28th November 2017 TESTHyfin

Is your firm flying blind? Why your learning proposition needs data analytics

Ignorance is not bliss. Quite rightly, Firms place great importance on data and Management Information (MI).  It’s the basis of making management decisions.  Without it, Firms can be flying blind in a highly competitive marketplace.

Surprisingly though, most Firms do not have data of a similar quantity or quality to support vital decision making processes when it comes to their learning proposition.  They are missing out.  This article highlights some of the key benefits of data analytics and how it can support the Firm’s learning proposition.

The devil is in the detail

Basic data on pass marks and completion rates will never tell the full story.  Let’s take compliance training as an example.  Why, if employees of all Financial Services Firms in the UK are required to pass annual anti-money laundering training, does employee incompetence lead to so many money laundering related failings?  Clearly something must be missing.

Firms need learning data which identifies the pain points quickly.  This requires a greater volume of data points and a more sophisticated method of analysis.  This can be achieved by introducing interactive game based challenges throughout modules instead of relying on end of module tests.

It may be that although output scores are acceptable, the way the user interacted with the content demonstrates a disparity between competence and confidence, which needs to be addressed.  Hot spots of high confidence and low competence would be concerning and may require prioritized remedial action and more targeted learning.

Increasing your data analytics capability allows Firms to take a risk-based, targeted approach to remedial activity and fix the problems before they become costly issues.

Don’t just update, improve

Learning modules tend to be repeated and updated annually.  Often these updates are cosmetic, reflecting changes in global affairs, currency movements or regulation.  These are important, but what if Firms could improve content rather than just update it?

Data analytics allow Firms to review user interactions with each element of the training.  Perhaps user responses show some challenges were too easy or user dropout rates indicate that some materials were not engaging enough.  Firms can use these metrics to make informed decisions about what changes to make and develop a more compelling and effective learning proposition.

Demonstrate the value add

One of the key challenges for Learning & Development teams is evidencing the return on investment the learning proposition is providing.  The good news is that this problem can be solved with data analytics.  Imagine if the Firm had access to real time MI on the impact of learning on overall employee competence, or the relationship between employee competence and regulatory breaches or revenue growth?  This would send a powerful message to senior stakeholders and drive future investment.

Applying broader data analytics to the learning proposition allows Firms to see the impact learning is really making, identify areas for improvement and truly understand the capability profile of employees.  Embrace data analytics and take off the blindfold.

Want to know more about how data analytics backed training could support your firm?  Contact us at info@hyfin.com.