“Facing the Barriers: Challenges in Implementing L&D Strategies in Sri Lanka’s Financial Sector”
Even
while learning and development, or L&D, has gained widespread acceptance in
Sri Lanka's financial industry, successful implementation is not always easy.
To fully realise L&D's potential, HR professionals must overcome a number
of obstacles, including financial limitations, digital resistance, and
alignment problems. This blog examines the main obstacles that Sri Lankan
financial institutions must overcome in order to integrate strategic learning
initiatives into their daily operations.
Significant
Difficulties in Implementing L&D
1.
Financial Limitations and ROI Pressure
It can be difficult for many organisations,
particularly non-bank financial institutions (NBFIs), to set aside a steady
budget for learning and development. Even while senior management may concur
that it is important, it might be challenging to measure the immediate return
on investment (ROI). According to Armstrong and Taylor (2020), HR professionals
continue to struggle with the cost rationalisation of behavioural training or
soft skills.
During economic downturns, some businesses, such as
smaller finance organisations, frequently deprioritize learning investments,
which limits their long-term agility and staff growth.
2.
Opposition to Change and Digital Learning
Even while digital platforms are becoming more
popular, not all employees find it easy to adjust to technology-enabled
learning. Employees that are older or less tech-savvy have demonstrated a
reluctance to interact with Learning Management Systems (LMS) at organisations
such as People's Leasing or Commercial Credit. Adoption is slowed down by this
digital resistance, necessitating more assistance and digital literacy
initiatives.
This is consistent with the social development
theory of Vygotsky, which emphasises the value of peer support and directed
learning in removing obstacles to learning (Vygotsky, 1978).
3.
Inconsistency with the Organization's Strategy
The incompatibility of L&D programs with
institutional objectives is another persistent issue. Training initiatives that
are not customised to the needs of the company frequently result in resource
waste and disengagement. According to the Harvard HRM model (Beer et al.,
1984), in order to have a quantifiable impact, L&D must take into account
contextual elements that are both internal and external, such as shifting legal
requirements or customer expectations.
Certain organisations find it difficult to
determine if training actually improves performance in the absence of adequate
needs assessments or post-training evaluations.
4.
Insufficient Post-Training Support
Rarely do one-time training sessions result in
sustained behavioural change. Organisations such as LOLC Finance have
recognised the need of coaching, mentoring, and on-the-job training in ensuring
learning is retained. Employees might forget or not implement what they've
learnt in the absence of these follow-up procedures, which would reduce the
return on training expenditures.
“Although
adoption of learning and development methodologies has advanced significantly
in Sri Lanka's financial sector, execution is still challenging. To establish
enduring and influential learning cultures, HR teams must overcome budgetary
limitations, digital barriers, and alignment problems. A long-term perspective,
leadership support, and a thorough comprehension of the changing demands of the
workforce are necessary to meet these problems.”
“Financial
institutions in Sri Lanka can turn these challenges into chances for expansion,
resiliency, and competitive advantage if they employ the appropriate tactics.”
This article offers a great awareness on the real-world challenges that HR faces while implementing L&D. I noticed the use of frameworks such as the Harvard HRM model and Vygotsky’s theory to highlight both strategic and human aspects for the ease of L&D adoption. The aspect regarding digital resistance, particularly among older workers, really stood out as something that often gets missed in the conversations about the digital transformation. It would be interesting to see how blended learning models or peer mentoring may help to transition. Well done on showcasing both the obstacles and the chances they offer.
ReplyDeleteI appreciate your thoughtful remark. I'm happy the frameworks and emphasis on digital resistance were useful to you. Peer mentorship and blended learning may be excellent ways to facilitate transitions, particularly for senior employees. I appreciate your well-considered viewpoint!
DeleteYou have clearly explained the real challenges in starting Learning and Development in Sri Lanka’s financial sector. The points about budget problems, difficulty with digital learning, and the need for support after training are very useful. It’s a good reminder that with the right plans, these problems can be solved
ReplyDeleteCommented by Lahiru Randima
I appreciate your insightful comments, Lahiru. I'm happy that the information on post-training support, digital learning challenges, and money was helpful to you. You're entirely correct—having the appropriate plans in place can make it easier to get beyond these obstacles. Thank you for your feedback!
DeleteThis blog highlights the real challenges faced by Sri Lanka’s financial sector in implementing effective L&D strategies. From financial limitations and resistance to digital learning to misalignment with organizational goals, these barriers can hinder the full potential of L&D. However, with the right leadership support and a strategic approach, these obstacles can be transformed into opportunities for growth and competitive advantage. A very insightful piece!
ReplyDeleteI appreciate your insightful feedback. You're entirely correct; even while there are obstacles to overcome, they may be transformed into chances for significant growth with effective leadership and a well-defined plan. Thank you for your support and insights!
DeleteThis is a very relevant and well-framed discussion. While the value of L&D is widely recognized, the real challenge lies in effective implementation. Financial institutions in Sri Lanka face unique hurdles—budget constraints, resistance to digital tools, and misalignment with business goals can all slow progress. It’s crucial for HR professionals to adopt innovative, flexible approaches to navigate these barriers and embed L&D into the organizational culture. This blog does a great job of shedding light on these challenges and opening the door for strategic conversations on how to overcome them.
ReplyDeleteI appreciate your insightful comments. I'm happy the blog struck a chord with you. You are entirely correct—the true test is successful execution, and getting beyond those particular obstacles calls for ingenuity and cultural fit. Thank you for sharing your thoughts and encouraging more strategic discussion!
DeleteThis is exactly in line with what I've observed at work. Some senior staff members were clearly hesitant when we first implemented a new LMS. Setting up peer mentorship sessions, as suggested by Vygotsky's theory, was the most beneficial. Employee concern gradually decreased, and trust was gradually increased after they witnessed others using the system with confident.
ReplyDeleteThat the peer mentorship strategy was successful at your company is wonderful to hear! In circumstances like this, where peer learning and social interaction facilitate the transition, Vygotsky's theory truly comes into its own. It's also intriguing how observing others using the new system with assurance can allay fears and foster trust. It serves as a wonderful reminder that when staff members observe how others are handling change effectively, it frequently goes more smoothly!
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