Before the pandemic, many credit unions and community banks placed healthy value on employee training. During and after, however, we've seen huge room for improvement. Training for employees and managers is just as critical--if not more critical--to your bottom line as ever.
Employee training is just as critical--if not more critical--to your bottom line as ever.
The pandemic has turned the retail world as we know it (including credit unions and banks) on its head. Consumers that rely on financial institutions for stability are closely watching how you respond to the turmoil. Now is definitely not the time to cut the budget you assigned to training or even reallocate it for some future pie-in-the-sky date.
Who benefits from employee training?
Everyone. Your staff (of course), your members/customers, your board and your brand ALL benefit from employee training.
A recent Gallup poll indicates employee training is critical to several elements of business success such as recruitment and retention. A quality training program helps develop the culture and atmosphere your bank or credit union needs to attract top candidates for positions. The poll indicates 87% of Millennials say professional/career growth opportunities matter greatly to them and 59% say this is a compelling factor when applying for a job. Interestingly, only around 7% take a new position within the same company. An engaged training development program will help your bank or credit union keep its best employees and not lose them to your competitors.
How much does quality learning and development cost?
A better question is how much it costs to NOT do employee training. Investing in your staff ultimately makes financial sense in that it tends to cost more to replace staff than to keep them. When you keep quality employees longer by engaging them with training, you are also molding and investing in the future leaders of your bank or credit union.
Is employee training a waste of income-producing time?
The answer: no. Research indicates that on-the-job employee boredom creates adverse feelings of overall dissatisfaction. These feelings invariably spill over into your member/customer experience and leave consumers with a bad taste. A dynamic training program keeps employees engaged so they are more productive and the overall experience is better. Definitely NOT a waste of time.
No matter the size of your credit union or community bank, your employees are your greatest resource. How well (or poorly) they perform is a direct representation on your brand. Employee training, when done the right way, keeps your staff engaged, involved and evolving. The pandemic is no excuse to give up on any of these traits. Rather, it is incentive to devote additional time and resources to them.