How Banks Can Level Up Their Training Programs
It's well known that it takes significant resources to train and maintain a competent and retainable workforce. Costs are high, and turnover increases the amount banks spend on hiring, onboarding, training and retaining talent.
Here are some ways banks can boost their training programs to help develop an expert workforce they can hold onto.
Commit employee time for training
It's important to commit to and begin training employees as early as possible. When team members become familiar with the bank's processes, policies and procedures before starting work, they become less dependent on others for assistance and answers.
Customize training by area
Clients will be different in each geographic area. For this reason, employees should be trained for the demographics they will be dealing with. Standardized training that ensures everyone is on the same page for certain operational aspects is good; however, employees should be specifically trained for the regions they will be serving.
Develop and offer career paths
It can be difficult to achieve upward mobility within a highly trained workforce. It can be helpful to have a path laid out, with checkpoints and goals that can be worked towards. This is not as a guarantee of promotion or retention, but a gesture of commitment from an employer to employees who want to work towards more responsibility.
The value of visible professional goals and development is much more valuable than small pay raises throughout a career. A path to professional success builds knowledge, loyalty and allegiance with the most desirable talent.
Move talent from training to mentoring
Once employees are trained and experienced, they become even more valuable to a training program. At this point, a mentoring program helps to create a well-cultivated workforce. Mentoring strengthens the sense of management's commitment by giving their talent special, individualized attention and skills development training. Mentors provide the final steps in an employee's development by giving them access to experts that have gone through the growth process themselves.
Develop or access a centralized knowledge base
The key to developing a lasting next-level training and professional development program is to centralize the knowledge employees need while making it accessible through multiple devices. Lessons should be clear and concise so employees can understand how to apply their knowledge with their customers. This makes learning fun and accessible.
Putting it all together
A bank that is committed to the growth of its talent, with a carefully designed digital training program that moves an employee from onboarding through professional development, is enhanced by portfolio linked lessons for each employee. As a result, the hours put into training an employee throughout their time with the bank are reduced. Training costs are lower and employees can contribute to greater revenue, faster.