In a global survey of senior banking professionals, Singaporean training company Anagram Group has found that 50% of banking professionals in Singapore expect more training in 2014 than compared to 2013. 30% of respondents also expect an increase in training budgets.
The Anagram Group Banking Training Survey 2014 also found that while a big chunk of the training budget (45%) will go to regulatory and compliance training, a whopping 72% of banking professionals in Singapore would like more leadership & management training, and 57% would like more soft-skills training. However, only 10% of training budgets are currently going to each of these two areas.
Most respondents (43%) said the main benefit of additional training is improving employee efficiency; 38% say it develops under-performing staff, while 14% said it improves employee retention.
“Increased regulatory demands are forcing banks to allocate more budget to regulatory and compliance training. However, most employees are demanding for more training on how to manage, lead, and engage with colleagues and customers,” said Mark Stuart, Managing Director, Anagram Group.
“This might be due to new pressures being faced by managers in recent years as a result of relentless growth, larger and more diverse teams, and tighter budgets,” he added.
Most respondents (67%) said past training was beneficial and could be applied to their jobs. Out of the respondents who said training was not beneficial, most of the respondents (58%) said it was because they were too busy with daily work to focus on implementing new skills.