Training is an essential part of a job process. Without adequate and timely training, the workforce of an institution would be rendered useless and the ultimate effect will be on the firm. Training of employees takes place after orientation takes place. Training is the process of enhancing the skills, capabilities and knowledge of employees for doing a particular job. Training process moulds the thinking of employees and leads to quality performance of employees. It is continuous and never ending in nature (Juneja, 2019).
Employee training is an important factor in each and every industry, as it helps the workers to stay aligned with the organizational goals. It also serves as an extra layer of security for the financial sector, which has suffered from a major budget reduction within most companies due to the economic recession. Furthermore, having a document proof for employee training certification is required in any regulated industry. However, employee training in the banking industry features some unique elements which make it stand out from the crowd (Silberman, 2013).
First of all, most banks offers a full program of training and development, which is addressed to those who want to specialize in banking, both graduates and people with practical work experience. This is the main gateway to a job in a bank, but it is also required for the workers to stay in line with the latest industry standards. Employee training in the banking industry offers participants a unique opportunity to bank and realize which the skills and personal qualities of a successful candidate are. Banks also offer consistent training methods which helps them in providing exceptional quality services for their customers (Silberman, 2013).
Training is given on four basic grounds:
- New candidates who join an organization are given training. This training familiarizes them with the organizational mission, vision, rules and regulations and the working conditions.
- The existing employees are trained to refresh and enhance their knowledge.
- If any update and amendments take place in technology, training is given to cope up with those changes. For instance, purchasing new equipment, changes in technique of production, computer implanting. The employees are trained about use of new equipments and work methods.
- When promotion and career growth becomes important. Training is given so that employees are prepared to share the responsibilities of the higher level job (Juneja, 2019).
Another vital reason why banks should train their employees is to end the unending incidences of insurgency and theft on the banking industry. Bank authorities need to be proactive about ending this menace instead of putting their outfits and workers in an inexpressible danger.
In general, there are two ways in which training takes place:
On the job training- On the job training methods are those which are given to the employees within the everyday working of a concern. It is a simple and cost-effective training method. The in-proficient as well as semi- proficient employees can be well trained by using such training method. The employees are trained in actual working scenario. The motto of such training is “learning by doing.” Instances of such on-job training methods are job-rotation, coaching, temporary promotions, etc.
Off the job training- Off the job training methods are those in which training is provided away from the actual working condition. It is generally used in case of new employees or when the skills aimed to be imparted are special. Instances of off the job training methods are workshops, seminars, conferences, etc. Such method is costly and is effective if and only if large number of employees have to be trained within a short time period. Off the job training is also called as vestibule training, i.e., the employees are trained in a separate area (may be a hall, entrance, reception area, etc. known as a vestibule) where the actual working conditions are duplicated (Juneja, 2019). This is the kind of training offered by LPS Training Services.
There are many advantages of arming bank employees with the right set of knowledge per time. Let’s analyze some of them to wrap up this piece:
Sales training increases revenue. While most financial institutions around the world provide their staff training in banking operations, compliance, regulatory systems and processes, and even product-specific training, what sets a high-performing bank aside from its competitors is when it recognizes the need to provide professional sales skills training to its customer-facing and frontline people. This boosts staff confidence, adopting a well-organized sales process that leads to a higher-quality customer acquisition model, and thereby increasing the bank value.
As a banker in today’s world, you should improve your sales skills, build your network, be able to overcome rejections and convert them into opportunities, adapt to a customer’s needs, and also prioritize your leads – thus increasing sales revenue. This training should be a continuous process where you are able to apply that learning in your day-to-day job, and test your skills by interacting and participating in real-life scenarios. Beyond learning sales skills, you must make an effort to retain and sustain these skills – thus, you should be able to discuss your understanding of conversations, and sales techniques with your manager, and set realistic goals for the overall development of your career as a successful banker (Omega Performance, 2019).
Training bolsters morale of the employees. Training helps the employee to get job security and job satisfaction. The more satisfied the employee is and the greater is his morale, the more he will contribute to organizational success and the lesser will be employee absenteeism and turnover (Juneja, 2019). If you want your employees to work at their best speed, give them the necessary training. More importantly, register them for the not-too-common ones and see how they will work after imbibing the skills.
It increases productivity. Training improves efficiency and productivity of employees. Well trained employees show both quantity and quality performance. There is less wastage of time, money and resources if employees are properly trained (Juneja, 2019). When workers are well trained, without supervision, they work tirelessly. They give their best to the organization and keep it moving even when every other factor is against it.
References
Juneja, P (2019). Training of Employees—Need and Importance of Training. Retrieved from https://www.managementstudyguide.com/training-of-employees.htm
Omega Performance (2019). Why Bankers Need Formal Sales Training To Increase Revenue. Retrieved from https://www.omega-performance.com/bankers-need-formal-sales-training-increase-revenue/
Silberman, J (2013). The Uniqueness of Employee Training in the Banking Industry. Retrieved from https://trainingstation.walkme.com/the-uniqueness-of-employee-training-in-the-banking-industry/