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Banking professionals in Singapore are screaming out for more leadership training, but it is unlikely companies will allocate training spend in this area.
This misalignment has been highlighted in Anagram Group’s Banking Training Survey 2014, which found a whopping 95% of bankers in Singapore believe more training will positively affect their careers.
If given a choice, 72% of local bankers would like more management training, while 57% want more soft skills training and 47% say they need more product-specific training. Just 28% said they would like more compliance training.
But when asked where they thought their banks’ training budget would be allocated, 45% said compliance and regulatory training, while 10% each would go towards leadership, soft skills and product training.
The disparity in training needs was also highlighted through satisfaction data from the survey, which found 28% of bankers are satisfied with the training allocated this year – the exact same amount who said they were dissatisfied.
But a whopping 44% of respondents haven’t had any training scheduled for this year as yet.
These outcomes align with a 13% year-old-year dip in the number of Singaporeans in various other industries being sent for training.
“Increased regulatory demands are forcing banks to allocate more budget to regulatory and compliance training,” said Mark Stuart, managing director of Anagram Group. “However, most employees are demanding for more training on how to manage, lead, and engage with colleagues and customers.
“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.”
While the majority of respondents (67%) said training in the past had been beneficial to their jobs, those who did not find it helpful said it was mostly (58%) because they were too busy with other work to focus on implementing new skills.
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