Podcast ¦ RO-AR.com: Training and Knowledge Retention AI Perspectives

Key Take Aways

1. Information overload is prevalent in the workplace, resulting in difficulties for both seasoned professionals and newcomers.

2. The increasing complexity of tasks, primarily due to regulatory changes, has made the workload feel insurmountable, particularly for younger employees.

3. Hybrid working conditions have diluted peer-to-peer learning opportunities, decreasing support for employees.

4. The trend towards digital-first approaches has shifted the burden of customer service onto consumers, which they may not be prepared for.

5. Historical training methods, characterized as “sheep dipping,” are ineffective and disengage employees, particularly Gen Z workers.

6. Personalized learning experiences, facilitated by artificial intelligence, can enhance employee competence by tailoring content to individual needs.

7. Knowledge retention is significantly low, with the brain forgetting over 60% of new information quickly after training.

8. Continuous engagement and a supportive learning environment are critical in addressing the anxiety and pressures faced by new employees.

9. Consumer duty regulations require firms to focus on customer outcomes rather than merely fulfilling compliance tasks.

10. The average competence level of trained employees in financial services is around 54%, indicating a gap in effective training practices.

11. Overconfidence among employees can lead to skill mismatches, where individuals believe they are competent without a factual basis.

12. The future of workforce training and development must embrace AI to enhance human capabilities rather than replace them.

Key Statistics

• Average employee competence level before using AI training is approximately 54%.

• Employees engage with learning content for an average of 58 seconds a day.

• Employees forget over 60% of newly learned information shortly after training.

Key Discussion Points

• The complexity of tasks has increased, making it difficult for new employees to adapt to their roles.

• The shift towards digital self-service models may lead to customer dissatisfaction.

• Providing adequate support for younger employees is crucial for retention and confidence.

• Training should not be approached as a one-size-fits-all model but should be customized to meet individual learning needs.

• Continuous engagement and testing are essential for effective knowledge retention and application.

• The importance of establishing a supportive workplace culture cannot be overlooked.

• Regulators require ongoing employee competence rather than perfection in training outcomes.

• The perception of vulnerability among employees can impact their capability to serve vulnerable customers.

• The potential for AI in training is vast but should be implemented thoughtfully to augment human capability.

• Firms must shift their approach to training by moving past compliance-focused metrics to emphasize actual competence and improvement.

• Fear of judgment in learning environments can hinder employee participation and transparency.

• Understanding the pressures faced by employees can drive better training and well-being strategies in organizations.

Podcast Description

In this podcast, join Adrian Harvey, CEO of Elephants Don’t Forget, as he discusses the pressing issue of information overload in the workplace and its impact on employee performance. Delving into the complexities of regulatory requirements and the evolution of training methodologies, Adrian highlights the pivotal role of AI in personalizing learning experiences and enhancing competence among employees. Tune in to explore how organizations can navigate these challenges and foster a supportive workplace culture, driving both employee engagement and customer satisfaction.