In-House Training Practices &Effectiveness Assessment for the BFSI Sector
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Transcript of In-House Training Practices &Effectiveness Assessment for the BFSI Sector
GROUP 7:
Aditya Agrawal A003
Nakul Chopra A015
Rubal Dhawan A016
Neeraj Gurbani A020
Gareema Saboo
A043
Karan Shah A050
Aditya Marphatia A057
In-House Training Practices &
Effectiveness Assessment for the BFSI Sector
BFSI SECTOR – NEED FOR TRAINING
• Dynamic Environment• Complex and Demanding Jobs• Service Industry – Customer Service is of
prime importance
BFSI SECTOR OVERVIEW
• India's Rs 64 trillion backbone of the economy.• 6% contribution in India’s GDP• 11.5% CAGR• 79 national banks• 1,04,500 ATMs• 7 branches per 1,00,000 people
INTRODUCTIONTraining Needs Assessment
OBJECTIVES AND
SCOPE & LIMITATIONS OF THE STUDY
Understand in-house training, its needs and methods
Analyze effectiveness of the
training systems
Differences in the effectiveness of
training in public and private sectors
Satisfaction level of the employees
SCOPE AND LIMITATIONS OF THE STUDY
We have studied a public, a foreign private company and an Indian private company in the BFSI sector.
There are a few limitations of our study :=> Dependency on interviews as part of primary research=> Internal information might not be disclosed by employees
RESEARCH METHODOLOGY
Primary and Secondary Research
Research Methodology
• Exploratory
Primary Research
• Questionnaire
• Telephonic / personal interview
Secondary Research
• Websites
• Textbook
TRAINING PROCESS
Need Assessment, Content, Delivery and Evaluation
TRAINING NEED ASSESSMENT
• Organization
• Task
• Person
TRAINING CONTENT
• Objectives
• Methods
• Designing
TRAINING DELIVERY
• Delivery Mechanisms
TRAINING EVALUATION
• Reaction
• Learning
• Behavior
• Result
Goldman Sachs is one of the largest investment banking companies in the world. It offersa variety of financial services to its clients present in over 30 countries. It is also one of thelargest recruiters from campuses in many countries.
COMPANY OVERVIEW
Goldman Sachs, ENAM, Bank of India
ENAM is a leading financial company in India. It has offices in a few countries in South Asiaand client across the globe. It mainly recruits laterally and provides its employees withopportunities to enhance their skills for faster growth.
Bank of India is an Indian state-owned commercial bank and has a large number ofbranches across the country. It has one of the largest holdings and a very high number ofcustomers.
REASONS FOR SELECTION
• Varying Culture• Scale of Operations• Varying needs of the Organisation
OBJECTIVE : To help people grow professionally with the on-going development overthe course of their careers
TYPES OF TRAINING : Formal training programs such as ‘Symposium’ and ‘Firm wideAnalyst and Associate Orientation’ & Informally through meetings, projects and dailyinteractions.
NEW RECRUITS Access to Online resources Encourage managers to reach out to new hires prior to their joining Day One Orientation - a firm wide program to introduce the culture &core values First 100 days email program - consists of an email each week for the first 16 weeks of
employment
EXISTING EMPLOYEES GSU (the internal training and development function) : GSU programs cover leadership
development, market training, diversity, culture & professional skills ‘Pine Street' (leadership academy for global senior management ) -developing firm’s
global leaders
GOLDMAN SACHSIn House Training
SOURCE: Abhey Bansal, Analyst in Treasury Department & Anubhuti Ahuja, Analyst at Investment Banking Division
TRAINING CONTENT & DELIVERY
Buddy System & learning from real life scenarios Curriculum based on the latest theories from leading authors & management
professionals Methodology -> e-learning & usual activities like Paper Presentations, Role plays etc Regulatory training on issues including Anti Sexual Harassment, Anti-Bribery and
Trading
EVALUATION & ASSESSMENT
Professional Development Plan (PDP) -> On-the-Job performance & behaviour Strictly evaluate the understanding of regulatory aspects of banking and financial
services sector
GOLDMAN SACHSIn House Training
“At Goldman Sachs, we recognize that learning is a competitive advantage, and we are committed to helping our people reach the peak of their capabilities.”
Kolb’s Learning Cycle for GOLDMAN SACHS
ASSIMILATING
Emphasizes on
inductive learning
and create models
and theories
DIVERGING
• Emphasises on
innovative and
imaginative
approaches
• “Firm wide
Analyst” and
“Buddy Initiative”
1
ACCOMMODATING
• Adaptable to
changing
circumstances
• GS is flexible in
their training styles
and in updating
their modules
2
3
CONVERGING
• Emphasizes on
practical
applications
• Technical skills in
GS are taught
through practical
problems
4
Kolb’s Learning Cycle has four styles of learning of an individual
TRAINING CONTENT & DELIVERY
OBJECTIVE : To prepare employees to adapt to new changes in the wealth management industry and to motivate them
TYPES OF TRAINING : The training programs can be Technical programs or soft skills programs
ENAM ASSET MANAGEMENTIn House Training
Third-party trainers or corporate training institutes Training Need Assessment Form filled by employees On-the-job methods (mostly): mentored by senior analysts; opportunities to
participate in discussions Off-the-job methods (rarely) : organized by the management to encourage team
building
EVALUATION & ASSESSMENT
No fixed technique and time frame to evaluate and assess More emphasis is put on on-the-job performance and a training feedback form
SOURCE: Mr. Rajesh Khona, Director & Ms. Supriya Kulkarni, Manager - HR
TRAINING CONTENT & DELIVERY
OBJECTIVE : To inculcate comprehensive understanding and knowledge of the products which is in offering
TYPES OF TRAINING : Training an on-going process; conducted for a period of two weeks & three times a year Standard programmes Role orientation courses Special courses and seminars on various aspects of Banking sector Sales training for clerical staff
BANK OF INDIAIn House Training
National Institute of Banking Management (NIBM) - design the courses Conducted by senior employees or retired employees in seven centers across India Methodology - Presentations and Lectures and Case Studies
SPECIAL ASPECTS IN BANK OF INDIA’S TRAINING MODULE
Hired through entrance exam; 2 year training; Evaluated during the probation period Special concept of training the retirees
SOURCE: Sanjay Joshi, HR Manager at Bank of India
BASIS Goldman Sachs Enam Asset
Management
Bank of India (PSU)
Hiring Pattern Campus Recruitment Lateral Hiring Entrance Exam (Open
to all)
Infrastructure No dedicated training
center
No dedicated training
center
Seven dedicated
training centers have
been set up across the
country
Training
Methodology
More focus on off the job
training that is giving the
new hire a comprehensive
understanding of the
aspects of business
Lateral hires are
directly put on the job
BoI focuses on both on
and off the job training
Content Design In-house Third-party (Corporate
trainers)
Third-party (NIBM)
COMPARATIVE ANALYSIS (1/2)
Findings of the Study
COMPARATIVE ANALYSIS (2/2)
Findings of the Study
BASIS Goldman Sachs Enam Asset
Management
Bank of India (PSU)
Training Content Leadership
development, advanced
technical skills,
improving group
dynamics
Leadership
development, advancing
technical skills,
improving group
dynamics
Soft skills, sales,
banking technical,
retirement planning
and facilities
Training Delivery Active participation
involving role plays,
presentations
Group learning through
role plays and
presentations
Class-room learning
Training Choice Structured compulsory
program
Choice of training
provided to
Employees
Structured compulsory
program
TRAINING EFFECTIVENESS ASSESSMENT(1/4)
Evaluation of the Training
• How well the training program met the learner’s needs and objectives?
• What positive and desirable change that the training has brought to the learners’performance?
• What are the benefits that the organization has achieved?
TRAINING EFFECTIVENESS ASSESSMENT(2/4)
Evaluation of the Training
15
5
12
0
2
4
6
8
10
12
14
16
Goldman Sachs Enam Asset Management Bank of India
Number Of Training Programs (Last One Year)
TRAINING EFFECTIVENESS ASSESSMENT(3/4)
Evaluation of the Training
3
12
24
0
5
10
15
20
25
30
Goldman Sachs Enam Asset Management Bank of India
Nu
mb
er
of
Mo
nth
s
Time Gap Between Consecutive Training Programmes
TRAINING EFFECTIVENESS ASSESSMENT(4/4)
Evaluation of the Training
1 1
2
0
0.5
1
1.5
2
2.5
Goldman Sachs Enam Asset Management Bank of India
Nu
mb
er
of
year
s
Time Gap Between Module Modification
CONCLUSION
• Requirement of coherent corporate culture rather than ad-hoc programmes for thedevelopment of an integrated and proactive training and development strategy.
• Despite the different methods and approaches followed, all the organizations, whetherprivate or public, give due consideration to training and development to enhance theemployees skills and knowledge to satisfy the customers.
• Growth of banking and financial services sector in India is the result of skilled manpowerwhich is the outcome of sophisticated training and development programmes.
• Moreover, the methodology and the focus areas of the Training programmes areprimarily governed by the level of competitiveness in the respective industry andthus, we see great variation in the sector-wise findings.
LEARNING
• With this project we were able to understand the differences in training styles andmethodology of a large MNC and a public sector bank.
• To our surprise we found that there is better infrastructure and more structuredprograms for training in the public sector organizations.
• Moreover, by analyzing the training programme at ENAM Asset Management, we gotan insight into the training methodology of an organization which believes in Lateralhiring; as opposed to Goldman Sachs and Bank of India’s policies of hiring younggraduates.