“The only thing worse than training your employees and having them leave, is not training them and having them stay,” said Henry Ford, founder of the Ford Motor Company.
The financial landscape is shifting at a rapid rate, barely recognisable from half a decade to the next, so naturally, many banks are forced to update their systems to remain on top of the changing tides. Are your employees enabled to use these new systems optimally?
Often, we forget that the center of all businesses is commonly the employees themselves, those that run and understand the software and should therefore keep up-to-date with the changing technology. It’s time to invest in employee training.
The true value of training
The way to truly unlock the full potential of your systems is to ensure that your employees are trained to use them correctly, efficiently and productively. You wouldn’t build furniture without the instruction manual, so why leave your people without the depth of knowledge they need to successfully employ new and developing systems?
There are four key benefits of training, the first being the reduction of operational errors, saving time and money that these errors can often leach. When people know how to do things properly, things run a lot smoother and more efficiently.
Employee engagement is powerful. The Gallup Market Survey of 2019 states: “Highly engaged teams show 21 percent greater profitability.” By training effectively, you can promote employee engagement by ensuring that they feel confident and knowledgeable within their role by learning how to correctly and successfully utilise banking systems to the best of their ability.
Training employees also makes the onboarding process smoother. With a set training plan and process in place, your people know exactly what they must go through to become a fully-fledged member of the team, with all the knowledge they need to thrive in their new position. Furthermore, it’s not just new employees that can benefit from training programs; having a process in place can also make it easier for employees to seamlessly adapt to change, regardless of how new technologies transform the processes and systems that they’re used to.
Training, but effectively
The key word is effective. It’s one thing to put plans in place to train employees, but training is useless if it’s not effective. Effective training promotes efficiency, employee engagement and places organisations in a better space to realise return on investment.
What is effective training? One thing that people often forget is that people learn in different ways. The popular VARK model highlights that there are four key learning styles – Visual, Auditory, Read/Write and Kinesthetic. Effective training not only recognises that these exist, but is flexible to adapt, to cater to each team member, ensuring that they get the most out of their training and genuinely learn from it, and retaining the knowledge gained.
Beyond style, the content of training is at the core of the program. For this reason, it’s essential to provide information that is loaded with expert knowledge, that comes from people and sources that really know what they’re talking about. HR Zone highlighted that training “improves employee satisfaction and motivation, and consequently staff retention” when people know what they’re doing. It leaves them empowered and confident in their role, making them more inclined to stay in it.
So, why train employees?
Essentially, when it comes to introducing, upgrading or even just maintaining systems, it’s vital that your employees feel confident in their knowledge of the systems themselves and how to utilise them to the best of their ability. Even just knowing and understanding the functionalities that systems are capable of, can enhance the technology and allow it to reach its full potential. Training employees effectively accelerates agility, efficiency and productivity.
At Finastra, we believe in the power of effective training, which is why we created Fusion Knowledge Services - a set of training programs that underpin each Finastra solution. Find out more about Fusion Knowledge Services, our other services packages supporting our solutions or contact us to learn more.