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Background
Lloyds Banking Group (LBG) is one of the largest employers in the UK but, like so many organisations, faces a major skills shortage in the technical field, the single biggest barrier to its future economic success. It was relying on costly contractors and struggling to recruit the volume of technical resources required for key roles, such as engineering, data and cybersecurity. With the talent shortage in this area LBG couldn’t develop the deep technical skills it needed at the pace or scale it needed to support ongoing transformation. It also recognised the need for upskilling all colleagues in broader digital skills and data fluency to prepare them for future evolutions of work.
Approach
To address this challenge LBG established a Data & Tech Academy, a learning environment designed to provide comprehensive and centralised learning experiences. Previously, learning in this area had been siloed and duplicated. The bank engaged with external providers and other large organisations to see what was available and consulted with internal leaders and stakeholders to shape the solutions. The academy comprises two main sections: Learning for Everyone and Topics. The former brings an understanding of the technologies crucial to LBG’s growth to all colleagues. In partnership with Pluralsight, Learning for Everyone provides access to the TQ (Tech Quotient); a suite of 12 videos with accompanying assessments.
In the Topic section there are five key topics, based on how the company has organised itself for transformation. Each is based on four personas: thinking about a career in, starting out in, developing core skills in and developing specialist skills in. Each persona has a suite of solutions so colleagues can either be led on the journey or quickly select elements in which to develop themselves. Within each topic the bank highlights job vacancies, gig opportunities, learning events and mentoring/coaching opportunities.
Outcome
The Data & Tech Academy has received more than 440,000 impressions and 29,500 unique users since its launch. The TQ system has more than 9,500 activated licenses, with 6,500 passing one or more modules, exceeding targets. Colleagues have rated TQ highly in terms of increasing awareness and knowledge of new technologies.
Moreover, the Academy reduced the need for external contractors and increased the retention of colleagues through further developmental opportunities. It provided a structured development pathway, as learning is now accessible from one site as opposed to 30 plus previous sites and systems, plus it provides a direct route for colleagues to move into technical roles. Reskilling initiatives resulted in 28 colleagues transitioning into new roles, saving potential redundancy costs of £1.2m. The Academy also attracted over 12,000 attendees during Learning at Work Week and saw increased uptake through weekly learning sessions.
The Data & Tech Academy transformed LBG into a skills-based organisation and improved colleagues’ confidence to pursue tech-based roles. It fostered a learning culture and resulted in financial savings. LBG continues to update and develop the Academy, leveraging expert support and fostering communities for best practices and networking.