MILAN (Reuters – Italian bank UniCredit announced that it has launched a pilot program to train Italian staff to increase retention rates. This announcement came weeks after Intesa Sanpaolo, a rival heavyweight (OTC) had made an announcement about a joint venture with a private equity company centered around its learning operations.

Andrea Orcel, UniCredit’s CEO, stated that retention rates are between 30% to 50% higher in companies with strong learning cultures.

According to the UBS former banker, “Eighty-six per cent of millennials believe they will stay at their jobs if there is training and development offered by their employers.”

The disruption caused by the pandemic has led to record numbers of people leaving their jobs. It is being called “The Great Resignation”, and it raises the question of how talent can be retained.

UniCredit University Italy will provide classes online as well as in-person to employees, with the aim of improving existing skills and creating new ones.

UniCredit intends to expand the pilot project into other countries.

Intesa has announced, in February, that it is partnering with Nextalia (private equity firm, founded by Francesco Canzonieri), to expand its training divisions.

Intesa stated that its business of offering training to employees and businesses would be merged into Digit’ed. Nextalia will control it.

Intesa (which would control 20% of the company) said it was signing long-term agreements to Digit’ed in order to offer learning opportunities to its employees.