As you well know any organization is only as good as its people.
Making training work for companies has always been a critical issue and, as the merchant acquiring industry continues to evolve, it will become more important in the coming years.
At a conference to discuss the nation's job market, Labor Secretary Elaine Chao commented that, "Our country must understand the work force changes that are occurring at an accelerating pace. We need to focus on the skills gap within the work force; and the future of the workplace." Alan Greenspan, in concordance with Chao's remarks, said, "Learning will increasingly need to be a lifelong activity."
Smart companies understand the workplace and workforce are changing rapidly and that to keep pace; their employees must continually acquire new skills. Today's environment presents numerous challenges
including: new technology, enhanced cardholder data security requirements, more legal scrutiny and increased competition.
Providing and supporting continuing education for employees addresses these challenges squarely and clearly creates a more competent workforce, which in the long run, will generate more bottom line profits.
Chao also stressed “that initial and continuing education can provide a means of equipping workers with the tools they need to adapt to changing skill requirements, organizational change and increasing complexity in the external environment."
What events might trigger additional training and development for your organization?
- Employee's request
- Internal employee survey results
- Evaluation deficiencies
- Individual development plan
- Law and regulation changes
- Need to develop new leaders
- New hire (Staff or Sales)
- New product launch
- Adoption of new technology
- Reassignment to a new position
How Does Your Organization Value Training?
The definition of effective training can vary, from training that promotes growth and enthusiasm among employees, to a bottom-line approach with emphasis on whether the training makes employees more productive. There are many variables that affect training, one of the most important is the corporate attitude toward training and education.
A recent study explored the impact of organizational attitudes in regard to organization-sponsored workshops. Employees of two organizations attended identical workshops, conducted by the same instructors. Both groups of employees had similar demographic and educational characteristics. Students (63 from one organization and
138 from the other) responded to an evaluation questionnaire at the end of the workshop. Positive responses for the content of the course were significantly higher for one of the groups.
The difference was attributed to the organizational value systems or corporate cultures of the two organizations. One organization failed to communicate the high value it placed on the program to employees, and the workshop was not directly linked to the job rewards emphasized by management. The other organization had communicated the value of education as an end in itself, and its employees gave a higher rating to the content of the workshops. The study suggests that a major component of successful training depends on the organizational values that are transmitted to and internalized by employees and internalized prior to training.
What Benefits Can You Expect From Training?
If you place a high value on training, consistently communicate that value to your employees and provide quality training, you can expect multiple benefits, including:
- Employees are better prepared to help the organization achieve its goals
- Staff and salespeople are more productive
- Improved customer interaction and service
- Less employee supervision required
- A pool of employees are ready to replace others who leave
- Employee morale will be high
- Reduced employee turnover
- Your organization will be more successful at attracting and retaining employees
- Most importantly your company will make more money!
In today’s fast paced environment, employees are forced to juggle the responsibilities of home and a career, burnout and depression are becoming increasingly common. With constant daily challenges, it is safe to assume that want to work for caring employers who protect their interests as well as those of the company. Investing in training and continuing education is a way of showing how much the company values the contributions of its employees.
As the saying goes, knowledge is power. Here is the secret recipe for successful training: place a high value on training and development, commit to budgeting the necessary funds and deliver high quality training. And remember when it comes to supporting training within your organization, knowledge is not just power; it is also increases productivity, profit and employee loyalty.
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