The success of financial services organizations depends (perhaps more than in any other industry) upon the knowledge of its people. In a market where the best algorithms, the deepest research, and the sharpest analyses directly determine whether a firm and its customers profit, it’s no wonder that financial services firms put a premium on hiring the best and brightest.
Yet, for all the focus on attracting top-notch recruits, the industry is plagued by exceptionally high employee turnover rates. A 2013 Hay Group survey found that 22% of employees in the financial services sector plan to change employers in the next two years -- almost double the rate (12%) of anticipated employee turnover in high-performing companies across other industries.
It’s no small concern. Today’s financial services companies make considerable investments in their employees -- only to see that knowledge walk out the door when an employee leaves. Many organizations simply chalk up the loss as a cost of doing business in a fiercely competitive industry, but as more businesses are finding out, there is a solution that can help firms hold on to that lost expertise -- video.
Firms have begun making video a core part of their learning and development practices, reducing the cost of training new recruits and retaining knowledge when employees leave. While video used to be expensive and complex -- the domain of technical experts wielding high-cost AV equipment -- today all it takes are simple webcams and software to build video libraries of organizational knowledge that improve employee onboarding, corporate communication, online training, and the sharing of subject matter expertise.
Here are three examples of how leading financial services companies can use video:
1. Welcome to the company: Leveraging video for more effective onboarding. New hires have lot to learn from the moment they step through the door on their first day. In addition to learning company procedures and policies, new recruits must also get up to speed on business strategy and product specifics as quickly as possible. Many organizations seek to address this challenge with face-to-face or classroom-based onboarding, but those solutions have a critical weakness—once the session ends it can’t be replayed, leaving new recruits to only hope they caught all the important points.
Video solves that problem completely, making it the perfect tool to support and scale onboarding programs. With just a standard laptop webcam and a video platform like Panopto, companies can create a library of new hire training videos with how-tos and best practices for every role across the company. Video can also be used to provide new employees and their families with on-demand information about company benefits and enrollment procedures. And unlike paper manuals, video delivers a more immersive experience for new hires and gives them the opportunity to learn about the company’s culture and familiarize themselves with the personalities of the organization’s key people.
2. Capture institutional knowledge: Recording and sharing subject matter expertise. When it comes to sharing information on technologies and processes, video makes it easier to show rather than tell. In particular, screen-recording tools enable employees to demonstrate to colleagues how to perform a task or reproduce an issue, and video cameras on smartphones and mobile devices offer team members a way to document a process or issue while on-site in the field.
With social knowledge sharing, video can actually benefit your organization twice -- first, by recording their answers to frequently-asked questions, your subject matter experts save time that would otherwise be spent on repeated, face-to-face inquiries and demonstrations, giving them more time get work done. And second, capturing and sharing that expertise in your corporate video library also helps to ensure that vital information doesn’t eventually leave with the employee. Small wonder that according to a study from Bersin by Deloitte, the average enterprise spent three times more on social learning tools in 2012 than in the previous two years.
3. Connect with the big picture: Enhancing executive communications with video. Every year people ask for more and more insight into the inner workings of their organizations -- the latest strategies, the newest initiatives, anything that may help them align their work to the greater mission. Video can be an excellent tool to enable the top of the org chart to easily share information. With video, executives can quickly record quarterly updates, strategic discussions, and internal announcements to share with all employees -- and then check their videos’ analytics reports to ensure those messages are being seen.
Financial services is the ultimate knowledge worker industry. By using video to capture, share and retain corporate information, financial services companies can get employees up to speed and productive faster, improve retention rates through more effective training and overall communications, and help ensure that valuable corporate knowledge doesn’t leave the company when employees do.
Ari Bixhorn heads Marketing and Technical Evangelism at Panopto. In this role, Ari is responsible for driving awareness and understanding of Panopto's enterprise video platform. Prior to Panopto, Ari worked at Microsoft Corporation for 12 years, writing speeches for CEO Steve ... View Full Bio