater customer experience.

The objective of this report was to identify current trends in relation to the concept of Learning & Development for companies operating in the banking sector considering the ongoing shift to hybrid and remote work models It focused on two Finnish financial institutions, OP Financial Group and Nordea Bank. Because the report was not commissioned, it was not intended to gather thorough information about the target companies. The reader is therefore urged to refer to the companies’ web pages for more information.

The report is composed of both primary and secondary data. Primary data was collected qualitatively through interviews with five employees from the target companies working in various departments. A total of nine questions were designed, of which seven applied to all respondents and two only to training managers. In principle, one in-person interview was conducted and four interviews were conducted in a survey-like manner, meaning that the questions were only sent to the respondents due to limited time. Data analysis was based on qualitative reasoning because the key idea was to try to understand the phenomenon and then create insights based on the opinions that the respondents expressed in their answers.

The findings show that companies have recognized the importance of updating the Human resource processes, and are now directing more attention to the workforce than ever before. Learning and Development programs have become a strategic branding tool, pushing companies to develop more facilitative and participative management styles. The trend, as stated by some respondents, is nothing new but it has gathered more momentum in the last two years. In essence, companies are now directing more of their resources on digital technologies in order to keep up with new hybrid and remote work models. The goal is to endeavor to offer seamless experiences to their customers efficiently and effectively whether digitally or in physical offices, and the way to this success lies in ensuring that employees’ skills and talents are efficiently leveraged.