Just last week, news broke that HSBC Bank was looking to axe up to 10,000 jobs in a bid to cut costs.
This figure was on top of 4,700 redundancies that HSBC had announced in August this year.
And it’s not just bad news for HSBC employees.
According to a report, it is estimated that 60,000 jobs will be shed in banks around the world this year as banks “face intense competition among themselves and with fintech startups in a low interest rate environment”.
United Overseas Bank (UOB) employees might have one less thing to worry about, however.
Today (15 Oct), they launched a learning and development programme to prepare its 26,000 employees for a “digital future”.
A 12-week long foundation course called ‘Better U’, it focuses on “five core competencies” that UOB has identified.
The course will be rolled out progressively and UOB expects that “at least 70%” of its employees globally will have completed the course by end 2020.
Almost all the modules will be in a digital format so that employees will be able to embark on their learning journeys at their own convenience.
Upon completion of the foundation course under Better U, UOB employees will be awarded a UOB-IBF Certificate of Achievement.
Beyond the course, UOB employees will also be able to pursue specialised learning tracks or educational opportunities with two new “progression pathways” in data management and project management that the bank has also just introduced.
UOB will be expanding the range of specialised learning tracks over the next three years.
Employees will also be able to apply for financial support to advance their education up to a Master’s degree, should they meet the bank’s selection and sponsorship criteria.
Said Dean Tong, head of group human resources at UOB: “[We] designed the Better U programme to nurture a mindset that is curious and open to new avenues of personal and professional growth.”
“The Better U programme is part of our long-term approach as we nurture our talent and empower them to take control of their future. Through it, we hope our people will be able to discover their full potential and for some, possibly chart a new course in their career.”
The bank will also be setting up a dedicated team to advise and guide employees as they “navigate the future demands of work”.