What is Training & Development?
Training and development refers to educational activities within a company created to enhance the knowledge and skills of employees while providing information and instruction on how to better perform specific tasks.
Training is a short-term reactive process meant for operatives and process while development is designed continuous pro-active process meant for executives. In training employees' aim is to develop additional skills and in development, it is to develop a total personality.
In training, the initiative is taken by the management with the objective of meeting the present need o fan employee. In development, initiative is taken by the individual with the objective to meet the future need o fan employee.
What is the purpose of training and development in organizations?
The reason why training is absolutely essential for any business is -
Lowers Attrition
Training is one of the best ways to value your employees. It shows them that you are as invested in their well being and growth as they are in the your growth as a company. Employees who are looked after will never want to look elsewhere.
Prepares for upcoming challenges
Training can be a pre-emptive step to train employees for expected/unexpected changes in the industry. In times like ours when trends change constantly under the influence of online evolution, keeping our teams prepared just makes good sense.
Fosters Leadership
There is no better way to create future leaders than to train the best bunch. This will also lead to a clear career path for employees preventing attrition and dissatisfaction.
Growth of the company
Any company dedicated to training its workforce will only prosper and move forward. The employees are a major part of a company's assets and taking care of them will mean taking care of the organisation.
What is the best practice for training and development of employees?
Some of the best practices for training and development of employees are -
- Align training with management’s operating goals - Management always has operating goals like better performance, productivity, quality, or customer satisfaction, to name a few. Once you know the goals, you can design targeted programs.
- Survey your employees first - The best source of information about organisational performance and needs are the current employees. They know a lot about what’s going on and what, if anything, should be changed.
- Consider different learning styles and methods - While creating learning content and courses for your L&D staff, keep in mind that they’ll each have different learning styles and methods too, the same way the rest of the employees do. Make sure you have learning materials available for each type of learning style.
Main Objectives of Training and Development
- Increased Productivity
- Quality Improvement
- Learning time Reduction
- Safety First
- Labour Turnover Reduction
- Keeping yourself Updated with Technology
- Effective Management
Main objective is to build up a talented, skilled and willing workforce in the organization. The other aspects can be mainly categorized as Individual, Organizational, Functional, and Societal.
- Individual Objectives – achieving personal goals, which will in return enhances the individual contribution towards achieving organizational goals.
- Organizational Objectives – assist the organization to achieve their primary objective by bringing individual effectiveness.
- Functional Objectives – maintain the department’s contribution at a level suitable to the organization’s expectation.
- Societal Objectives – ensure that the organization functions in an ethical and responsible manner.
In order to achieve these objectives, proper learning styles needs to be adopted by the employees in organizations. According to Honey and Mumford, 1989 there are four basic learning styles.
Digitalization Aspects of ‘Training and Development’ in Banking Sector
This is the phase where I am going to address this HRM issue further using the theoretical support. As this is the 21st century banking, Training and Development process in the banking industry needs to be amended to face the challenges arising through digitalization.
Systems have been upgraded from manual data entry systems to electronic data bases and bank’s infrastructure has been changed accordingly. Further lots of software systems and processors have been developed to provide a speedy customer service. Each and every bank is spending so much of money for these outsourced facilities such as software, servers and databases. As most of the functions within the bank are now based on technological interventions it is prominent to train employees to face this challenge. If the employees are unable to grab the required skills they will be outcast and will struggle while working. This will directly affect the bank in achieving the organizational goals.
If I talk about the basic banking functions, manual cash counting teller has now facilitated with cash counting machine, long waiting queues has been replaced with issuing ATM cards. Customer who visits the branch regularly now uses online banking. People prefer automated systems rather than visiting the branch.
So the problem is this,
Will Human Resource (Employees) be able to survive in this challenging, digitized market? How??
Yes, it can be done with the assistance of proper Training and Development projects. Firstly, the current human engaged activities of the branches should be performed properly with the talent and the skills of the employees. Employees need to be utilized for the purpose of providing financial advisory services and offering convenience to identify new business opportunities. Further employees can be used to provide digital assistance. In the near future no transaction will require a branch visit, but still people require digital assistance from the banking staff. So, technologically advanced, well trained employees will be able survive though the branch transformation takes place all around the world.
References
Training and development. Human Resource[Online]. Available
at https://www.whatishumanresource.com/training-and-development .Accessed on 24th December 2021.
Richard Daniels(July 12,2017) 7 Objectives of Training & Development in HRM.HRM & Training Development[Online].Available at https://www.businessstudynotes.com/hrm/training-development/objectives-training-development/ . Accessed on 24th December 2021
It is clear that training is essential in the banking industry. However with the current situation of the world with pandemic, we can see that new employees are deployed to work in Branches with out any training due to lack of trainers or human resources or technology. How will this affect to the organization and what do you suggest to overcome such incidents?
ReplyDeleteNipuna it's really hard time to manage employees training in this pandemic situation.
DeleteOrganizations faced many operation failures,Minimize annual targets,Customer complaints & employee turnover with over stress.
My opinion is to make online trainings during office hours.Then employee can participate easily with their office environment.
On Site training.. Yes It is quite practical. However I guess, before deployment employees must be given a proper idea how it works
DeleteHR & IT departments can coordinate On site training for employees according to the subject. Within the working hour of employee ,they can attend to a training & get the knowledge as well other benefits.
DeleteDigitization is the new trend of banking which is the conversion of data into a digital format with the adoption of technology. By embracing digitalization, banks can provide a significant customer service. Its convenience to customers and helps in saving time which reduces human error and thus builds customer loyalty. According to my view having new contact channels with customers, improving efficiency and productivity, encouraging innovation, improve working conditions, making communication and team work easier are the advantages of digitalization.
ReplyDeleteI totally agree with you Malaka.
DeleteVery interesting article. As you said, in order to compete with the global market our local banking staff must be trained on trending technologies as well as they should be given the high tech tools, systems, devices, etc to use at work. Also, going through a global pandemic like this digitization is very important as it would somewhat help to flatten the curve and convenient for public who extremely busy with their day today work. Other than that it will reduce the head count in the banking industry which saves both time & money.
ReplyDeleteThank you Chanika.In future we cannot breathe without digitalization.
DeleteThis is a trendy topic in the Banking sector Chathurika.
ReplyDeleteThe recent pandemic made it extremely difficult for most organizations to conduct their regular training programs. They've come up with a solution in the form of an online platform for running programs. However, it has now developed into yet another issue for HR professionals.
Some of them are.
- Negative Views of the Public
- Time Management Problems Limit Online Peer Interaction.
- Motivation is lacking due to the lack of consistent Internet access translation into the real world.
- Personalization is lacking.
What banking-related solutions can you come up with to address these issues?
Well Uditha ,as earlier I mentioned employees to be participated for trainings during their working hour & same work place can maximize the personalization & time management for limit online Per interaction.
DeleteNot only that rewarding a certificate & a out of pocket allowance for online trainings can attract employees.It makes the positive view of the public.
As the distributions of banks is high and due to less staff and transport difficulties the bank staff cannot be gathered at one place and also that was more difficult in the pandemic situation like Covid -19. But training and development which is an essential part of reducing gap between the expected and actual performance of employees could not be stopped in order to get an increased productivity. So Learning management systems (LMS) is a core element which plays a more important role in digitalized employee training.
ReplyDeleteThat is true Piyumi.We have step up with current pandemic issue.Therefore we have to innovate new events to handle these difficulties.LMS is good platform .
DeleteIn my view, Workplace training is vital for employees in all businesses, but it is especially advantageous in the banking sector.
ReplyDeleteBanks all over the world are aware that their industry has undergone significant changes in recent years, and this trend is unlikely to slow down anytime soon. So, why is it necessary to provide training in the banking industry?
Such training help to keep staff updated with the latest systems, enhance the performance, Retain staff and also attract new talent.
I totally agree with you Romesh.
DeleteCompanies dealing with targets & employees dealing with benefits.We have to take these two into one stage.Therefore skilleddfull employees are needed to attain huge profit to companies. So training is a must for employees.