Question

A Canadian chartered bank decides to develop and deliver a training program internally. What potential reasons justify this decision?

Answer 1

A Canadian chartered bank might develop an internal training program to customize training to its specific needs, avoid external political pressure, and use its profits for strategic human capital investments. Such a program can thus reinforce the bank's workforce capabilities and maintain its financial autonomy.

Step-by-step explanation:

A Canadian chartered bank may choose to develop an internal training program for several reasons related to maintaining control over training content, fostering a tailored approach to the bank's unique operating environment, and making an investment in human capital. Firstly, offering an internal training program allows the bank to customize the curriculum to address specific needs, policies, and procedures unique to the institution. It ensures that the training is aligned with the bank's strategies and culture. Additionally, by training staff internally, the bank avoids the potential for political pressure that could arise from external influence, ensuring that decisions about financial investments and operations remain aligned with the bank's interests rather than external parties.

Secondly, by using internal resources for training, the bank can apply its own profits as financial capital to enhance its employees' skills rather than seeking outside investments. This can be a strategic move to strengthen the institution's workforce capabilities and maintain financial autonomy. Furthermore, investing in ongoing training represents a thoughtful commitment to its employees which can improve retention, increase job satisfaction, and ultimately contribute to a more knowledgeable and efficient workforce.

Answer 2

A Canadian chartered bank may develop and deliver a training program internally for reasons such as addressing skill gaps, cost-effectiveness, and maintaining control over the content and delivery of the training.

Step-by-step explanation:

A Canadian chartered bank may decide to develop and deliver a training program internally for several potential reasons. One reason is to address specific skill gaps or areas of improvement within their workforce. By developing training programs internally, the bank can tailor the content to meet their specific needs and ensure that employees receive the necessary knowledge and skills to perform their jobs effectively. Another reason is cost-effectiveness. Developing training programs internally can be more affordable compared to outsourcing or purchasing ready-made programs. It allows the bank to save on potential external costs such as licensing fees or fees associated with hiring external trainers. Moreover, internally developed training programs can be reused and adapted for future training needs, providing long-term cost savings. Lastly, developing training programs internally gives the bank more control over the content and delivery of the training. They can align the training with their strategic goals and company culture, ensuring consistency across the organization. In-house trainers can also provide immediate feedback and address specific concerns or questions from employees.