Modernizing the Employee Training System of Country’s Biggest NBFI
If we talk about Bangladesh’s financial institutions, we can’t talk about it without mentioning IDLC Finance Limited. IDLC Finance Limited is the country’s biggest NBFI with a huge workforce working all over Bangladesh. They have been continuously ensuring employee training and development programs since the inception of the company. But it has been mostly classroom-based. They have tried e-training solutions which haven’t proven to be effective as their offline training programs. It was not the e-training solution that was the problem, it was a failure of those services to align their features with IDLC’s needs. They failed to provide a customized solution which will meet the quality standards of offline training, if not exceed. So there was inertia from management regarding e-training even though it could drastically reduce cost. The situation changed after 10 Minute School (10MS) B2B E-training solution became the part and parcel of IDLC’s Salesforce training.
The 10 Minute School App for IDLC’s Training Program
IDLC Finance Limited started using 10MS e-training app for their employee training from September 2019. It was launched for 383 employees working in different parts of the country. The user number has increased to 502 in just 6 months and IDLC is planning to expand it soon. 10MS has helped IDLC with developing three different customized courses for IDLC’s three departments- SME, Consumer Division and Wealth Management. Currently, IDLC is planning to launch soft skill training programs for its employees’ through a 10MS e-training app.
The Challenges
Launching an e-training app is definitely an innovative approach for employee development but it comes with different challenges. 10MS understands it and partners with its clients in every stage of its employee learning and development.
It is very obvious that there was a certain level of inertia from employees. They have been trained in the classroom since the beginning and suddenly there was an app for learning purposes. But the simplicity of usage and convenient learning process made them curious towards the service and the inertia vanished eventually. From the users perspective, the simplicity of the app and convenience of training made the real difference in changing user behaviour.
A major challenge of IDLC’s offline training has always been building the right learning tracking system. 10MS has an inbuilt leaderboard in the app which shows where the employees stand in terms of their learning performance. So it’s much easier for users and management now to understand how the employees are doing in training.
The Impact
Transforming its training system through the 10MS app has proven to be a very good decision for IDLC. Their training cost has been reduced to 80%. Previously they had to think of various issues while arranging offline training programs like (place, living arrangement, resources). Now all an employee needs is a tablet and access to a 10MS app. Every employee of IDLC gets a tab from the company since day 1 so no additional costs are incurred for training.
10MS has massively reduced the wastage of human hour in IDLC. Previously IDLC had to arrange 2 training sessions (8 hour each) on weekdays. This means a wastage of 500*16= 8,000 human hours which could be invested in business development. Now 10MS has ensured training from any place, anytime for IDLC employees.
Performance tracking has become measurable. Now managers can promptly identify which employee needs which course for developing herself/himself. This has resulted in increased efficiency for IDLC salesforce.
We had fantastic feedback from the IDLC HR team.
The 10MS e-training app has helped their staff to feel more confident in their understanding of the process when back on the job, so they can apply that knowledge to real customer interactions.
The new training module has also helped to significantly reduce errors and the need for additional training. Even if the employees need to revise anything, the trainer is just one click away.
This is how 10MS is improving the employee training system of different companies. Because when a company gets to customize the training according to its needs with a top-notch e-training platform and content provider, everybody wins.