Effective learning at Banking Industry

 

Effective learning at Banking Industry

                      The Banking & Financial industry currently I’m engaging in is a rapid changing, expanding and challenging with the upcoming high-technological environment.

The baking filed is also been marked by great technological advancements as banks moved from manual to wholly automated systems with the advent of the automated teller machines, banking technology software and the concept of internet banking.

There are other competitors in the financial market and emerging financial products challenging to the sustainability of the banking industry while growing.

It is a key factor that continuous growth under a learning culture is vital under present environment.

Senge (1990) states that a learning organization is one in which “people continually expand their capacity to create the results they truly desire, where new and expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning how to learn together”.

Creating a learning culture among the organization makes staff to:

• Easily adapt to change

• Actually, anticipate change

 • Be more responsive to challenges

• Generate the energetic, loyal and goal -oriented employees

 • Grow through innovation

(Stephen N. M. Nzuve, Edith A. Omolo, 2012)

 

Learning culture has been established in banking industry through different learning methods, as discussed on my previous blog(blog NO:3) to suits different individuals on their different learning methods.

(Ex: E-leaning platform, Induction program,  out bound training ,trainings & lecture programs initiated by the Central bank of Sri Lanka and Institute of bankers in Sri Lanka)

Through every learning method, aim is to develop staff skills to the required level of the organization continuously upgrade knowledge, in order to work towards achieving  business excellence (Himanshu Joshi , Vidhu Shekhar Jha & Siddharth Mahajan, 2009).

 

 

Bibliography:

Himanshu Joshi , Vidhu Shekhar Jha & Siddharth Mahajan, 2009. Knowlegde Management Initiatives and practice for movingg towards learning organization and business excellance. s.l.:Sage publications India Pvt Ltd.

Stephen N. M. Nzuve, Edith A. Omolo, 2012. A study of the practice of the learning organization and its relationship to performance among kenyan commercial banks. Problems of management in the 21st century, Volume 4.

 

Success Stories through Learning Organization

 

Success Stories through Learning Organization

Case study 1:

Developing a learning strategy for Remploy (Pollitt, 2005)

 Remploy is a government – funded organization that provides employment and development opportunities for disable people. It operates 83 factories. The company’s strategy for learning is explicit and well understood in the organization, and was developed from the bottom –up rather than top – down. The trade unions advocated enhanced opportunities for skill development in basic areas. As a result, a national strategy was developed with learning centers as a major element in all 83 sites. A two-week reconvention period helps staff with the areas they particular need helps staff with the areas the particularly need to address. This training is tailored to individual requirement. syndicated of recruit with similar needs are pull together to receive it. This partnership approach and helped the participants to focus on communication.  

 

Case study 2:

Training refurbishment for Scottish police (Armstrong, 2012)

The improved training scheme uses facilitated learning delivery, where trainees pre-read all information before attending sessions and then discuss issues and learn from each other. Responsibility for learning is now firmly placed on the shoulders of the individual. After 15 weeks of initial training, a two-week reconvention period helps staff with the areas they particularly need to address. This training is tailored to individual requirements syndicates of recruits with similar needs are put together to receive it. This partnership approach had helped the participants to focus on communication and problem solving skills.

 

Case study 3:

Contribution of learning to business performance at Lyreco Ltd (UK) (Armstrong, 2012)

 Lyreco UK is part of a large family –owned office supplies group operating extensively in Europe, Canada and Asia.

Metrics are a central part of all management processes at Lyreco and these inform the learning investment and planning processes. Monthly performance results in all areas are scrutinized to identify areas for attention, and the learning and development team run learning sessions and activities aimed at helping people to improve their performance. When sales margin was identified as an area for attention, over 150 people attended focused workshops and subsequent performance results were tracked to measure improvements.

 

Bibliography

Armstrong, M. (2012). In M. Armstrong, Armstrong's Handbook (p. 303).

Pollitt, D. (2005). Retrieved from https://www.proquest.com/docview/202557902

Role of Learning & Development in HRM

 

Role of Learning & Development in HRM(Human Resource Management)

Learning & development is one of the major roles of HR department in HRM process.

Training & development, learning plans should be planned and align by the Human Resource department, to acquire   & develop new skills and to enable career development of the employees. (Prasad, 2013)

The HR department is responsible to provide on the job trainings, job rotation and training or all the employees from the newly hired to the experiences employees based on the skill requirement to perform the assigned job.

The lack of training and skills development methods will make frustrated employees and in return will impact to organization’s productivity.

Also measuring and monitoring training programs also under HR purview to identify whether the expected levels of skills. Knowledge can be gained through the planned training sessions.

Right set of employees solely cannot make the organization achieve its goals, but also systematic and continuous development strategy should be implemented.

(Ahammad, 2017)

 

The HR strategies also should be aligned with the company’s vision, mission & goal.

 

Figure 1: Illustrates how the training becomes a major role, effecting the ultimate goal of them organization. Conceptual framework for analyzing strategic role of HR practices on Perceived Organizational Performance

 Source: (Nadeem Akhtar,Syed Muhammad Azeem & Ghullam Mustafa Mir, 2014)

Bibliography

 

Ahammad, T., 2017. Personnel Management to Human Resource Management (HRM):. Journal of Modern Accounting and Auditing.

Nadeem Akhtar,Syed Muhammad Azeem & Ghullam Mustafa Mir, 2014. Impact of HRM Practices on perceived organization performance. INTERNATIONAL JOURNAL of ACADEMIC RESEARCH.

Prasad, P. R. S., 2013. Green HRM - Partner in SustainableCompetitive Growth. Journal of Management Sciences and Technology .

 

Values of Learning Organization

 

Value of Learning Organization & Strategy

 As illustrated in the figure 1 below, the learning organizations would have two types of characteristics under industrial paradigm and learning paradigm.

 

Value of a learning organization can be described further as below (Importance of a learning organization, 2019).

•  ·         Learning and development activities make a major contribution to the successful attainment of the organization’s objectives and investments in it benefits all the stakeholders of the organization.

• ·    Learning and Development plans and programes should be integrated with and support the achievement of business and HR strategies.

• ·         Learning and Development should be performance – related – designed to achieve specified improvements in corporate, functional, team and individual performance and make a major contribution to bottom-line results.

• ·         Everyone in the organization should be encouraged and given the opportunity to learn – to develop their skills and knowledge to the maximum of their capacity.

• ·         The framework for individual learning is provided by personal development plans that focus on self-managed learning and are supported by coaching, mentoring and formal training.

• ·         The prime responsibility for learning and development rests with individuals, who will be given the guidance and support of their managers.

Strategies for creating a learning culture (Greany, 2021).

1.       1.Develop and share the vision – belief in a desired and emerging future.
2.       Empower employees – provide supported autonomy, freedom for employees to manage their work within certain boundaries but with support available as required.
3.       Provide employees with a supportive learning environment where learning capabilities can be discovered and applied.
4.       Use coaching techniques to draw out the talents of others by encouraging employees to identify options and seek their own solutions to problems.
5.       Guide employees through their work challenges and provide them with time, resources and, crucially, feedback
6.       Recognize the importance of managers acting as role models.
7.       Encourage networks – communities of practice.
8.       Get rid of bureaucratic systems that produce problems rather than facilitate work.

Video 1: Explains through the process of learning organization how companies grow in rapidly changing business environment with the examples.

https://hbr.org/video/2226587714001/the-importance-of-learning-in-organizations

Source: ( (Edmondson, 2008))

Bibliography

Bakshi, N. (2018, 07 18). Linked In. Retrieved from https://www.linkedin.com/pulse/importance-learning-organization-neeldana-bakshi/

Edmondson, D. G. (2008). The Importance of Learning in Organizations.

Greany, S. (2021, 7 21). Ways to create a learning culture. Retrieved from https://www.elucidat.com/blog/5-ways-to-create-a-learning-culture-in-your-organization/

Importance of a learning organization. (2019, May 16). Retrieved from https://www.getsmarter.com/blog/employee-development/the-importance-of-a-learning-organisation/#:~:text=It%20even%20allows%20for%20teams,accountability%20for%20the%20projects%27%20results.

 

Training Methods

 Training Methods

 

It is very common that individuals learn for themselves and learn from other people. How people learn is explained by learning theory as illustrated in the Table 1.

 

Reinforcement Theory	Based on the work of Skinner (1974) this expresses the belief that changes in behaviour take place as a result of an individual’s response to events or stimuli and the ensuring rewards or punishments.
Cognitive Learning Theory	Learning involves gaining knowledge and understanding by absorbing information in the form of principles, concepts and facts and then adopting it.
Experimental Learning Theory	Experiential learning takes place when people learn from their experience by absorbing and reflecting on it so that it can be understood and applied.
Social Learning Theory	Effective learning requires social interaction. Participate in groups of people with shared expertise who work together. Bandura (1977) viewed learning as a series of information-processing steps set in train by social interaction.

 

Table 1- Learning Theories (Collaborator, 2021)

 

However, when it comes to an organization it is emphasize that the way in which learning takes place is affected by the context of the organization and its culture. The figure 1 depicts most common learning methods of an organization.

Figure 1 – Components of learning and development (Damnjanovic, 2016).

  

Training methods are organized in order to enhance the expertise of the employees. In order to arrange training sessions first of all need to find out the expertise level possess by the employees. Based on the conclusion on that training method can be chosen.

Generally training methods can be categorized as on the job training and off the job training ( (Nzonzov, 2011).

 

On the job training, is allowing someone to learn by performing the assigned job.

O the Job Training Methods are:

• ·         Coaching- Coaching is a different model to teaching and instructing. It is best described as ‘facilitating’ .Coach always owns the back seat of the learner and guide the learner as & when he/she required.( (Redshaw, 2000)
• ·         Mentoring- Mentor is a trusted advisor. Where mentor shares his knowledge with the mentee, customized it to his/her needs & towards the development and full potential of the mentee (Shah, 2017).
• ·         Job Rotation- This is a systematic movement from one job task to another job task in specified & organised time intervals. This helps to bring the employees to have high level of diversified task and involvement in organization goals ( (Faizan Mohsan , Muhammad Musarrat Nawaz and M. Sarfraz Khan, 2012).
• ·         Apprenticeship- A method of training where an unskilled person understudies a skilled person
• ·         Understudy- This is an expert gives training to a subordinate to carry out specified job.This will help for a smooth transition when an employee leaves an organization.

Off the job training is more towards knowledge-based learning and less focus on skill development. It is rather learner has freedom to express their feeing freely.

Off the job training Methods are:

• ·         Lectures – The most common and know training method. Instructors / Lecturers provide oral instructions.
• ·         Simulation Exercise-This is tool for training by experimentation via artificial and simulated workplace.
• ·         Game based training- Competitive training method where is provides actual cases into learning & training.
• ·         Case study- Case study helps detailed study from real world scenario which learner require to analyse on a solution to overcome.
• ·         Role playing- Participant to perform a role of another person and allows to see the world from different perspective

(Sammani, Majid G. Al-Nabae & Dania, 2019).

 

                                                Out of the all above, Self-directed learning which is also can explain as self-managed learning involves encouraging individuals to take responsibility for their own learning needs, either to improve performance in their present job or to develop their potential and satisfy their career aims.

 With this it is possible to understand about the learning organization and organizational learning. Organizational learning is about how people learn in organizations, and the learning organization perception attempts to explain what organizations should do to facilitate the learning of their members. Therefore, it is important to follow other learning methods within an organization to be a learning organization.

 

 

Bibliography

Collaborator, B. L., 2021. 4 Learning Theories Every Online Educator Should Know. [Online]
Available at: https://www.learndash.com/4-learning-theories-every-online-educator-should-know/

Damnjanovic, P. A., 2016. publication/309134383_LEARNING_AND_DEVELOPMENT_IN_MODERN_ORGANIZATIONS. [Online]
Available at: https://www.researchgate.net/figure/Components-of-learning-and-development_fig1_309134383

Faizan Mohsan , Muhammad Musarrat Nawaz and M. Sarfraz Khan, 2012. Impact of job rotation on employee motivation,commitment and job involvement in banking sector of Pakistan. African Journal of Business Management, Volume 6(24).

Nzonzov, H. O. &. J. C., 2011. TRAINING AND DEVELOPMENT PRACTICES IN AN ORGANISATION. International journal of Engineering and management Sciences, Volume VOL.2(4).

Redshaw, B., 2000. "Do we really understand coaching? How can we make it work better?. Industrial and commercial training, 32(3 pp. 106 - 109).

Sammani, M. G. A.-N. &. D., 2019. THE TRAINING METHODS THAT ENHANCE PROJECT PERFORMANCE. Proceeding: International Conference on Business, Education, Innovation & Social sciences.

Shah, A., 2017. What is Mentoring?. The American Statistician.

 

Learning Styles

Learning Style: 1

Honey and Mumford’s learning cycle

 

Peter Honey and Alan Mumford , identified four learning styles as illustrated in the figure 1.

 

Source : (Grace, 2001)

Figure 1 shows the cycle of learning styles which is an adaption of Kolb’s pioneering work.

It is a similar model to Kolb’s cycle with comparative difference. ( (Grace, 2001)

 

A detailed description of this style is as follows.

1.Activists: who involve themselves fully without bias in new experiences and revel in new challenges. They have a receptive way to deal with learning, including themselves completely and without inclination in new encounters. learning activities that include brainstorming, problem-solving, group discussion, puzzles, competitions, role-play, etc

2.Theorists: who adapt and apply their observations in the form of logical theories. They tend to be perfectionists on the other hand prefer learning activities that include models, statistics, stories, quotes, background information, applying concepts theoretically etc. Theorist would like to understand theory behind each activity.

3.Pragmatists: These individuals have the capacity to perceive how to put the learning into practice in their present reality. Pragmatists are keen to try out new ideas, approaches and concepts to see if they work.

4.Reflectors: These individuals learn by watching and contemplating what happened.  Reflectors, who stand back and observe new experiences from different angles. They collect data, reflect on it and then come to a conclusion.

 (Mumford, 1993)

Generally, it is important to understand that none of these four learning styles is exclusive. It is quite possible that one person could be both a reflector and a theorist and someone else could be an activist/pragmatist, a reflector/pragmatist or even a theorist/pragmatist.

Every individual has different learning method. It is important to understand employee’s the learning style prior actioning on trainings & other development methods as there are strengths and weaknesses in each of this style. ( (Dunn, 2002)

 For an example, if an organization choose to set up “E-learning” platform as training method, activists would embrace  & want the pace to be faster and want more knowledge within a limited time than ‘reflectors’. On the other hand, ‘reflective learners’ could learn from watching webinars, live sessions and other aids that involve other people discussing their own experience and learnings.

 

Learning Style :2

VAK Learning style

Further to design and conduct of learning events or personal development programmes VAK learning style also would be very vital to learn. As depicted in the Figure1 it describes three major sensory receivers. (Lupton, 2021)

 

 

Source: (Abdallah Moubayed ,MohammadNoor Injadat,Ali Bou Nassif,Hanan Lutfiyya,Abdallah Shami, 2018)

Thereby we can understand  VAK stands for,

V – Visual -Seeing and reading (Pictures, videos, graphics, diagrams, charts, models)

A – Auditory-Listening and speaking (Lecture, recording, storytelling, music, verbalization,            questioning)

K – Kinesthetic- Touching and doing (Acting, role-play, clay modelling)

 

Basically, learning situations can be set up to fit the leaning style of participants. The problem is that people do not necessarily have a single learning style and there will be certainly be a large range of styles in any learning group. As we can see clearly in the VAK style some people may take information by seeing and reading while some people take information by listening and speaking and some of them are by touching and doing. It may therefore be difficult to fit the learning/training approach to the style.

 

 

Bibliography

Abdallah Moubayed ,MohammadNoor Injadat,Ali Bou Nassif,Hanan Lutfiyya,Abdallah Shami, 2018. e-Learning. Challenges and Research Opportunities Using Machine Learning & Data Analytics.

Dunn, L., 2002. Theories of learning. Learning and Teaching Briefing Papers Series.

Grace, M., 2001. Learning styles. British dental journal .

Lupton, K., 2021. What Are VAK Learning Styles And What Learning Style Suits You?. [Online]
Available at: https://www.youthemployment.org.uk/what-are-vak-learning-styles-and-what-learning-style-suits-you/

Mumford, A., 1993. Integration creates synergy and contributes to. PUTTING LEARNING STYLES TO WORK: AN INTEGRATED APPROACH 3 .

Learning Stages

 Learning Stages 

(Kolb, 2013)had identified four different learning preferences or learning styles, after observing the cycle of learning. 

Different individuals have different learning styles. Some student learns by watching & listening whilst some students learn by reading. The rest of the students learn through experiencing, moving or hands-on – environment (Zapalska, 2006).

Identifying how the learners reacted to difference stages below helps to identify the learning style of the student.

As illustrated in figure 1 below there are several stages in learning cycle.

Kolb’s Four Stages of Learning:

Kolb’s experimental learning theory

 

Figure 1: Kolb’s four- stage learning cycle

 

Source: (Mollicone, 2012)

Figure 1: Explains the four stages of the experimental learning.

According to (Mellicone, 2012) At the first stage of, concrete experience peoples learn through their experience . In reflective Observation people compare different approaches to get into the conclusion. Abstract Conceptualization is to find out ways & plan ideas to get into the conclusion & at the last stage peoples have to have dynamic fashion and different parameters to affect the outcome of the experiment, where leaner should be motivated to get the things done.

The learning stage follows on a cycle. The cycle can be entered at any point but the stages should be followed in sequence (Jenkins, 2000). Every stage of these learning cycles should go through systematically to identity that the learner has effectively made links between each stage (Mcleod, 2013).

 

Concrete Experience: Where the learner is actively experiencing an activity (e.g., a laboratory session, field class)

Reflective Observation: Where the learner is consciously reflecting back on that experience

Abstract Conceptualization: Where the learner is being presented with/or trying to                   conceptualize a theory or model of what is (to be) observed

Active Experimentation: Where the learner is trying to plan how to test a model or theory or      plan for a forthcoming experience

(Jenkins, 2000)

As depicted in the video 1 below it is clear how experience becomes knowledge through the process of learning.

Video 1: Introduction to main learning theory according to Kolb’s cycle

(Hoyos, 2021)

 

 

 Bibliography 

Hoyos, D. C., 2021. Developing Minds. [Online]
Available at: https://www.youtube.com/watch?v=KP06I4iVfLs
[Accessed 04 12 2022].

Jenkins, M. H. a. A., 2000. Kolb’s Experiential Learning Theory and ItsApplication in Geography in Higher Education. Journal of Geography.

Kolb, A. Y. K. &. D. A., 2013. The Kolb Learning style inventory. 4.0 ed. s.l.:s.n.

Mcleod, S., 2013. Kolb's Learning Styles and Experiential Learning Cycle. [Online]
Available at: https://www.simplypsychology.org/learning-kolb.html
[Accessed 4 12 2022].

Mollicone, M. M. (. a. a. P., 2012. Using Kolb’s learning cycle to enhance the teaching and learning of mechanics of materials. International Journal of Mechanical Engineering Education, Volume 40.

Zapalska, A. &. B. D., 2006.  . Learning styles and online education, pp. 325-335.

Introduction to Learning Organization

 "Learning today, Leading tomorrow"

 

Learning is a process where permanent change of behavior through practice and experience (WASHBURNE, 1936). On a continuous changing environment “learning’ is vital for a continuous growth & grab new opportunity with past experience & failures (Kolb, 1976).

Any organization who has succeeded and further passionate on the success of the organizations should have a workforce who are willing to learn & develop continuously (Alipour, 2009).

Training is instructor -led intervention for a change of behavior. Training mainly focuses on two aspects of learning which are acquiring skills and experience and the process of setting the same on action (Mohammed S. Chowdhury, 2006) . Herman Aguinis1 and Kurt Kraiger (2009) has also stated that “training” is a systematic process that enhance individual, team and organization effectiveness. Learning is also an integral part of training (Mohammed S. Chowdhury, 2006).

Training & development makes an effective organization by creating effective management and skilled workforce. Companies make large investments on training & development to maintain the organization standards effectively to adjust & update with the changing market, whilst making the expertise on the field (Indradevi, 2015).

The field which I’m attached to is Banking and Financial industry is a rapid changing industry with the technology and banking environment. Therefore, it is mandatory to update on the latest technology in the world on banking to ease life and guidelines to be followed in the industry. Training & development and learning mindset will more focus on the continuous growth on above context (Kraiger, 2009).

Learning organization is a dynamic “work in progress” and according to (King, 2006) Learning Organization is a continually expanding its capacity to creates its future”.

  

 

 

Bibliography

Alipour, M., 2009. A Study of on the Job Training Effectiveness: Empirical Evidence of Iran. Internation Journel of Business and Management, p. 63.

Indradevi, G. M. a. D. R., 2015. Importance and Effectiveness of Training and Development. Importance and Effectiveness of Training and Development, Volume Vol 6 No 1.

King, W. R., 2006. Strategies for Creating A Learning Organization. Information Systems Management.

Kolb, D. A., 1976. Management and the learning process.

Kraiger, H. A. a. K., 2009. Benefits of Training and Development for Individuals Teams and organization & society. The Annual Review of Psycholog.

Mohammed S. Chowdhury, 2006. Human Behavior In The Context of Training: An Overview Of The Role of Learning Theories as Applied to Training and Development. Journal of Knowledge Management Practice.

WASHBURNE, J. N., 1936. Journal of Educational Psychology.