RESTRUCTURING A GLOBAL FINANCIAL SERVICES COMPANY UNDER COMPETITIVE BUSINESS CONDITIONS
The Financial Services industry plays a fundamental role in the world economy. To stay competitive in such a highly regulated and risk averse industry, companies need to efficiently develop and update the skills of new and incumbent employees.
The HRIS Manager of a major Financial Services company faced these challenges before adopting Training Orchestra’s Training Resource Management System (TRMS). Global management and ownership of the training operations created an enormous administrative workload in a company that provides multi-currency training operations for its employees in 14 countries. Moreover, collaboration between teams based in different time zones was tedious, since the training operations were not integrated with other departments, such as IT, HR, and Security.
In addition to providing a solution to these challenges and managing all of the training operations, Training Orchestra’s TRMS was flexible enough to adapt to the reorganization of this Fortune 100 company, when the original organization split in two.
As the original company split into two entities, the Training Operations function was to be transferred from a global organization to two complex multinational organizations with a high level of security. The administrative reorganization was under very tight financial constraints, which required training to be as efficient and cost effective as possible.
Main objectives to enhance the effectiveness of training operations:
- Substitute the usage of a bespoke software and Excel spreadsheets with a time-saving, collaborative technology
- Manage resources collectively and share information in real time between teams
- Oversee the training budget globally
- Ensure legal compliance with the different training requirements of all 14 countries
- Manage payments in different currencies
- Optimize the occupancy rates of training resources in all subsidiary companies worldwide
SOLUTION — Training Orchestra
This company chose Training Orchestra for two main reasons: first, its flexibility in adapting to the needs of a restructuring company and second, its support in optimizing resources to make training more profitable, efficient, and easily-scalable.
The Training Orchestra TRMS…
- Streamlines all training operations in one online platform with global overview of all activities
- Ensures global collaboration facilitated by real-time synchronization of all training operations
- Enables financial consolidation of the budget, including the ability to forecast, split, and monitor the training budget
- Monitors multiple countries’ legal and compliance requirements, as well as their legislative changes, including GDPR regulations
- Manages complex multi-currency contexts. For example, venues charged in US $, training charged in £, and instructors charged in €
- Provides a centralized repository guaranteeing data security
- Creates an accurate financial repository: when creating a course, financial information is automatically retrieved (cost, trainer, venue etc.)
“I am now running the training operations as a business, with Training Orchestra as my best partner!” –HRIS Manager
Not only has the adoption of Training Orchestra’s software led to immediate cost reductions of 10%, but it has also transformed the way training operations are managed in this Fortune 100 company.
First, the work of the HRIS Manager has been largely facilitated by the integration of training operations with other departments – HR, IT, Security. Second, Training Orchestra’s expertise and constant support made the implementation process smooth and reactive to the challenges raised by the reorganization of the original company. Third, the company can now forecast and fully control their training investments.
After using Training Orchestra for more than two years, the HRIS Manager commented on the product: “I am now running the training operations as a business, with Training Orchestra as my best partner!”
To find out more about how Training Orchestra can become your best partner in optimizing training operations, don’t hesitate to get in touch with our experts. Or, request a demo here. We can help you tackle your goals!