As the pandemic moves further away in the rearview mirror, financial institutions are juggling a myriad of priorities and concerns, such as consumer satisfaction, consumer retention, revenue generation, and loan volume. The pandemic also shifted priorities for employees and now more than ever employee turnover is a consideration for financial institution employers. Employee turnover can be costly, so investing in existing and future employees can be a strategic move to foster a culture that aligns with your business needs.
Employers are navigating what work looks like for their unique business needs and how to keep staff of all levels connected and productive. One form of investing in employees centers around providing education. Learning is the foundation of overall performance and there is a strong connection between what employees know and what they do.
Benefits of investing in employee education:
- Deeper consumer relationships and retention
- Increased sales of products and services
- Enhanced culture of excellence driven by a learning mindset
Here are 4 ways to build a culture of learning:
- Excite employees
Foster excitement around working for your financial institution and wanting to come to work each day – no matter if the work is being done in person or remote. Excitement can take place regardless of location. An excitement to learn new skills is foundational for knowledge to stick. - Educate employees
Offer employee education through blended learning. Blended learning uses multiple styles of teaching so different learners can receive education in a way that is most beneficial to their style. Many studies suggest that blended learning aids in increased performance. Blended learning models educate employees beyond the basics of their job function and can teach intangible skills, such as, the value a product can bring to a consumer’s specific situation and how to address emotionally charged borrower concerns. - Equip employees
With training and coaching programs your employees are equipped with tools for success and career growth. Coaching and mentoring provides opportunities for constructive feedback as well as areas for improvement. Helping employees know how they can grow within your organization will aid in retention, and what metrics need to be met in order to attain a promotion or new role. - Engage employees
Create and maintain employee engagement with on-the-clock training opportunities for employees to show mastery in job function skills, as well as after hour opportunities to take their soft skills to the next level. After all, engaged employees are retained employees.
Engaging employees with your brand, mission, values, products, and services creates a culture of learning that can translate to tangible results like consumer retention, increase sales, and strong referrals.
A Culture of Learning
Fostering a mindset of learning will impact work in all areas of the business, regardless of title or role.
Employees that are excited to work for your institution and feel educated and equipped will be more engaged with your financial institution’s values and strategies.
At Allied Solutions, establishing a culture of learning is one of the four core values of our Accelerate program. Learning builds on the attributes of measuring performance, motivating by incentivizing desired behaviors, and coaching for growth. A learning culture drives employee happiness, loyalty, and success as well as increases consumer satisfaction, retention, and sales.