For the past two years national and world crises have affected everyone in all industry sectors, including the financial services industry. The COVID-19 pandemic as well as diversity, equity and inclusion (DEI) movements will likely have implications for employee development and training for years.
The OnCourse Learning 2021 State of Training and Development Report, initiated in June 2021 during the midst of COVID-19 and a renewed emphasis on DEI, was designed to understand the impact of the national crisis on training and development in the financial services industry, and more specifically Banks and Credit Unions.
Findings show that in the past year one of the most common changes was the move to virtual training, including use of more webinars and self-paced online training. Naturally, a reduction in live/in-person training was sited in the past year while 33% of institutions increased their training budgets.
As a financial institution leader looking at the 2021 survey results, please take note of the perceived gaps in training as an opportunity for new approaches and better outcomes. Our intent is for you to use the data to help inform so that you can develop short- and long-term plans for employee training development in your financial institution.