Banks will spend a significant amount of their budget on business banking training programmes to develop the skills of employees across an entire hierarchy, in several key areas. Far too many of these companies, however, will waste their time, effort and money on a solution that does not yield a return on investment.
Much like the competitive and disruptive nature of the banking sector, workplace training has developed to a point where there are now innovative and proven methods that serve to improve operations at all stages.
Despite this, there is still a disparity between those in charge of the implementation of business banking training courses, and the methods that will make their business more competitive and future-proof.
With this in mind, we’ve outlined three reasons why business banking training programmes may be failing:
1. Using outdated workplace training methods
The traditional image associated with the phrase ‘workplace training’ involves a group session where all employees sit around and listen to a guest speaker, or, watch a video related to the work they carry out. From this, employees will be expected to learn and take on information in a specific way. With so many new and improved methods now widely available, it is simply naive to carry on working with these methods.
Particularly in the banking sector, which is continually dominated by technology and innovation, taking the time to research and implement training methods that are proven to be successful can drastically improve operations.
Especially when you consider that in the next two to three years, machines will be capable of performing approximately 30% of the work currently done at banks, technology needs to be considered.
2. Trying to adopt a ‘one size fits all’ approach
We have previously explored the importance of adopting a blended approach to business banking training instead of trying to develop the skills of an entire workforce at once. Especially for large corporations with a broad and diverse range of employees, a one size fits all approach will not work.
Research has shown that employees learn in different ways and develop their skills related to their own backgrounds and experiences. While one employee will prefer to engage in a group discussion or seminar, another will prefer to access an e-learning platform and work through it in their own time.
Here at MDA Training, our experiential learning solutions for the banking sector are delivered through several mediums which serve to improve learning retention. For more information, please click here.
3. Failing to understand what your employees want to learn
Leaders in the banking sector will always have an idea of what they want their training programmes to be focused on. Whether it’s compliance, client centricity, general operations or anything else related to the business, there will be areas for improvement.
While it is useful to prepare what business banking training programmes will entail, it may not be at all related to the areas in which employees feel they need to develop. Failure to communicate with the workforce in regards to training can lead to disengaged employees who do not improve their skills. This is highlighted by the fact that 40% of employees who receive inadequate workplace training leave their positions in the first year.
There needs to be a dedicated investment of time, money and resources in order to implement a business banking training programme that makes a positive difference across an entire organisation. This investment needs to come from those at the very top in order to motivate and engage employees at all levels.
Embracing the digital age and new methods of learning, tailoring training to the needs of individuals and actively communicating with those who are going to partake in training programmes will help to ensure that a significant return on investment is secured.