MDA Training

Tag: Coronavirus

  • Why banks need digital solutions, now more than ever

    Why banks need digital solutions, now more than ever

    As a result of the ongoing coronavirus (COVID-19) pandemic, digital banking solutions are going to be essential if banks want to ensure continuity.

    As we covered in our previous blog, once life returns to “normal”, consumers are going to be relying on those in banking more than ever before. From managing their finances to resuming longer-term investments, digital solutions are only going to bolster the relationship between business and consumer.

    Digital solutions – such as online banking and apps for consumers, and virtual learning solutions for banking leaders and employees – will be crucial for improving operations and training programmes for banks.

    Here at MDA Training, we have adapted our customer-centric banking training programmes to suit the needs of the remote workforce, providing e-learning, microlearning, and virtual training programmes to support development.

    Cater to the needs of the remote workforce

    Much like every industry, banking was thrown a COVID-19-shaped curveball at the beginning of the year. As a result, many teams were forced to embrace an indefinite period of working from home. 

    Despite initial concerns, and a temporary slump in productivity, many are now benefiting from an increase in communication between themselves and others in the team. 

    Of course, this would not have been possible without adequate preparation. Naturally, the best banks would have had plans and operational processes in place to ensure the continuity of working life, even when faced with the added challenge of workers being apart. 

    Another thing to consider is the fact that employees are now expected to carry out their roles wholly online – from meetings (thanks to the increasing popularity of Zoom, Microsoft Teams and other software) to informal chats between colleagues. 

    The direct result of this is that learning, and personal development is also expected to be carried out digitally. Banks and leaders must take this into consideration, and utilise the best technologies available in order to help both workers and the business thrive. 

    Increasing consumer demands

    By now, it is becoming apparent that the pandemic will have a long-term impact on consumer behaviours, and banking is no exception.  

    Thanks to the development of open banking and innovative apps, many financial services were already online before the outbreak of COVID-19.

    Even before the pandemic started, a typical consumer would have expected to manage their finances purely online, without visiting a branch, let alone interacting with another person. 

    As Genpact highlighted in its recent instinctive enterprise report, banking is no stranger to adversity. In the past decade alone, the industry has faced the fallout of the financial crisis, new competitors (in the form of banking start-ups) and, now, a global pandemic. 

    With this in mind, banks need to be able to ensure that their employees can utilise emerging technologies – like AI, or business simulations – to enhance their learning and development, to maintain the highest level of service.  

    Flexibility in the workplace

    In the modern workplace, there is no reason as to why banks shouldn’t be able to provide alternative forms of learning for their employees. If there is one thing that we have learnt from our years of experience, what works for one employee won’t necessarily work for another.

    At a time like this, learning and development shouldn’t stagnate. Digital learning can provide employees with the opportunity to develop their skills at their own pace, at a time that is convenient for them. 

    Here at MDA Training, we are adapting our programmes to provide fully digital learning solutions for banks. From blending learning modules to standalone modules, we can deliver our training in a variety of formats, ranging from microlearning to digital workbooks and virtual learning. Our areas of expertise include:

    • On-demand e-learning and microlearning
    • Live virtual training modules on technical, industry, and professional skills
    • Experiential film-making activities, to support leadership development and other assessments.

    Throughout the coronavirus crisis, we are continuing to support workforces all over the world, as they have become accustomed to working from home.

    From providing virtual training sessions to pioneering digital learning simulations, we’ve been able to enhance learning at home, for many banking employees.

    For more information on our digital learning solutions for banking employees, contact MDA Training today.

  • Top tips for employee wellbeing in light of COVID-19

    Top tips for employee wellbeing in light of COVID-19

    The current COVID-19 outbreak is proving to be one of the most significant issues faced by individuals and businesses alike for more than a generation. 

    Many workers have now been working from home for a considerable period of time – which may mean that emotions are running high, and some may be struggling.

    And, after a recent poll from People Management and CIPD revealed that staff anxiety would be the biggest challenge employers face during the coronavirus crisis, it is no surprise that many of us will be wondering how we can best support our colleagues through these trying times.

    If your team is new to remote working, it could present a host of challenges that you’re unfamiliar with. With this in mind, we’ve put together our top five tips for maintaining employee wellbeing during these uncertain times:

    1. Ensure everyone maintains a positive work/life balance

    When working remotely, it can be easy to slip into a routine that sees you working longer hours and taking shorter breaks. You wouldn’t do it in the office, so why are you doing it at home? 

    Encourage your team to take regular breaks away from their designated workspace – it can be vital for enhancing and maintaining productivity. They should also be taking a proper lunch break, and getting plenty of fresh air (even if that means going and standing in the garden). 

    2. Remember: A pandemic isn’t just a physical health issue

    Due to the sudden onset of coronavirus in the UK, it is possible that some members of your team may be worried or stressed about the impact the virus is going to have on their lives. Thankfully, Mind has produced this useful resource, that is designed to help anyone take care of their mental wellbeing during these uncertain times. 

    Plus, it is worth keeping in mind that, for some, working from home can be quite isolating. You can tackle this by organising regular virtual check-ins, both with individuals and your team as a whole. 

    3. Keep regular communication

    Life is messy for everyone at the moment, which is something we need to embrace. Everyone in your team will be dealing with the upheaval and uncertainty in their lives differently. That is why we would recommend using video for any formal discussions, as this would allow you to pick up on any non-verbal indicators of how an individual is coping. 

    It is also possible that some employees may be experiencing increased pressure to maintain their work productivity in a new environment. It is vital to acknowledge that sometimes, you won’t be as productive while working from home – but there are ways to improve. 

    4. Encourage self-care

    We all have unhealthy strategies for dealing with stress – the key is to make sure you replace the bad habits with beneficial ones. 

    During times of stress, it is essential to stay connected with friends and family – even if it is virtually, via an instant messenger or video call. Even though working is important, properly taking care of yourself will be more beneficial to your organisation in the long-term. 

    If any members of your team are struggling, then Mental Health First Aid England have put together this helpful resource to help employees protect themselves from stress. 

    5. Utilise the available support

    Make sure your team is aware of the wellbeing support available within your organisation, and how they can access it. The current times can be very challenging on an individual’s mental health – and the increased stress of working from home may be detrimental to their wellbeing. 

    An increasing number of organisations are finding new and innovative ways to support employees virtually, whether that be through online counselling sessions or live-streaming a workout. If in doubt, ask your team – they’ll know what they need best. 

    To summarise…

    During these tough times, there is no denying that the health and wellbeing of your workforce is paramount. Besides, prioritising the safety and wellbeing of your workforce during the COVID-19 outbreak will ultimately help future proof your business. If you can prove to staff now that you have their best interests at heart, you will be helping to guarantee that most of them will return to the business when things return to normal.

    Here at MDA Training, we understand that we are all united by the challenges presented to us by COVID-19. That’s why we’re currently pioneering digital simulations that will help strengthen the communication between remote workers. Through virtual and experiential learning, we can help enhance the working from home experience, for you and your team. 

    For more information on improving employee wellbeing during the current coronavirus pandemic, contact MDA training today.

  • Preparing for a digital working world

    Preparing for a digital working world

    As the world continues to be significantly affected by the global spread of coronavirus (COVID-19), the operations of so many businesses will inherently suffer. Particularly for companies where employees are required to go into an office, or dedicated workspace, the very sudden need to work from home can cause severe disruptions in the long run.

    At MDA Training, we are no strangers to remote working. Many of our consultants regularly travel away from their offices, working to deliver experiential learning solutions for our clients across the globe, as well as creating and perfecting digital solutions to embed and sustain learning back in the workplace.

    The latter has now become significantly more critical as the majority of businesses, in the UK at least, begin to prepare for remote working for an extended period.

    Digital communications have become vital in maintaining operations in every corner of the globe. It is now possible for two people to engage with each other and complete work no matter where they are situated.

    The same can be said for learning and development within the workplace. No longer is it absolutely necessary to group individuals at one given location in order to transfer key messages throughout an entire workforce. With the advancement of innovative technology, we are now able to transfer the learning and deliver it through digital mediums.

    The implementation of webinars, e-learning, virtual reality, digital simulations and much more have all been manipulated and reworked to serve the modern workforce in several professional industries. From developing credit skills in banking to achieving LEAN processes in manufacturing, there are so many digital solutions widely available.

    Online simulations not only take advantage of providing a learning platform for employees, but they also serve to improve learning retention as much as a physical training activity. When implemented correctly, they serve as a more flexible solution than a physical simulation event.

    At MDA Training, we are currently designing digital simulations that help strengthen the communications between remote workers, as well as developing employee wellbeing on an organisational scale. We understand that the changes in the light of the coronavirus pandemic will prove to be challenging for so many, and how virtual learning can help to enhance correspondence at every stage.

    While our consultants, trainers, coaches and facilitators in every corner of the world will find their travel opportunities limited, we will be maximising our digital offering to provide learning initiatives that continue to meet specific needs.

    TO ENQUIRE ABOUT OUR DIGITAL LEARNING SOLUTIONS, PLEASE CONTACT MDA TRAINING TODAY.

  • Working from home? Tips to work remotely like a pro

    Working from home? Tips to work remotely like a pro

    With many employees working from home amid global health concerns over the coronavirus, millions of people can expect to have their daily routines and work styles impacted.

    Not everyone is accustomed to working from home, and getting into work a productive mindset from a space that’s not your regular one can be a huge adjustment.

    There are advantages to working from home, not least the which is saving most of us from the daily commute (which most have come to loathe). But the challenges, including loneliness, staying connected, and more distractions can have a significant effect on your psyche and productivity.

    At MDA Training, we are used to working remotely. Much of our training is delivered virtually, sometimes from our home, and due to the amount of travel involved in our industry, we encourage consultants to work from home if they have been away a lot. We have more experience than most perhaps in remote working.

    Whether you’re are working from a spare bedroom, a coffee shop (my personal favourite), the library (maybe not the best if you have frequent calls or virtual meetings), or the lobby of your apartment building (I’ve seen that here in Hong Kong due to our small apartment size!), I’ve compiled some tips to help you get set up and virtually work like a professional, no matter where you are.

    Make the most of your platform

    Traditionally our company has used WebEx to deliver webinars and meet virtually, as have some of our large banking clients. Recently we have switched to Zoom. Your organisation will have its own virtual platform, either one of these or another.
    Whichever platform you use, there are some great features that enable a sense of connectedness. File sharing, annotating screens, whiteboards, instant messaging, virtual breakout rooms and non-verbal feedback like emoticons are all very standard.

    Rather than just using it as only a video conferencing tool, getting to know the features of whichever platform you are using will enhance your productivity and engagement, and those of others.

    Your workstation

    If you haven’t set up a proper workstation at home, you would miss the regular working environment. To deal with it, set up your home office just like your workplace to feel more connected to work. Working from your bed or sofa is not too ideal for ensuring productivity.

    Your laptop will likely have a built-in camera and audio, but it makes a big difference in the experience for you and others in the meeting when you have a quality webcam and a good microphone.

    I use a Logitech Brio Webcam and a set of Airpods for enhanced audio and video quality. Even a pair of wired mic-enabled headphones can go a long way. Lighting also is crucial. Sitting in a dark room with a bright light directly overhead will seriously impact the way people see you. If possible, try to have your face by natural light, like a nearby window or get a small webcam light.

    Virtual backgrounds

    As someone who regularly delivers webinars from home to investment banking clients, one of my best tips is to use a virtual background. When having a video conversation, a professional virtual background can help people get the needed professional impression from you.

    Even blurring the background may be the most appropriate solution for your requirements – all of these features are usually available on video conferencing platforms.

    Leverage in-meeting chat to share files & resources

    I use in-meeting chat as a way to share links or resources that may be discussed in the meeting. For example, team members will share Microsoft office docs, URLs, or just quick comments (as to not disrupt ongoing conversations).
    This is important as it goes a long way to replicate a lot of the informal conversations we have in our normal office environment.

    Other work-from-home tips

    Small breaks are important and built into our normal working environment, and it’s important to keep up similar routines at home. My main recommendation is to keep up your routine just as you would if going into an office. Doing all the things you do in the morning — brushing your teeth, showering, eating breakfast, etc. — will help you deal with the disruption many of us currently face.

    Here are a few other work-from-home tips from myself and my colleagues at MDA Training:

    • Dress for work – you should put on a shirt or outfit you’d normally wear to the office and not your sweat pants you wear when no one else is home
    • Move about – stretch, take a lap around the house, stand at the kitchen bar and work from there for a while. Many of us will not have the ergonomically designed chair we are used to in the office which can have an impact on our bodies
    • Communicate your availability – share your calendar, block off time for specific tasks, set reminders, and make sure you keep track of time. It’s easy to work through the time you made a commitment to start dinner
    • Eliminate distractions as best you can – shut the door, or even hang a curtain to give yourself some privacy and separation
    • Avoid isolation & loneliness – have daily team check-ins or arrange a virtual lunch with your team. Talk live or disable the audio and chat with the group or 1-on-1 privately, whatever helps you get the conversation and connection you need.

    Author: Ryan Spendelow

  • Analysing the UK Government’s economic response to the COVID-19 pandemic

    Analysing the UK Government’s economic response to the COVID-19 pandemic

    There is no doubting the fact that the COVID-19 pandemic has already begun to cause significant disruptions to the worldwide economy.

    Given the fact that the majority of businesses in the UK will see their operations affected, it is no surprise that attention has fallen on the Government, along with what is going to be done to slow down the rapid decline in trade and investment throughout the country.

    Even before Rishi Sunak delivered the first budget speech of his tenure as Chancellor last week, the impact of coronavirus was a hot topic, made even more relevant by the fact that the Bank of England decided to slash interest rates to 0.25%.

    In response, the Chancellor introduced policies like £7bn in support for the self-employed, businesses and vulnerable, as well as a £5bn emergency response fund for the NHS. Just one week later, however, and the situation has been completely turned on its head.

    In light of updated medical advice and strategies, there are now much higher financial measures in place to support businesses through this uncertain time. A £350bn package is now available for companies with £330bn in loans, and £20bn in other aid.

    In addition to this, the government will pay the wages of employees unable to work due to the pandemic, in a move to protect jobs. They will pay 80% of salary for staff who are kept on by their employer, covering wages of up to £2,500 a month.

    Even with this much support, which may seem like a way out for businesses in the coming months, careful consideration needs to be made before taking on so much debt. Small companies may wind up paying a vast majority of their profit margins back to the Government if they act without thinking.

    Fast forward since the budget announcement and the Bank of England made another sweeping move by slashing interest rates for the second time in a week; this time from 0.25% to 0.1%, the lowest they have been in the Bank of England’s 325 year history. Partner this with the fact that the pound has dropped to its lowest level in 30 years and you begin to realise just how much of a downturn in public spend is to be expected.

    Make no mistakes; businesses need cash flow, and they need it quickly. This is going to be an extremely challenging period for so many business owners, but the fact that China has begun to report no new cases 80 days on from the first reported case of COVID-19, there is but a flicker of hope.

    Empty words and promised loans will not serve as the long term solution in paying rents, rates and supporting livelihoods; cash flow will.

  • Coronavirus Budget 2024: Extraordinary times call for extraordinary measures

    Coronavirus Budget 2024: Extraordinary times call for extraordinary measures

    Even before Rishi Sunak delivered the “Coronavirus Budget 2024” – his first budget as Chancellor of The Exchequer – we already had a set of extraordinary circumstances.

    His appointment as Chancellor following the resignation of Sajid Javid on 13th February 2024 was one of those. Javid resigned after Boris Johnson’s cabinet reshuffle. He had rejected the Prime Minister’s order to fire his team of aides, saying “no self-respecting minister” could accept such a condition.

    Less than a month later, on 11th March 2024, the Government (and the world) have Coronavirus as its most pressing matter. On the day Javid resigned, the FTSE 100 Index stood at 7,452. A few weeks later it is at 5,932, with billions of pounds being wiped off the value of the 100 largest listed companies. UK economic growth has also unsurprisingly been revised down as a result of the virus outbreak.

    The Bank of England made its move just a few hours before the Government did, slashing interest rates from 0.75% to 0.25%, with borrowing costs back down to the lowest level in history. Governor Mark Carney and the policymakers have done so to encourage people to spend in the coming months.

    While the Bank of England has used its main monetary policy tool, the UK Government flexed its fiscal muscle by setting policies around spending and taxation in the 2024 budget.

    Coronavirus Budget 2024 – Policies

    · “Government measures amount to £7bn in support for the self-employed, businesses and vulnerable people.” £5bn emergency response fund for NHS and public services.

    · Loans available to help small and medium-sized businesses. Business rates abolished for retail, leisure or hospitality business with a rateable value below £51,000.

    · A £500m hardship fund for vulnerable people.

    · Statutory sick pay: Available to those advised to self-isolate – even if they haven’t yet presented with symptoms. More help for self-employed or those in gig economy.

    · The cost of providing Statutory Sick Pay to any employee off work due to coronavirus will, for up to 14 days, be met by the government in full.

    · NHS will get the resources it requires “whatever it needs, whatever it costs”.

    Both Mark Carney and Rishi Sunak caveated their forecasts with the potential impact of Coronavirus. What is certain is that there is no certainty in the coming weeks and months. Extraordinary times and extraordinary measures may be set to continue.

  • Need for planning and communication

    Need for planning and communication

    It is becoming a bit like Ground Hog day. Every day we read about the pace of spread of Coronavirus and the number of new cases compared to the previous day. This has been going on for some time now. The only change has been the focus away from China and onto other parts of the world.

    The daily updates have increased levels of fear and concern amongst the 5.9m SMEs and 4.9m self-employed. Much of the advice so far has been built around self-quarantine measures and cancelling large gatherings of the population. Although these measures are being applied inconsistently.

    However, these measures do not address how we ensure that SMEs can survive this period of uncertainty and continue to trade. Nor how we protect the income stream of 5.9m self employed workers, who represent 15% of the working population.

    It will only be a matter of weeks in some cases before some SMEs and self-employed begin to struggle from a cash flow point of view. There is a real challenge here to determine how to support robust businesses that find themselves in a challenging position and genuine weak businesses that are facing commercial challenges irrespective of Coronavirus.

    Cash is king and those affected will need access to cash flow to survive. Consider the alternative. If we cannot find a route to support both SMEs and self-employed, when this period is over, we may not have sufficient business resource to kick start the economy. In time, new businesses will spring up and evolve to fill the gap. But that could take the best part of two to three years.

    We read varying reports of the length of time before the outbreak of Coronavirus in the UK and Europe peaks, anything from six to 12 months. Time will tell. It is clear the business does not necessarily have the cash resources to survive an extended, lean trading period. We need to identify, very quickly how we can funnel cash into the SME and self-employed community.

    Options that may have to be considered

    • Temporary deferral of VAT payments – many SMEs are due to pay over VAT at the end of March
    • Temporary credit facilities – underwritten by the Bank of England
    • Emergency benefit support to self-employed.

    The solutions, if they exist, will not be easy to implement. There will be difficulty in identify genuine cases from either fraudulent claims or under-performing businesses seeking to extend their failing business model.

    Nonetheless, if the situation continues to deteriorate the business community needs to hear about plans to protect business and not just how often we should wash our hands.

  • Who will support business?

    Who will support business?

    Last week (weekending 29th February) the global stock markets saw their biggest fall since the financial crisis of 2008. The markets were beginning to reflect on the spread of Coronavirus and the impact it may have on business.

    Some think that the market’s reaction was a bit overdone. Others think that it is correct and there is much worse to come. Only time will tell which view will prevail.

    However, there is no question that financial markets are uncertain, and that Coronavirus is spreading faster outside of China compared to inside China.

    China’s forthcoming GDP figures will not be good as much of its productive capacity closed down during January.

    Outside of China, as countries to try to get to grips with the spread of Coronavirus there is talk of putting cities into quarantine lockdown and prohibiting large gatherings of the population. This is very similar to what China did to control the spread of Coronavirus. The prevailing view from world governments is that similar actions have worked elsewhere.

    These actions may be justified in terms of world health and safety, but they will also place 1,000s of business in a very difficult financial position. If cities are placed in lockdown it may take anywhere between three to six months before manufacturing and trading returns to what we might call normal.

    In this period, it is likely that many good businesses will start to run out cash. However, we need theses business to come out of the other side of the cash squeeze, if economies are to get up to full production. There has been some mention of action by Central Banks.

    This is likely to be in the form of cuts in interest rates or perhaps some form of Quantitative Easing. These actions may be welcome but are unlikely to have any impact on small business in the short term. What these businesses will require is either cash or extended credit facilities.

    It is unlikely that new funders will step forward and provide credit facilities. Business will look to its current debt provided. But in uncertain times, the credit appetite for provided additional facilities will be restricted. After all, the banks too have a responsibility to look after the interests of their shareholders.

    So how do we square the circle? How do we feed cash or extended credit facilities into the 100s of SME businesses that are the backbone of many national economies? Central banks have indicated that they are prepared to step in and support the markets.

    Perhaps a part of their action could be to underwrite the provision of extended credit to essential SME business? This may appear as a big ask.

    However, in the early years after the financial crisis the Bank of England invested £375bn, some 20% of GDP, in Quantitative Easing. A similar strong signal to support SME with a more practical form of support may be required soon.

  • One door opens and another closes

    One door opens and another closes

    After two months, the daily rate of new infection and deaths attributable to Coronavirus in China is in steady decline. The Chinese government is now moving quickly to get the nation back to work. That is welcome news. Manufacturing and production can get going again?

    However, the rate of new infections in Europe, the Middle East and the Americas is beginning to increase. While China was in lockdown, the rest of the world was moving freely, and the virus has spread. Arguably, we are two months behind the China curve. It will take time for new cases to plateau and governments to put control measures in place.

    Much of the debate so far has been around the supply chain. China had stopped working, and manufacturers around the world would be negatively impacted as their buffer stocks ran out. We are now in a different phase the virus is spreading outside China. Action is being taken quickly. South Korea is imposing quarantine measures as is the UAE, Italy, Spain and one, now famous, hotel in Tenerife.

    We are experiencing the same fears, worries and concerns that China did, at the beginning of the outbreak. We are still in the early stages of Coronavirus management, but there is already public discussion of cancellation of international sporting event and school and university trips. This is only the tip of the iceberg.

    In the past twelve months, we have seen Thomas Cook go out of business and the ripple effect across the hotel sector, particularly in Spain. Venice has suffered from floods and just when the tourists were coming back Coronavirus breaks out. If we are two months behind the curve, then things will get worse before they start to improve. How many families across Europe will decide to cancel o not take a summer vacation because of the overhang from Coronavirus? There are many countries in Europe that are very dependent on tourism. Dubai is not a poor state, but tourism contributes 5% to GDP.

    The spread of Coronavirus outside of China demonstrates how we criss-cross the globe both for business and pleasure. Airlines, airports hotels, restaurants, taxi firms and many other ancillary companies benefit from the global criss-cross.

    These businesses, both large and small, need to consider how their business will be impacted if Coronavirus takes a firm hold, outside China, and both business trips and vacations are curtailed. How many companies have sufficient cash resources enabling them to survive, say, a six-month slowdown? How many of these businesses have entered into early discussions with their funders to quantify the amount of additional support that will be provided?

    The outbreak of Coronavirus outside Europe is serious. It may peter-out and not become a major epidemic. Nonetheless, management teams should ask how the outbreak may affect their business and what steps can they take to mitigate the impact. Equally, lenders or funders should analyse their portfolios and assess their exposure to some of the potentially vulnerable sectors; such as hotel, airlines and leisure.

    Author: Bill Liddell