How to get people lever right for digital bank of the future?
Ranked among the top banks in South East Asia, a multinational regional financial services provider made commendable progress on increased penetration and uptake of its digital offerings as part of its 5-year strategic roadmap. The next priorities for the bank included accelerating digital efforts, IT Modernization and transiting 80% of its workforce to agile. To target the above, the bank set up a Workforce of the Future (WOTF) program to prepare for the new skillsets and roles of the future.
One of the immediate focus areas was to review the bank’s demand and supply of Digital, IT and Analytics skillsets (with focus capability development areas of cloud, big data analytics, cybersecurity, blockchain and RPA). The bank onboarded EY for its extensive market experience in enabling digital transition among organizations to facilitate the following:
- Have a clear pathway for itself to be self-sufficient in the hiring, training, and development of its Digital, IT and Analytics workforce
- Build an in-house Digital, IT and Analytics function which has the right capabilities to develop applications and support various infrastructure and solutions internally whenever viable
- Enhance its competitive advantage through an understanding of infrastructure and applications that should be outsourced and kept in-house, allowing it to focus on its differentiators
A market intelligent digital academy drives upskilling at scale
- What good looks like;
- How many roles should the organization have;
- What roles should these roles be;
- What are the current redundancies; and
- What roles of the future can be added from triangulation of market perspectives and organization’s context.
Having defined the universe of roles the bank should have, EY identified 45 roles of strategic priority (in different capability development areas) using a framework based on its strategic roadmap and EY’s market intelligence.
We embarked on a six-month long Learning Academy development and implementation initiative spread across 4 sprints owing to an agile delivery, leveraging EY Spotmentor, an AI-driven integrated skill, learning and careers platform. This cloud-based SaaS technology platform became the bedrock for the upskilling process. For all the 45 roles, EY leveraged Spotmentor as follows:
EY Spotmentor tool assessed job descriptions in the financial services sector to identify emerging skills of the future and current skills along with the proficiency levels for the designated roles. Basis this assessment, success profiles (target capabilities for each role) were developed for all 45 roles.
A group of 600+ participants were identified for a pilot project. EY curated pre learning core technical skills virtual assessments for all the 45 roles for skills that were identified as critical for performing the tasks of that role. A healthy mix of such critical and emerging skills were assessed to not only identify as is fitment of candidates but also the future readiness for stretch responsibilities. Assessment results were integrated with EY Spotmentor’s assessment framework to identify a comprehensive skill profile of every user. The assessment module baselined the current skill levels and subsequently identified upskilling/reskilling needs by comparing the assessment results to success profiles.
Basis the participant skill gap, EY Spotmentor curated hyper personalized learning pathways by sourcing content from multiple external (paid and unpaid) sources, which was personalized for each and every participant.
Spotmentor identified skill adjacencies owing to success profiles and current skill gaps of the candidate to suggest what are the other aspirational roles the candidate can step into and curated a learning pathway to transition into the aspirational role.
EY identified success metrics such as program feedback and participant completion rates. The metrics were tracked, and the program was fine-tuned after each sprint to ensure the achievement of the desired outcomes. An interactive PowerBI dashboard integrated on Spotmentor let the client stakeholders track key metrics related to completion and draw meaningful insights based on organization wide results of the skill gaps assessment and learning progress.
Leveraging experience in engagements in the past and subject matter expert inputs, EY also provided a market benchmarking of how healthy the roles in the client organization against the others in the market were. This helped the client to further bucket the 45 roles into those that needed immediate attention as they were performing lower than market, those that were as good as market and those that could act as areas of differentiation with higher capabilities than the market.
Upskilled workforce for a world class digital bank
Key outcomes of the initiatives included:
- Designed market intelligent success profiles for 45 roles across Digital, IT and Analytics
- Defined 338 unique skills and 140 emerging skills required in the future for the roles
- Curated 3,000+ questions for skills gap assessments
- Upskilled 600+ pax by conducting core technical gaps assessment and launching hyper personalized learning journeys for them
- 2,000+ learning modules curated across 45 roles
The overall transformation process helped the client to create a future ready workforce capable of handling the project pipeline in the organization in the years to come.
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