At this point, it makes sense to understand the major challenges that plague learning and development programs and how organizations can address each challenge. But first, let's look at what the data tells us. According to research by the Harvard Business Review,
Solution: The L&D program should empower the employee with the freedom, time, and flexibility to learn at their own pace as well as convenience.
Solution: This can be done by embracing the lean learning method where:
A. The learner learns about the core of what they need to learn.
B. Then, they apply the learning to real-world situations immediately.
C. They receive immediate feedback and refine their understanding.
D. The learning cycle gets repeated.
Solution: Organizations should evolve their learning ecosystems to encompass a wide variety of learning formats such as online courses, classroom training, mobile learning, expert sessions, internships, etc. For example, HDFC Life leverages gamification to enrich the learning experience of its employees for key areas such as competency and functional training. Additionally, Infosys has developed a gamified platform, "Accelerate," to ensure that every employee actively contributes towards organizational goals by opening up opportunities for short-duration projects.
Solution: Enterprises need to view training as a mid to long-term investment and not a one-time overhead cost. It is important to understand that the learners will not start to demonstrate the benefits immediately; it will occur over a period of time.
In this section, we will dive deep to understand the main L&D-related challenges Standard Chartered faced and how the bank tackled the same.
Proposed solution: To enable the effective reskilling and upskilling of its existing workforce instead of relying exclusively on hiring new talent to meet the strategic priorities and business objectives.
Experiential learning: The bank implemented a digital learner experience platform, "diSCover Lab," in Singapore to make high-quality content more accessible, boost job readiness, career prospects, and future competitiveness of the Singapore workforce. In addition, the aim was to encourage a learning and growth-centric mindset among employees by:
- Launching a 30-day challenge competition to drive adoption and build familiarity.
- Leveraging its Global Learning Week, which brought together senior speakers both internally and externally, to highlight and discuss the importance of learning with colleagues. Through the diSCover Lab, the bank aims to train and upskill 8,000 employees in Singapore by 2022. The diSCover Lab provides a flexible learning environment and embraces a "hybrid" approach of virtual and face-to-face training. Think of diSCover as the bank's "Netflix of Learning," where employees can access a multitude of bite-sized learning modules and curriculum, from blockchain to data, to Artificial Intelligence, and personal development. The platform is personalized, career-focused, fun, engaging, and experiential in nature. The results?
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