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.
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.continue reading »