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Get the RoI: Maximise Business Impact with eLearning
The document discusses the benefits and strategies of implementing e-learning in the financial sector to maximize business impact while addressing challenges such as training costs and employee retention. It highlights the importance of structured goals, comprehensive program management, and blended learning approaches to enhance training effectiveness. Key statistical evidence supports the effectiveness of online learning over traditional methods, emphasizing improved retention and cost savings.
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Get the RoI: Maximise Business Impact with eLearning
- 1. Get the RoI:Maximise Business Impact with eLearning 1
- 2. What if… • Youcould train hundreds of people with the exact same consistent level of rigour? • You could implement your target training mandays with 100% attendance and no time lost to travel? • You could reduce your per-head training cost by 30%, decrease cost of venue and travel to zero?
- 3. What will wetalk about today • Industry Overview (Financial Sector) • Issues addressed via technology enabled learning • Strategic e-Learning implementation • Debunking myths associated with online learning • How to include a blended approach in your training initiative
- 4. Industry Overview • TheFinancial Stability Report by RBI for December 2011 observes that the domestic financial system remains stable in the face of an adverse international backdrop • Financial inclusion drive from Reserve Bank of India (RBI) has expanded the target market to semi-urban and rural areas • Ratings agency Moody's believe that strong deposit base of Indian lenders and Government's persistent support to public sector and private banks would act as positive factors for the `64 trillion Indian banking industry amidst the negative global scenario • In capital markets, asset management industry in India is among the fastest-growing in the world, grown four fold in past 5 years • The Indian Insurance sector is expected to reach around USD 400 billion in premium income by 2020 4
- 5. Key Challenges forIndia – Slow down in GDP growth could have some downstream impact on asset quality – Additional capital will need to be raised due to the compulsions of implementation of Basel III, a growing (albeit at a potentially decelerated rate) economy and financial inclusion 5
- 6. Human Capital Trendsin BFSI, India Human Resource Reasons for Attrition Cost Optimization Challenges Measures • Hiring Talent • Better Pay • Outsourcing • Retaining People • Personal reasons • Shared Services • Training & Development • Better Career options • Freeze on travel of potential leaders • Lower variable pay for Middle & Senior Heavy dependence on employees Competent workforce = person, relationships, critical margins service Adhere to tight budget targets Fierce competition for Good employees are hard skilled talent to find Restricted travel No time to train Further studies, work life Headcount reduction balance, quick salary Training budget slow-down raises 6
- 7. Why look towards eLearning?
- 8. Learner centeredness Access Knowledge Share Knowledge Utilize Knowledge Co-created, Self-Directed, Personalized
- 9. …When workforce isdispersed • Real Time Product Knowledge • Higher retention of content compared to classroom training# • Accessibility (flexi time) • Caters to Different Learning Needs and Types of Learners • Cost-Effectiveness (lower costs) • Improved Return on Investment (easy to measure) • Training mandays & coverage
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- 11. # Online LearningFound More Effective in US Department of Education Analysis “Students who took all or part of their “Students who took all or part of their class online performed better, on average, class online performed better, on average, than those taking the same course through than those taking the same course through traditional face-to-face instruction” traditional face-to-face instruction” •Online-only learners scored 9% higher on •Online-only learners scored 9% higher on tests tests • 99 studies done between 1996- • 99 studies done between 1996- 2008 were included in the analysis 2008 were included in the analysis • Study groups ranged in size from • Study groups ranged in size from 16 students to 1,857 16 students to 1,857 • 50/50 split between college and • 50/50 split between college and post-graduate adults post-graduate adults
- 12. How do Imake it work? 12
- 13. Strategic e-Learning Continuum Program SUCCESS? Measurement and Program Management Strategies and Tactics Program Goals and Objectives Organizational Variables / Learning Culture
- 14. Organizational Variables /Learning Culture Possible cultural barriers and facilitators that could impact eLearning in your Organization: – Senior Management Support – Leadership and Management Style – Emerging Business Realities – Budget Priorities – Communication Practices and Information Flow – Self-paced Learning Readiness
- 15. Program Goals andObjectives Why are Program Goals so Vital? Program Goals are a vital component of implementation because they – • Set the direction and keep everyone of track • Engage stakeholders in identifying performance metrics • Establish the connection between learning and business results • Provide the basis for measuring the value of your e- learning
- 16. Strategies & Tactics- Planning Every good road trip begins with a map in hand. 24x7 Learning provides an Implementation Planning Guide and Sample Project Plan to help coordinate your overall e-Learning strategy. To build a solid Project Plan: Develop your project team Partner with your 24x7 Learning Implementation Consultant Set a project timeline Establish technical requirements Update project status regularly 16
- 17. Strategies & Tactics- Integration Make it sustainable! Look for integration opportunities such as: –Performance Appraisal Systems –Competency and Career Development –Professional Certification requirements –Urgent Critical Business Needs –Blended Learning Opportunities 17
- 18. Strategies & Tactics- Communication A Marketing Plan will include: • Activity, item or event (What?) • Purpose or intended result (Why?) • Media or distribution method (How?) • Responsibility (Who?) • Applicable dates (When?) 18
- 19. Strategies & Tactics– Think about it What are the existing or proposed initiatives in your organization that could be supported by e-Learning? Identify the initiative, the relevant e-Learning content and the size of the potential audience. View these opportunities as building blocks toward achievement of your success criteria 19
- 20. Measurement and Program Management • Levels of Evaluation and Measurement Reaction “How I like it” Smile Sheet Routinely Done Course Evaluation Form Knowledge “What I learned” Pre-& post tests Routinely Done Pre & Mastery Assessments Behavior “What I do differently” Assessments Is Observed Follow-up Self & Others Evaluation Form Results Impact on Business The effect of Is valuable but Performance improved very rarely Surveys performance on done. Operational data business goals
- 21. Program Management -Measurement You've run all the reports, now what do you do with the data? •Review with Managers •Outline cost benefits of program •Inquire about perceived utilization and on-the-job application •Facilitate discussion on future needs •Have a plan to inform stakeholders of your progress toward success criteria and their ultimate business objectives The purpose of a program review is to protect the integrity of your e-Learning initiative. Use this opportunity to make something good even better!
- 22. Program Management -Measurement Analyze & Capitalize Look for clues in usage and growth statistics to identify success trends as well as hidden roadblocks 22
- 23. Program Management -Discussion • Road blocks you might experience Not Enough Time No Help Communication Not Relevant Fear and Anxiety 23
- 24. Blended Learning: AGreat Mix! 24
- 25. What, Why, How Whatis it? Why Blend? How do I do it? Combining various Norm for large Define target audience, learning methodologies enterprises learning goals to achieve the same learning goal Diverse, Large, Expand training out of dispersed workforce the “traditional Combine eLearning with boundaries” – break a virtual classroom, a Variety of learning free! physical classroom and a options tele-coaching conversation “best of both” Balance the learner’s pace with the Focus is on the learning company’s needs – not on the mode of delivery 25
- 26. Benefits of Blending • Improved Learning Effectiveness • Extending the Reach • Optimizing Development Cost and Time • Optimizing Business Results • Design for Mutigenerational Learning • Integrated Design for Higher Retention
- 27. So you have… •Defined program goals • Identified target audience • Chosen learning content, platform • Set out metrics you plan to measure Then… 27
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- 30. 24X7 LEARNING TEAMWILL CONSULT ON THE FOLLOWING ASPECTS
- 31. 24x7 Learning Pvt.Ltd Ulsoor Lakefront, Bangalore,India Phone: +91-80-4069 9100 contactus@24x7learning.com www.24x7learning.com www.learntrak.net lnkd.in/6qD2pY twitter.com/24x7learning facebook.com/24x7LearningIndia
Editor's Notes
- #5 2011– 2012 was a relatively subdued year for the economy with most of the companies treading on the side of caution International outlook remains weak. Recent exit of the Citigroup CEO is a prominent example of the turmoil in the Western banking markets. According to an IBA-FICCI-BCG report, India ’s GDP growth will make the Indian banking industry the third largest in the world by 2025.
- #7 (A) In this sector, competent workforce is critical to ensure margins in the intense competition in the markets workforce Every competitor is looking for the highest quality employee. Skilled talent – hiring, retention and development is critical is a priority for this sector The failure to hire and retain qualified people is costly in a number of ways like loss of training investment, loss of valuable customer relationships and intelligence et al There is also a need to develop potential leaders to assume leadership positions in the organization in the long term (B) The sector is heavily dependent on skilled manpower, strong customer relationships and efficient customer service A good employee is an asset to the companies and every company in the market is looking for the highest quality employee Employees too exploit these opportunities available in the market. Frequent job changes are a common norm in this sector, for better pay or career growth Improved work life balance, further studies and better utilization of skill sets are some other reasons for attrition identified in this sector (C ) Outsourcing/ Offshoring is the most preferred route with 60% of companies; includes outsourcing payroll, leave and other administrative activities Close second is Setting up Shared Service Centers – an option explored by several key sector companies – to help meet the tight budget targets Travel has been restricted to only Senior and Top management level or justified essential business requirements only; cost reduction measures include employees being downgraded from Business to Economy class travel This sector also noticed some strong cost optimization measures like head count reduction, curtailment of employee training and recognition program
- #9 Access Utilize Share – peers, colleagues, mentors, community
- #15 What is the level of support I can expect from Heads of Businesses? Are managers autonomous or directed? What is expected of your organization right now? Are decisions driven by outcomes or Rupees spent? How is information most effectively exchanged? What is the likely reaction to self-paced learning in organization going to be?
- #23 Road Blocks - Combating Resistance. No matter how prepared, we are likely to come across roadblocks that require an effective work around - Advance preparation and checks along the way always help
- #26 Identify business-critical learning that employees should be able to do (new processes, product knowledge)