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Social Assessment at work

Within the financial services (FS) sector, mentorship and coaching are of critical importance. New hires are often young and fresh out of school, and have little experience in the industry or in working with clients. Mentorship, coaching, and structured leadership programs play a pivotal role in helping new advisors build a career in the industry, attain the required designations, and reach desired benchmarks, while helping FS organizations develop their leadership pipeline as younger employees step up to fill leadership gaps left as older generations retire. Not only that, as traditional FS firms increasingly adapt to the rise of fintech and digital disruption within the industry, Social Assessment is an excellent means of boosting technical skills training by facilitating regular feedback from organizational experts on demonstrations of skill and competency.

In large FS organizations, it is not uncommon for mentors and coaches to be scattered around the globe. Even an employee’s manager may be half a globe away. Social Assessment using video allows young advisors to solicit just-in-time feedback from their peers, managers, mentors, and coaches, delivered in a highly personalized way. The immediacy of feedback delivered through Social Assessment not only delivers input directly at the time of need, it also spares the organization thousands of dollars in travel costs and lost productivity. Field reps can spend their time selling versus traveling across the country for training meetings.

Social Assessment can also be used for process-centric learning. For instance, video can be used to document steps related to trades, paperwork, or GIC renewals; for new technology training; and for regular “check-ins” with managers. Video-based feedback from high-performing peers can help sharpen the skills of a new hire and propagate industry knowledge and best practices across the organization.

Many financial services organizations host annual meetings and conferences where staff gather to learn in traditional ways. Even in these scenarios, Social Assessment can be used to maximize the training investment. Attendees can use video to summarize and reflect on the learning they have received, or submit video of practice presentations or role-play of customer scenarios in advance to enable more individualized feedback during the meeting.

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