For the last few years, we’ve struggled with a difficult labor market. Between COVID, and the difficulty in hiring and staffing, most institutions have had to “alter their environment” including changing branch hours, pay practices, and HR policies.
Analysis of the trends and economic conditions is showing our tight labor market is likely to get even tighter. This includes the type of people we hire for retail, commercial, back office, and contact center. We are being squeezed between lack of applicants and management’s need to get staff in the field, and quickly! The solution to the labor squeeze is right in front of us….Preparedness Training. Create the depth in your own staff, rather than being dependent on these impossible to predict variables.
Typically, training is considered on a step-by-step basis. For example, most financial institutions train platform staff just before and often AFTER they promote a person to the position. This is true in nearly every position. A better solution is Preparedness Training…an ongoing, structured training that prepares for advancement. Properly created, training time is actually reduced, learning time is more effective, and staff availability improves.
As an example, let’s look at a typical retail environment – a new hire for a teller position. There are several different ways to train tellers, such as TellerSolutionOnline®. But once out of official training, formal learning ceases other than the annual regulatory requirements or special needs. If, however, Preparedness Training is created to incrementally train on the sales system and account opening and done in ways that do not interfere with daily routine, the teller not only builds new skills but often improves in their current job!
In a tight labor market, Preparedness Training develops “bench strength” within your own institution. They are ready to step into the new job. Your labor pool is not outside; it’s inside! This is particularly true as you cascade up the financial institution ladder.
Platform staff, underwriters, analysts, and specialists of every type can be trained into the position from within. It’s an investment, but not as much of a cost of replacing turnover from the outside. In addition, the abbreviated time of filling the position has not only generated real savings but it also increases customer satisfaction and performance.
Another added benefit of Preparedness Training is that individuals feel better about their position. When they are expanding, they are growing and given the opportunity to alter their career path. They enter their new job understanding the culture and they bring new energy. A recent example of this appears in ads that Amazon is currently running. People are talking about how much training Amazon offers and the benefits to them personally.
Further, if your institution is expanding its virtual workspace, the concept of preparing people for growth is even greater. The virtual employee doesn’t evaluate their location as a measure of job satisfaction. They can migrate to new employment easily. However, if they are engaged in Preparedness Training, they are more likely to stay because they recognize their growth opportunities.
Evaluate your own institution. Do you think people value their training and opportunity for growth? If the labor market is changing, you should consider changing too – and TRC Interactive is here to help.