Anyone who has worked in, with, for or alongside a financial institution will agree that keeping employees motivated is one of the biggest challenges. But what does that really mean? Motivation means different things to different people at different stages. For example, some individuals may be more inclined to stay loyal to a company by being loyal customers rather than increase their loyalty by showing support and spending their time there. The more you can understand the various types of motivation, the better your learning and development strategy will become. Here are some top practices for learning and development in financial services.
Find the right people to train
If you’re looking to improve the skills of your employees, you’ll need to find the right people to train first. A training department that is populated by 20% trainees and 80% experienced staff will struggle to succeed. In order to achieve the right ratio, you’ll need to consider hiring trainees who have the skills you need and can be trained further. Where possible, look to hire people with the right skills and train them up. This will allow you to focus on the more important task of filling the role with the right person in the first place. If you don’t have the staff, it’s a good idea to look to hire people with the right skills. Keep in mind that you may have to train them up too.
Build a culture of learning and development in financial services
Every company has its own culture and the same is true for learning and development in financial services. If you want to make learning and development in financial services a priority for your employees, you’ll need to create a culture that supports this. A good place to start is by making sure that learning and development is built into every level of your organisation. Find a way to include learning and development in the hiring process. Let managers know they can encourage their team members to learn and development. And, above all, make sure that learning and development is recognized as an important part of the company culture. This will send a clear message to employees that it’s important to keep learning and developing as part of their job. You can also encourage other employees to learn by setting an example. As a leader, you can show others how to better themselves and their team members. This will have a massive impact on culture and can have a lasting impact on your organization.
Offer flexible work options for staff members
Learning and development is an important part of your job, and it’s understandable that you don’t want to schedule it around the hours of 9am to 5pm every day. Many employees want to be able to customize their working hours, which can be especially beneficial if you have caring responsibilities or a family to look after. You can facilitate this by offering flexible work options. This doesn’t necessarily mean giving employees the right to work longer hours or on their own terms. Instead, focus on giving employees the option to work the hours that are best for them. This could mean working from home some days or taking time out of their regular day to attend a course or training session.
Build a strong network of partners for learning and development
As a financial institution, it makes sense to build a strong network of partners for learning and development. These partners could be external organizations, universities, or industry experts. You could also build a strong network of internal employees. There are a number of ways you can use these partnerships to create a more effective learning and development strategy. For example, you could encourage employees to sign up to study or improve their skills through part-time work experience. You could also offer employee mentoring options or training sessions that are led by external experts. Each of these partnerships has the potential to help employees learn and develop. They could also give you new talent that you might want to hire.
Learning and development is a critical part of any job, but it doesn’t have to be an all-consuming task. With the right strategies in place, it can be a regular part of your job. And when it comes to learning and development, financial institutions are in a unique position. It’s common for banks and other financial services organizations to have a high demand for skills that are relevant to their roles. Learning and development is a great way to keep those employees motivated and happy. It can also be a great way for financial institutions to attract new talent. With the right strategies, learning and development can be a key component of anyone’s job.