Causes and consequences of skill obsolescence: A research in the banking sector

This research has been conducted for the aim of determining the causes and consequences of skill obsolescence at the banking sector, upon a literature review on the reasons and outcomes of skill obsolescence. Semi-structured interview technique is adopted in this study which targets guidance as to the measures that the employers and companies may implement in such situations by present skill obsolescence at macro-economic level and risk factors. Findings about the importance and necessity of keeping up with technological developments for banks, the degree and type of influence of units and positions in the banking sector from technological developments, firm-specific skills obsolescence, sector-specific skills obsolescence, wear, atrophy, role of training in skilling, personal effort of employees, expectations of workers from employers to protect them from skill obsolescence, the skills required by universities that are training students for financial sector in the study which focuses on researching the skills that should be acquired by the students at the university departments and units that provide training for employment at finance sector, interviews were held with five participants who work as expert-manager at Human Resources field. The data obtained from the interviews set forth the critical position of skill obsolescence within work life, whereas they have a critical role in terms of development of solutions against obsolescence. According to the research outcome, training comes across as a critical element in prevention of skill obsolescence and the negativities it causes. In addition to a well-planned training life, ensuring that individuals acquire skills for work life by adopting an understanding of life long training, prove to be important for preventing skill obsolescence.