The BFSI industry (Banking, Financial Services, and Insurance) is no exception to
corporate
workforce training difficulties, many of which are peculiar to that sector. These
sectors
are
organized and administered in a way that sets them apart from other sectors in many
ways.
Therefore, they face different issues that require particular attention to be solved.
Many sales representatives
These days, multinational teams and matrix architectures are familiar among BFSI
companies.
This
poses new difficulties because instructors are frequently required to conduct classes in
front
of a classroom full of students while also welcoming viewers from other cities via video
conference. This can be challenging because face-to-face instruction requires different
skills
than online instruction. Access to training may be challenging due to their employees'
different
geographic and cultural backgrounds.
Restrictions due to regulations and compliance
It is not uncommon to experience fast-changing regulatory frameworks and audits over a
year
in
the banking and financial industries, necessitating similarly quick and efficient
training.
It
is crucial to have the ability to swiftly and efficiently update content without having
to
restructure the courses completely.
The tech-savvy generation
The evolution of the workforce, in which millennials make up a sizable share, represents
a
shift. The tech-savvy workers of today seek out fully digital, on-demand solutions. This
workforce differs from earlier generations in terms of thinking, demands, and
technological
competence, but it also tends to be unstable in its employment.
Ensuring that all employees receive the required training
Each employee must successfully complete their training in full. It can appear to be a
big
challenge to have a comprehensive picture when training is offered on a broad basis,
either
nationally or internationally.
Shortage of time
It can be pretty difficult to train a worker whose position is on the trading floor of a
bank or
in the dealing room of an investment firm since every minute they are away from their
desk
is
time that is missed in terms of revenue generating. The sales staff is also constantly
on
the go
and has little to no time for classroom training.
Opposition to change
Most businesses in the banking industry have a lengthy history and staff members who
have
worked
in the sector for many years. The introduction of new training plans and programs
encounters
resistance to change. A fondness for established procedures and customs might lead to
problems.
Adding to current courses
It's unnecessary to postpone the beginning of a lesson if a sizable portion of already
completed
training calls for a supplement or an unanticipated update.
Massive amounts of information
Each employee must keep up with the multiple levels of knowledge and training required
by
the
BFSI industry. The procedure could seem overwhelming.