Workers in financial services say they prefer work-related learning and development (L&D) to be carried out digitally, according to new research.

A new report has found that the ways workers in the sector learn have radically shifted in the past five years. 

The research commissioned by IFS Skillnet and carried out by Amárach and the Institute of Bankers (IOB), revealed 83% of respondents said their preference for the way L&D is delivered has changed over the last five years.

It also emerged that digital delivery is increasingly preferred, with virtual programmes delivered by an instructor being the clear preference of respondents.

In-person programmes were less popular than a variety of digital options presented to respondents.

The increase in working from home is a key driver of changes in preferences, as in-person programmes offered in central locations made it more difficult to secure participation.

Commitments outside work are the biggest barrier to the uptake of L&D programmes.

Respondents said other key barriers to L&D uptake include cost, time away from work responsibilities, and a lack of offerings tailored to how the individual employee likes to learn.  

A key driver of the changes observed over the last five years was the Covid 19 pandemic, which increased learners’ comfort with the virtual learning format.

Another international trend observed in the research was that teaching during the pandemic became more student-centred, with greater use of activities such as case studies, simulations and games. 

The authors of the report concluded that it is "clear employees see online formats as convenient for learning solutions including recorded lectures delivered by an instructor."

Mark Jordan, CEO, Skillnet Ireland, said: "The IFS Skillnet has identified important takeaways for the companies in its network and for all companies operating in the financial services sector within Ireland.

"Skillnet Ireland provides supports to businesses through upskilling initiatives, designed to enhance competitiveness and create well-positioned strategic thinking, which enable companies to be ready, and meet the challenges of the future of work.

"The ways in which people learn and grow in their careers, is changing all the time, and it is great to see how the IFS Skillnet, one of 70 Skillnet Business Networks, is preparing companies within the sector, to keep pace with these transitions.” 

While Patricia Callan, Director of Financial Services Ireland and Promoter, IFS Skillnet, added: “This important research clearly demonstrates the revolution that has taken place in employees’ L&D preferences.

"For firms who want to embed L&D at the heart of their organisations, it is clear that employees need time and space to engage in and complete programmes.

"The increasing importance of digital delivery is another key insight, and is also clear that courses with accreditation are preferred by staff.

"We encourage firms to review these findings and use them to ensure their own L&D programmes are set up to deliver the best outcomes for their organisations and staff.”

Photo: Donna Noonan IFS Skillnet Network Manager, Terri Dempsey CEO and Country Head at State Street Ireland, Marian Harkin TD Minister of State at the Department of Further and Higher Education, Research, Innovation and Science, Patricia Callan, Director of Financial Services Ireland and Promoter, IFS Skillnet, Mark Jordan, CEO Skillnet Ireland