Effectively Identify and Fill Capability Gaps

The Client

A large Fortune 500 financial institution with substantial budgets to manage

Key Takeaways

Identified gaps in both technical competence and behavioral confidence in financial knowledge and application

Collaborated and implemented effective program in key departments

Conducted post-event evaluation and confirmed training contributed to better
working practices

The Challenge

The finance officers, consisting of several hundred staff members, at this expansive institution were responsible for managing significant budgets.

However, most team members within the finance department had not received any formal training or were financially qualified. This, combined with inconsistent working practices, complex systems, and budgetary pressure, indicated an immediate need for change.

They lacked a crucial understanding of how of their decisions were contributing to strategic financial management issues. It was imperative to raise their standard of financial management so they could understand the direct financial implications of their actions.

The Solution

With such a broad audience, Kaplan’s challenge was being able to identify appropriate solutions for defined sub-groups of people. The client was aware that some of the solutions could require additional certifications, and some could be addressed internally.

Working with key stakeholders from their L&D and finance departments, our team completed a training needs analysis which consisted of:

  • Conducting stakeholder interviews and focus groups to identify gaps in skills and procedures.
  • Reviewing existing finance training materials and assessment of how they fit into the overall training programs.
  • Examining current certifications and identifying additional opportunities for expanding financial knowledge.

The Result

The finance officers were able to more clearly define issues so that new and existing training interventions could be more effectively implemented.

An additional outcome was the identification of capability gaps with associated development opportunities, which allowed innovative and tailored solutions to be designed and successfully deployed.

According to the client, our recommendations “were based on thorough analysis and were very positively received.” Their internal post-event evaluation confirmed that the new training, developed in conjunction with our recommendations, contributed to better working practices and strengthened their financial management processes.

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Key Takeaways

Identified and assessed several key areas of weakness in management.

Reviewed current leadership and management roles, and implemented new performance goals.

Generated positive communication, competency, and impact among those holding leadership roles.

Key Takeaways

Identified methods to effectively educate consultants in key finance areas.

Originated an intensive, interactive program to fill skill gaps.

Implemented a successful workshop that was incorporated for future onboarding and training.

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