Training and skills development are extremely important in the face of emerging technological advances. They reduce job ambiguity and skills obsolescence, providing job security
Md Kafi Khan. Illustration: TBS
Md Kafi Khan. Illustration: TBS
Fortunately, most of the employees currently working in Bangladeshi banks are either very young or middle-aged. Both demographic groups who can easily adapt to an ever-changing workplace.
But to get the most out of these people, banks will need to train them regularly. The majority of employees surveyed in a study felt they needed training for Internet banking, electronic funds transfers and telephone banking, indicating that they feel the need to change.
Training and skills development are extremely important in the face of emerging technological advances. They decrease job ambiguity and skill obsolescence, providing job security.
The good news is that the number of banks and the number of bank employees in our country are both on an upward trajectory, demonstrating that there has been no significant downsizing. Another positive aspect is that banks take care not to be overstaffed, which is also an important aspect of human resource management.
Technology can make some jobs obsolete, but it is also creating new positions, as evidenced by the growing need for account managers to guide customers through their payment activities.
High staff turnover is undesirable for any financial organization. Without dedicated employees, banks will see a decline in confidence. Additionally, service delivery will not remain consistent at all levels, leading to a potential exodus of clients.
Banks now need to introduce social benefits for their employees to give them more incentive to change and acquire new technical skills, which will increase the productivity of their businesses. It will also inspire loyalty, helping banks retain the talent they already have.
Banks must now anticipate likely technological developments in the sector and keep their employees up to date through training and retraining programs. A recent study revealed that across all age and gender groups, employees lean towards the importance of training. This means that employees are already aware of the changing business structure and are prepared to remain employable.
Additionally, banks need to hire technical experts who will guide businesses through a rapidly changing technology scene. They can advise on technology adoption, employee best practices, and training courses. These experts will also help banks identify and capitalize on untapped revenue streams.
It is also recommended that the banking community and practitioners understand that in addition to training, they will also need to focus on soft skills development and integrity monitoring to foster a culture of high employee performance and positive attitude.
Last but not least, a meritocratic mindset, involving sympathy and trust, is absolutely necessary to create encouraging conditions for banking talents to learn and grow. Otherwise, banks may have to fight technology companies to hire the necessary talent, which will not be a desirable outcome for all parties involved.
Md Kafi Khan is the Corporate Secretary of City Bank Limited.
Warning: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the opinions and views of The Business Standard.