Dr. Chakravarty particularly highlighted the market paradox of who currently benefits from specialized functional training in banking versus the need to rapidly upskill the local talent pool inSingapore and the ASEAN region. "Some industry stakeholders look at training budget allocation purely from an overtly short-term view and end up allocating budget as a function and proportion of the headcount's overall cost to the bank. Training may not necessarily reach either a newer generation or functions that typically benefit from a lower-to-mid range compensation package in the industry. Where a senior executive may attend a seminar or conference for a material cost and perceive it as a perk, the same amount could be better spent in domain expertise training for a target population," he stated. He pointed out the virtues of the Swiss and German banking apprenticeship models that provides: a flexible pool of interims to the industry at all times, subsequent selection aligned to aptitudes and aspirations, greater flexibility for functional shifts within a career and visibly the potential for net talent export.
Dr. Chakravarty further recognized that there is a need for a paradigm shift. "Banking-stakeholders buy-in and affordable training targeting the relevant talent pool can only succeed through a concerted effort of public and private-sector enablers such as ourselves," he observed. "The banks do have to consider the costs of high staff turnover which could have been in some instances entirely avoidable by growing staff organizational loyalty and retention measures through training," he concluded.
Temaswiss is a supporting partner to the prestigious FT ASEAN Wealth Management Summit taking place on 18 November inSingapore. The organization emphasizes on practical skill sets and domain knowledge as versus tertiary-education style programmes. A number of its unique course offerings are available for enrollment:Banker Ethics and Conduct, Banking Unit Audit Preparedness, Cross-Border and Outsourcing Risks. Temaswiss' flagship
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SOURCE Temaswiss Wealth
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