Other parts of this series:
New technologies bring new rules, but they can also create the gateway to curiosity and continuous learning in FS
In my previous post, we looked at the importance of new–skilling to build and empower a workforce ready for the future. As I touched on at the end of that post, with AI and experiential learning come new rules for compliance—which signal new modules of required training. Though this may spark an eye-roll, there are ways to make compliance learning immersive and intriguing for employees, who might then see it as the ‘gateway’ to other learning.
Let’s take a look at how investing in making compliance training a good experience can encourage previously disinterested learners to come back for more.
Push vs pull learning.
Compliance training isn’t generally an employee favourite. Raise your hand if you— possibly, occasionally, no judgment—skip through the material to the test at the end so you can be done with it and get back to work.
Traditionally about ticking a box, compliance training is compulsory and seldom exciting. It’s no wonder employees need to be pushed and reminded about it. It’s a course, not a resource. And though a static classroom is no longer the way people learn, it still supplements the dry e-learning that employees have grown accustomed to. But if done well, it can encourage the employee to learn more about a particular topic.
Create individually tailored learning paths.
As technology continues to evolve and change, so will the core skills across all job families. In order to create value for employees, organizations must take a tailored, hyper-personalized approach. Big data and predictive analytics can help firms use employee data to recommend learning opportunities. But the use of employee data can give rise to privacy concerns.
Accenture research shows that approximately half of all employees are concerned about data collection. On the flip side, 61% are willing to have technology collect their work data in exchange for more personalized, relevant learning and development opportunities.
A helpful balance is to embed compliance learning into role-specific modules to ensure relevance to the employee’s everyday scenarios.
To make it happen, perspective needs to shift.
Learning is no longer a wasted cost, it’s a path to competitive differentiation. In 2017, corporations worldwide spent more than US$362 billion on learning, with the investment in and demand for media-rich, experiential and immersive learning increasing.
Studies have shown that learning through experience increases learning quality and improves retention by 75%—a fairly clear indicator of value that will only increase as immersive learning becomes the norm.
But how to do this well?
As with overall new–skilling, compliance learning needs to be viewed as a value-add. A recent Accenture report shares the savvy approach to both as follows:
- Develop preliminary prototypes: Prototypes of learning solutions will need to be created through collaboration between the business, HR, academia and employees themselves. Start small and learn what works for your organization.
- Build trust with employees: Use data in an ethical and responsible way.
- Use enterprise metrics to show ROI: The enterprise is a source and beneficiary of learning. Shift from a cost-center mindset to an enterprise mindset.
Disruptive technologies have created a bit of panic and frustration in FS, but the truth is that—when done right—AI and its counterparts are going to elevate organizations and employees to new heights by revamping compliance learning into the gateway to further and more immersive learning.
To find out more on revamping learning or digital HR in financial services, you can contact me here or on Twitter (@knott_nic). Talent & Organization, HR, Learning, , Human Capital Management Technology, Engagement, Future Workforce, Compliance