People power driving learning in finance

SA financial services consultancy Elenjical is pioneering employee self-help in cascading best practice.

The finance industry isn’t short of talent. It’s a hotspot for graduate training programmes and junior mentorships. These pick out the most promising talents among university students and follow formal, structured curriculums that deliver students to a known, fixed point.  But what about once they’ve joined their companies and doing the job - what support can they expect then?

Lindsey Louw, a Murex software consultant with long experience at leading SA financial firms, has helped build a new approach to employee training - one driven by sharing and self-help.  She built the initiative at Elenjical, SA’s fastest growing Fintech seeking to expand to Europe, drawing on her first-hand experience of the inner workings of finance companies and the learning gap that often opens once the school books have been put to one side.

Flipping the formal nature of employee training on its head

“Intercompany training opportunities exist, but they tend to be forced upon staff as formal requirements that often don’t capture individual needs,” explains Louw. “The more a company grows, the harder it is to set time aside to uphold training standards, and the more diverse individual needs become.” This realisation has spawned a new approach to in-company learning.  Staff generate much of the learning among themselves, sharing experience and best practice and dipping into learning forums when they can, rather than following requirements dictated by management or the training department.

Still in its early phases, the scheme is a comprehensive effort to strengthen interpersonal relationships, skills and cross-company collaboration in an industry where workload pressures can take a toll on people. With remote working added to the mix, Louw’s initiative also aims to address the complex pressures of the modern-day workplace.

“A diverse cohort of people from within the company meet up when and where it suits them, to bounce ideas off each other and learn from a surprisingly deep pool of experience and knowledge. Younger employees can learn more about the different lines of work and which roles they might want to work towards,” Louw explains. “Not only do these informal chats, meetings and mentoring deepen their knowledge base, they also build important personal networks within the business.”

From this, more formal components can emerge - outlining specific training paths, tangible professional goals and monitoring progress through reviews by management. “It’s all about keeping it flexible and tailored to what would best challenge and suit the individual,” reiterates Louw.

Company-wide benefits

The outcomes this approach promises aren’t limited to employees. Supported staff who build relationships and see a clear path forward help the company too. “In finance, it’s common for the human element to slip through the cracks in growth strategies, but it’s a restrictive mindset,” explains Louw. “Staff-driven training opportunities break down the barriers separating people within the structure, and create a culture of collaboration that fosters results.”

A strong sense of community increases staff retention and satisfaction: people who feel supported are more likely to stay and progress in their careers. The fluctuating nature of the industry requires companies to have a flexible workforce that can showcase a range of skills. “It’s in the company’s interest for employees not to be too niche - the ability to transition into another job and accumulate a wider set of skills is essential for competitive edge,” believes Louw.

Elenjical has launched this grassroots initiative, and the number of participants has already exceeded expectations. Building on an already well-established people-centric culture, Louw is steering the company towards a more collaborative environment. It’s time for finance companies to embrace organic, informal training practices that build a work culture suited to sustainable growth.