The organisation is called Bank Butterfield, which is a Bank based in Bermuda. The organisation operates internationally and has multiple overseas branches in the UK and other countries of Europe, Canada and Singapore. The banks areas of specialisation are Private Banking, Institutional Services, Wealth Management and Group Services. Private Banking and Wealth management departments perform operations related to investment and banking needs of high net world individuals.
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The Group Services are responsible for fund management and work with both institutions and individuals. The Bank provides a big variety of commercial banking services. Currently Bank Butterfield experiences the loss of customers, which progresses at an unacceptably high speed. The interviews with the customers revealed that the reason of the loss of the Bank’s authority is the lack of professionalism in the rows of the Bank’s employees.
The customers informed the organisation’s management that the assistants, consultants and financial planners of the Bank have insufficient product knowledge and lack of knowledge about regulations considering such subjects are risk management, cross-border taxation arrangements, fraud prevention, counterfeit detection, capital adequacy. Many other popular and important questions also cannot be answered by our workers because of the lack of knowledge. The organisation’s management concludes that the issue that needs to be addressed is the approach towards employee training especially in the overseas branches and facilities.
Currently the company’s employee training is performed face-to-face. The team consisting of ten professional trainers works in four training rooms that contain all the necessary equipment. The Training Department is located in the building of the head office of the organisation. In order to provide training for the branch offices, the employees of remote branches need to travel to the head office and attend the sessions. Their transportation costs are fully refunded. The senior managers of the overseas branches receive training only once a year, they also have to travel to the head office. In order to prepare junior employees sub-contracted trainers visit the remote branches. Travelling costs estimate seventeen per cent of the total training budget.
Today, e-learning is adopted by the two thirds of for-profit organisations (Class Differences: Online Education in the United States, 2010). It is a highly convenient method of passing the knowledge that allows saving costs and time. Besides, e-learning is considered the best option for the large international organisations with multiple overseas branches.
E-learning is diverse and allows delivering knowledge through such tools as power point, games, audio and video lessons, social media platforms and forums or chats (Infographic: Behind the Boom in E-Learning, 2010). E-learning is certainly a have helpful measure for Bank Batterfield and its knowledge crisis. Besides, this kind of education would definitely help the Bank save some of the travel costs. The trainers may record lectures or replace face-to-face sessions with video conferences or tutorials that can be watched by groups or trainees.
Employees should also be given an opportunity to ask questions online during chat sessions with trainers. The level of knowledge can also be remotely tested and checked in order to make sure that the employees are ready to work with customers and address all of their needs. E-learning does not have to become the only form of education in the organisation; it may be combined with face-to-face training and make the teaching process more intense and controlled. E-learning may provide the employees with an online library and web-based seminars of short video tutorials to answer their questions (Tims, 2011).
Class Differences: Online Education in the United States. (2010). Online Learning Consortium. Web.
Infographic: Behind the Boom in E-Learning. (2010). Mindflash. Web.
Tims, A. (2011). The Secret to E-learning. Web.