The new BMO Academy – a learning centre for the bank’s 54,000 employees – is located at Yonge Street and Dundas Street West and has a striking view of Toronto’s CN Tower.Wallace Immen
Investing in employees’ skills is becoming a top priority for companies looking to stay competitive. And Bank of Montreal is at the forefront of this trend with its new BMO Academy – an innovative hub in the heart of downtown Toronto that’s designed to support the development of the bank’s 54,000 employees.
Located at Yonge and Dundas, the state-of-the-art facility is more than just a training centre – it’s a reflection of how organizations are rethinking their commitment to employee growth and engagement.
Featuring an auditorium that can comfortably seat 500 or be divided into three venues, BMO Academy’s control room could be the envy of a television broadcast studio. Its wall of video screens allows an unlimited number of employees to remotely interact in meetings, emphasizing the company’s recognition of the ever-evolving hybrid work force.
The new learning centre is part of an entire floor of tech-rich conference rooms and meeting spaces that are dedicated to employee skill-building in BMO’s new downtown Toronto office building.
In the past, employees based in the Greater Toronto Area had to commute long distances to BMO’s former learning centre in Scarborough, Ont., and international staff needed to fly in for in-person sessions.
“That’s no longer practical, and we’ve hybridized this facility, so you can participate whether you are sitting in the room or attending remotely,” says Tera Oswald, head of global portfolio strategy and workplace services at BMO.
The new BMO Academy is part of a national trend of companies creating dedicated in-house training and conference spaces, says Philippe de Villers, chairman of the board of the Order of Chartered Professionals in Human Resources of Canada, which represents 32,000 HR professionals.
BMO Academy’s auditorium seats 500 people and has a wall of video screens that allows an unlimited number of employees to dial into large meetings remotely.Supplied/BMO
“Training facilities within offices weren’t common in the past, but organizations are starting to invest more in continuing training and reskilling of their professionals to stay competitive,” he says.
At the same time, many offices now have redundant space as more people work remotely or take a hybrid approach. “It’s a strategic advantage to develop an in-house space and curriculum, planned and organized by consultants, to keep your people up-to-date,” Mr. de Villers adds, highlighting cost control as another advantage.
“Organizing corporate events in hotels and convention centres can be insanely expensive,” he says. “When you do the business case, meeting in-house with a catering service can be much less expensive.”
While small and medium-sized enterprises may not be able to invest in a full-time training space, they should consider expanding their workplace learning options so they don’t lose their competitive advantage, says Tricia Williams, director of research at the Future Skills Centre – a consortium of partners including Toronto Metropolitan University and the Conference Board of Canada.
According to a recent report by the consortium, Canadian employers lag behind other countries when it comes to investing in training and workplace development. “Our research finds employers in Canada spend on average about $240 [per employee] per year on employee training, whereas in the United States, it is well over $1,000,” she says. “We are underinvesting compared to other OECD countries as well.”
The study also notes that many of the work-force education programs offered in Canada tend to be what’s required by regulators, such as workplace health and safety training. “We’re seeing knowledge-based companies – particularly in finance, insurance and utilities – step up investment in training,” Ms. Williams says. “They’re recognizing the catalytic power of investing in upskilling their work force.”
TD Bank’s new 'Idea Loft' is located at Toronto’s TD Terrace building and will be used for employee training, presentations and team meetings.Supplied/TD
Toronto-Dominion Bank is also expanding in-house learning as a critical part of its strategy to create a culture of creativity and collaboration, says Anne Natale, TD Bank Group’s vice-president of learning and development.
This year, TD opened its “Idea Loft” on the 16th floor of TD Terrace, the bank’s newest tower at Toronto’s 160 Front St. W. Its spaces will be used for training and presentations, with teams able to book meeting rooms for collaboration and brainstorming sessions.
Meanwhile, the BMO Academy is on an upper floor of the recently opened BMO Place, located at the corner of Yonge Street and Dundas Street West. The building was originally Eaton’s flagship department store and remained vacant after Sears moved out in 2018.
Now, BMO Place is home to more than 3,200 BMO employees. Its learning spaces are equipped with the latest interactive technology, including 360-degree cameras, ceiling-installed microphones, a half-dozen conference rooms and easily movable furniture, says Larissa Chaikowsky, BMO’s U.S. chief human resources officer and head of talent reskilling.
“It could be anything from leadership programs with five days of intensive sessions, new hire programs where people go through up to a month of training on their roles, or it can also be town-hall meetings, team conferences or brief meetings with clients,” Ms. Chaikowsky says of the types of events to be held in the new centre. “All of these activities can be accommodated at the same time.”
One innovation at the new BMO Academy is called “The Digital Wall,” which is a large interactive screen on a wall in a public area of the centre. “The next generation of employees wants to share their experiences, and we want to give them that opportunity,” Ms. Chaikowsky says. “Employees can scan a QR code, and it might ask a question like: ‘What did you learn today?’ You can type in answers for everyone to see.”
BMO Academy also includes ample space for expansion, she adds. “We have the opportunity to experiment and expand our learning programs. We need to be ready for the future – no matter where it takes us.”