The role of reskilling programmes on the digital transformation at a large financial services organisation
DOI:
https://doi.org/10.20525/ijrbs.v13i5.3509Keywords:
Digital transformation, Jobs, Reskilling, Large Financial ServicesAbstract
The primary goal of this study was to examine the role of reskilling programmes on digital transformation at a Large Financial Services Organisation. The business climate and the world of work are going through an unprecedented large-scale transition - such as the transition from the agricultural economy to the industrial revolution. The era of digitisation, automation and acceleration is upon us. The society is in an economy where new critical skills have emerged and these new emerging skills have become necessary for individuals, businesses, and the economy to succeed. However, very little research has been done on the role of reskilling programmes on the digital transformation at a Large Financial Services Organisation. The study employed quantitative research and a structured closed questionnaire was used to collect field data from a selected sample of 88 respondents drawn from a target population in the study area. The field data were analysed using the Statistical Package for Social Sciences (SPSS), version 29. Statistical tools, including frequency tables, pie charts, and graphs, were used to analyse data. The study findings indicate that jobs have been significantly affected by digital transformation and new emerging job functions in large financial services organisations. A digital transformation programme had a direct relationship with the implementation of reskilling programmes. The study recommended that designing technology-focused training programmes appropriately and selecting or creating technology-focused training programmes with essential elements are necessary for successful outcomes.
Downloads
References
Abdallah, S., Al Azzam, B., El Nokiti, A., Salloum, S., Aljasmi, S., Aburayya, A., & Shwedeh, F. (2022). A COVID-19 quality prediction model based on IBM Watson machine learning and artificial intelligence experiment. Computer Integrated Manufacturing Systems, 28(11), 499-518.
Accenture. (2021). Digital banking redefined in 2021. Retrieved from https://www.deloittedigital.com/us/en/offerings/next-gendigital- (Accessed: 19 December 2023).
Agrawal, A., Gans, J. S., & Goldfarb, A. (2017). What to expect from artificial intelligence. MIT Sloan Management Review, 58(3), 23-26. DOI: https://doi.org/10.7551/mitpress/11645.003.0008
Al Remeithi, A. A., & Ahmad, S. Z. (2020). The crown prince court’s training and career development section: Managing training for its employees. Emerald Emerging Markets Case Studies, 10(1). https://doi.org/10.1108/EEMCS-08-2019-0213. DOI: https://doi.org/10.1108/EEMCS-08-2019-0213
Bell, E., Bryman, A., & Harley, B. (2022). Business research methods. Oxford University Press. DOI: https://doi.org/10.1093/hebz/9780198869443.001.0001
Braun, V., Clarke, V., & Weate, P. (2016). Using thematic analysis in sport and exercise research. In B. Smith & A. C. Sparkes (Eds.), Routledge handbook of qualitative research in sport and exercise (pp. 191-205). Routledge.
Bughin, J., Hazan, E., Ramaswamy, S., Chui, M., Allas, T., Dahlström, P., ... & Trench, M. (2018). Skill shift: Automation and the future of the workforce. McKinsey Global Institute.
Butollo, F., Gereffi, G., Yang, C., & Krzywdzinski, M. (2022). Digital transformation and value chains: Introduction. Global Networks, 22, 585-594. DOI: https://doi.org/10.1111/glob.12388
Colony, G. F. (2018). CIOs and the future of IT. MIT Sloan Management Review, 59(3), 23-29.
Creswell, J. W. (2014). A concise introduction to mixed methods research. Sage Publications.
Davenport, T. H., & Kirby, J. (2016). Just how smart are smart machines? MIT Sloan Management Review, 58, 21-25.
Davenport, T., & Redman, T. (2020). Digital transformation comes down to talent in 4 key areas. Harvard Business Review, 88(10), 53-58.
Deloitte. (2020). Building a digital workforce: Reskilling and upskilling in financial services. Retrieved from https://home.kpmg/us/en/home/insights/2021/03/building-a-digital-workforce-reskilling-and-upskilling-in-financial-services.html (Accessed: 15 November 2023).
Hautala-Kankaanpää, T. (2022). The impact of digitalization on firm performance: Examining the role of digital culture and the effect of supply chain capability. Business Process Management Journal, 28(8), 90-109. https://doi.org/10.1108/BPMJ-03-2022-0122 DOI: https://doi.org/10.1108/BPMJ-03-2022-0122
Hendri, M. I. (2019). The mediation effect of job satisfaction and organizational digital transformation commitment on the organizational digital transformation learning effect of the employee performance. International Journal of Productivity and Performance Management, 68(7), 1208-1234. DOI: https://doi.org/10.1108/IJPPM-05-2018-0174
Hogg, P. (2019). Artificial intelligence: HR friend or foe? Strategic HR Review, 18(2), 47-51. https://doi.org/10.1108/SHR-11-2018-0094 DOI: https://doi.org/10.1108/SHR-11-2018-0094
Hossain, M. M., & Wigand, R. T. (2020). Digital transformation and skill sets: A conceptual analysis. Journal of Innovation and Knowledge, 5(3), 155-163.
Jin, L. J. (2021). Methods, stages and misunderstandings of digital transformation of HR management. In XV International conference ‘Russian regions in the focus of changes’ (ICRRFC), 12-14 November 2020 (pp. 82-88). Ekaterinburg, Russia. DOI: https://doi.org/10.2991/aebmr.k.210213.012
KPMG. (2020). Digitalisation in banking beyond COVID-19. Retrieved from https://assets.kpmg/content/dam/kpmg/be/pdf/2021/Digitalisation-in-banking-beyond-Covid-19.pdf
Kotarbe, M. (2018). Digital transformation of business models. Foundations of Management, 10(1), 123-142. DOI: https://doi.org/10.2478/fman-2018-0011
Korachi, Z., & Bounabat, B. (2020). General approach for formulating a digital transformation strategy. Journal of Computer Science, 16(4), 493-507. DOI: https://doi.org/10.3844/jcssp.2020.493.507
Kumar, V., Rajan, B., Venkatesan, R., & Lecinski, J. (2019). Understanding the role of artificial intelligence in personalized engagement marketing. California Management Review, 61(4), 135-155. DOI: https://doi.org/10.1177/0008125619859317
Lee, S. (2017). Developing creative human resources for the preparation of the Fourth Industrial Revolution. Association for Talent Development. Retrieved from https://www.td.org/insights/developing-creative-human-resources-for-the-preparation-of-the-fourth-industrial-revolution
Li, L. (2022). Reskilling and upskilling the future-ready workforce for industry 4.0 and beyond. Information Systems Frontiers, 1-16. DOI: https://doi.org/10.1007/s10796-022-10308-y
Loan, L. J. M. S. L. (2020). The influence of organizational digital transformation commitment on employees’ job performance: The mediating role of job satisfaction. Management Science Letters, 10(14), 3307-3312. DOI: https://doi.org/10.5267/j.msl.2020.6.007
Mabasa, F. D. (2020). Fourth Industrial Revolution: Threat and opportunity on employment relations. The 5th Annual International Conference on Public Administration and Development Alternatives, 07-09 October 2020. Retrieved from http://hdl.handle.net/10386/3233
Maisiri, W., & Van Dyk, L. (2021). Industry 4.0 skills: A perspective of the South African manufacturing industry. SA Journal of Human Resource Management/SA Tydskrif vir Menslikehulpbronbestuur, 19, a1416. https://doi.org/10.4102/sajhrm.v19i0.1416 DOI: https://doi.org/10.4102/sajhrm.v19i0.1416
Mattke, J., Maier, C., Hund, A., & Weitzel, T. (2019). How an enterprise blockchain application in the U.S. pharmaceuticals supply chain is saving lives. MIS Quarterly Executive, 18(4), 246-261. DOI: https://doi.org/10.17705/2msqe.00019
McClure, P. K. (2018). “You’re fired,” says the robot: The rise of automation in the workplace, technophobes, and fears of unemployment. Social Science Computer Review, 36(2), 139-156. https://doi.org/10.1177/0894439317698637. DOI: https://doi.org/10.1177/0894439317698637
McGrath, R. G. (2020). The new disrupters. MIT Sloan Management Review, 61(3).
McKinsey & Company. (2019). The future of work in banking. Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/the-future-of-work-in-banking (Accessed: 19 February 2023).
Paais, M., & Pattiruhu, J. R. (2020). Effect of motivation, leadership, and organizational digital transformation culture on satisfaction and employee performance. The Journal of Asian Finance, Economics and Business, 7(8), 577-588. DOI: https://doi.org/10.13106/jafeb.2020.vol7.no8.577
PWC. (2020). Financial services technology 2020 and beyond: Embracing disruption. Retrieved from https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-technology-2020-and-beyond.html (Accessed: 6 October 2023).
Schultz, C. M. (2021). The future and the role of human resource management in South Africa during the Fourth Industrial Revolution. SA Journal of Human Resource Management, 19, 11. DOI: https://doi.org/10.4102/sajhrm.v19i0.1624
Sekaran, U., & Bougie, R. (2014). Research methods for business: A skill-building approach (6th ed.). John Wiley and Sons.
Shwedeh, F. (2024). Harnessing digital issue in adopting metaverse technology in higher education institutions: Evidence from the United Arab Emirates. International Journal of Data and Network Science, 8(1), 489-504. DOI: https://doi.org/10.5267/j.ijdns.2023.9.007
Soomro, B. A., & Shah, N. (2019). Determining the impact of entrepreneurial orientation and organizational digital transformation culture on job satisfaction, organizational digital transformation commitment, and employee’s performance. South Asian Journal of Business Studies, 8(3), 266-282. DOI: https://doi.org/10.1108/SAJBS-12-2018-0142
South African Reserve Bank. (2020). Statement of the monetary policy committee. Pretoria: Government Printer.
Tarafadar, M., Beath, C., & Ross, J. W. (2019). Using AI to enhance business operations. MIT Sloan Management Review, 60(4), 37-44.
Temitope, T. E. (2023). An examination of the effectiveness of the teaching and learning practices adopted by specialized training institutions in Nigeria.
Tambe, P., Cappelli, P., & Yakubovich, V. (2019). Artificial intelligence in human resources management: Challenges and a path forward. California Management Review, 61(4), 15-42. DOI: https://doi.org/10.1177/0008125619867910
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. Journal of Strategic Information Systems, 28(2), 118-144. DOI: https://doi.org/10.1016/j.jsis.2019.01.003
Wild, J., & Diggines, C. (2010). Marketing research. Juta and Company Ltd.
Wilson, J. H., & Daugherty, P. R. (2018). Collaborative intelligence: Humans and AI are joining forces. Harvard Business Review, 96(4), 115-123.
World Economic Forum. (2020). The future of jobs report 2020. Retrieved from https://www.weforum.org/reports/the-future-of-jobs-report-2020 (Accessed: 6 January 2024).
Xu, M., David, J. M., & Kim, S. H. (2018). The Fourth Industrial Revolution: Opportunities and challenges. International Journal of Financial Research, 9(2), 90-95. https://doi.org/10.5430/ijfr.v9n2p90 DOI: https://doi.org/10.5430/ijfr.v9n2p90
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Tinaye Mahohoma, Theodore Silvanus Aaron
This work is licensed under a Creative Commons Attribution 4.0 International License.
For all articles published in IJRBS, copyright is retained by the authors. Articles are licensed under an open access Creative Commons CC BY 4.0 license, meaning that anyone may download and read the paper for free. In addition, the article may be reused and quoted provided that the original published version is cited. These conditions allow for maximum use and exposure of the work, while ensuring that the authors receive proper credit.
