Implementing Learning Management Systems In The BFS Industry

Digital technologies and automation use-cases have heavily disrupted traditional job roles and skillsets across industries. This disruption has, in turn, rendered numerous job roles redundant, leaving workforce planners floundering under a new talent paradigm. 

Draup’s Talent Intelligence has spotted over 150 job roles across BFSI, Retail, Manufacturing, Software, M&E & other industries at high risk of disruption.  

To mitigate the talent redundancy and to save costs in the long run, BFS companies are turning to re/upskilling in a big way. This has opened opportunities for the emergence of Learning Management Systems (LMS) to help them implement their own re/upskilling programs. 

LMS Ecosystem Overview

LMS is rightly recognized as a highly efficient, flexible, KPI–driven, and cost-effective approach for enterprises to train disrupted workforce at scale.  

Full–suite LMS providers like Adobe Captiva Prime, SAP Litmos, LearnUpon & moodle provides enterprises with an exhaustive list of applications to manage: 

• Learning path identification 
• Content management 
• Content libraries 
• Micro-learning 
• Assessment & evaluation 
• Performance analytics, and more. 

Key benefits reported by enterprises using such LMS services include: 

• Less in-class training time as compared to face-to-face instructor-led training reduces the productivity loss 
• HR can track who has completed which training through progress reports 
• Performance can be mapped with training reports to generate insights on skill development 
• LMS ensures consistent and customized training for different groups in the organization 
• E-learning platforms enable employees to take training sessions anywhere and anytime 

However, there is one catch. Enterprises can only expect to gain these benefits provided they have the right implementation strategy in place. 

How To Implement An Enterprise-Wide LMS?

The most important step when it comes to implementing LMS in your enterprise is to perform a thorough requirements analysis. In other words, why do you need an LMS, and what do you plan to achieve using an LMS? 

This involves answering questions such as: 

• Which job roles are getting disrupted due to enterprise digitalization?  
• How to train job-roles under disruption to address new-age skill gap?  
• How to map the roles under disruption with the in-demand skillsets? 
• What are the relevant learning modules to integrate with LMS?  
• How to build custom career paths in LMS? 

Naturally, this is a strenuous data-heavy exercise that requires wrangling structured/unstructured historical data & contrasting it with future job trends to extract insights.  

Which is why, with the intent of developing a robust Requirement Analysis Framework, Draup decided to carry out this exercise for job roles at risk of disruption in the BFS industry.

Draup’s Requirement Analysis Framework (BFS)

As the first step in this cogent construction of a framework, we zeroed in on four stages, viz, 1. Job role identification, 2. Peer benchmarking, 3. Role mapping & 4. Skill gap analysis & course identification.

Job role identification:

1.  Here, Draup mapped the use-cases with relevant BFS value–chain workloads to identify the several job roles across BFS that are getting disrupted. In our study, the job role we chose was that of Credit Risk Analyst, a job role facing disruption due to emergence of new-age technologies.  
2. Peer benchmarking: In this stage, we identify in-demand roles across digital job families by comparing the organization’s talent with that of their peers. A few such roles that we identified across technologies include Risk Data Scientist, Compliance Officer- Data Analytics & Reporting, Big Data Analyst & Financial Analytics Consultant.  
3. Role Mapping: This stage involves taking the job role identified in stage 1 and mapping it to new-age job roles identified in stage 2. To do this efficiently, we calculated a Reskilling Propensity Index that allows us to quantify the ease of which one can transform from one role to another.This RPI for the Credit Risk Analyst role is shown in the below image.
   
   
4. Skill gaps analysis & course identification: Now that the starting point (Credit Risk Analyst) and the finishing point (Risk Data Scientist) have been clearly defined, it’s time to analyze what it takes to bridge this gap.Below is Draup’s output for our use-case. (Image for representation only)

Using Draup’s proprietary Reskilling Navigator tools, mapping out skills gap with the right courses to fill them becomes as easy as a few clicks.

Although this Requirements Framework has been developed for a job role in the BFS industry, it can easily be applied to job roles across digital job families and industries. Draup’s comprehensive database that powers the Reskilling Navigator is loaded with accurate data that is continuously audited and updated to help analysts perform such tasks.

Draup helps HR leaders understand the digital career paths of their traditional workforce and reskill them with micro and macro learning modules. By analyzing existing & emerging roles opening in new job families, Draup for Talent can predict optimized future career paths and courses/certifications to fast track the transition.