Case Study: CIBC

Client: CIBC Retail Markets, Toronto, Canada

Industry: Financial Services

Challenge:
At the outset, with 1400 frontline mortgage employees located across the country, CIBC was investing significant financial resources to train these employees. In addition, employees were required to take time off from their regular duties and travel to Toronto, spending 12 days in facilitated training courses. This impacted both employee time on the job, and the overall cost of training.

CIBC was also faced with financial constraints that reduced their ability to deliver the required level of training to properly arm their front-line staff. The current training program was not capable of ensuring that all front-line employees were at the highest level of competency to serve customers and execute their job responsibilities better than their competition.

With the objective of supporting their corporate strategy of market dominance, CIBC needed a way to train more employees, more often, on more skills and more quickly. And, this had to be achieved within the current budget.

Solution:
Algario worked with CIBC to design and develop a technology-enabled training solution that effectively reduced the 12-day classroom training to just 4 days. Employees were trained online and were required to reach specific accreditation levels prior to "earning" their way to the face-to-face sessions. A post-training program provided further training and tracked competency levels for each employee.

Full reporting capabilities allowed CIBC to efficiently manage and track all employee training. Management reports provided CIBC Training and Development with the information required to assess employee skills and plan new initiatives to support the corporate business strategy.

Results:
Within the first year, this new eLearning program trained 50% more employees than the classroom sessions alone — within the same budget. With the Algario PowerLearn LMS solution, the frequency of the required off-line training has doubled, allowing CIBC to dramatically improve the speed of training to employees, while the budget has remained unchanged. New employees are now able to start preparing for front-line customer service activities prior to starting their new job.

CIBC expanded this program to include additional online training and to fully integrate all its off-line training, in addition to all vendor performance and budgetary tracking for training at every level of the organization. This is projected to produce significant financial savings for the organization, while enabling CIBC to elevate their training and development initiatives to the next level, and fully report on all training successes.