There has been a tremendous improvement in technology over the past few years. As a result of digital transformation, many customer-facing jobs have been replaced by technology and automation, which has led to the closure of many bank branches. As a result, banks now require employees with new skills, mostly related to data, as well as industry experience (a unique training program).
How did Bank Leumi overcome its problems and maintain talent retention?
With 20 new data analysts to hire, finding the right candidates has become increasingly difficult since the process takes time and does not guarantee hiring the best talent. In order to fill the talent shortage, Bank Leumi has adopted Elevation’s solution for the talent shortage – in-house training for its employees.
To turn 20 multidisciplinary employees into skilled data analysts, Elevation, together with the Bank, created an internal reskilling program. After identifying those with analytical skills and interest, the bank established the training academy. The data academy provides analytics with skills, data mindset workshops, BI tools, and in-bank SMEs lectures. All leading to the final project based on real data and simulations of real-life problems.
With many topics to cover, the training program was hybrid and flexible, which made it possible for the trainees to keep their day job while learning a new skill set. As part of the placement process, trainees presented their final assignments to department heads and company executives at the end of the training.
The results: An employee in-house training program that addresses strategic challenges:
In 6 weeks, Bank Leumi’s data training program was designed, customized, and launched. Recruiting many analysts in such a short period of time is nearly impossible in a competitive market, as finding only one can take up to 4 months. Through Elevation’s training academy, the bank retrained over 20 employees to become data analysts!
The two main benefits of on-the-job training are significant and efficient:
- Unlike new hires that need to undergo a lengthy (3-6 month) onboarding process, the latest data analysts are already bank employees. They are familiar with the business, professional terms, and organizational culture.
- The simulation of real day-to-day challenges as the final project gives employees the advantage of starting their new position, already capable of solving tangible problems.
Investing in your employee development has its advantages:
After the reskilling program ended, we saw an increase in the bank’s readiness for the digital age. The academy’s impact on the employees is also important, giving you benefits regarding employer branding: There has been a positive change in the organization’s culture. Employees reported they felt more supported by the management and had been given the tools to excel even more in their jobs. Reports also show that their satisfaction has increased significantly.
To conclude, technology will always improve itself. Tech positions will become even more frequent, and the skills you need to have will also keep upgrading. Keeping up with those changes is difficult to handle and can cause great distress in many organizations. It’s a lot, we know.
Remember – everyone is going through changes. Your employees only wish for the opportunity to elevate themselves while growing with the organization they are already at. As proven with Bank Leumi, the benefits of on-the-job training, as one solution to many problems organizations suffer from, are tremendous!
Creating a reskilling program, improving it to be the best for you, and implementing it in the organization and your employees is challenging. It takes attention and resources your organization may need to have. But don’t worry, the experts know how to do it most efficiently.
For more information about Elevations reskill and upskill programs, Click here.
