We all know that attracting new talent post-pandemic has become difficult, and the organizational structures of many banks have been disrupted.

According to McKinsey, redeploying talent is up to 20% more effective and cost-effective than hiring and firing employees. However, to do so successfully, rethinking training becomes necessary to enable an effortless transition to new roles and responsibilities.

With turnover of non-officers around 20% — lower than pre-pandemic levels, yet still high — and officer turnover inching upwards, companies must adapt the training they offer to adjust to the changing needs and trends of the industry.

Let’s explore four solutions to consider:

1. Improve the Onboarding Process
   Onboarding begins before the first day. Maintaining constant communication with a new employee is critical. Inform them of what to expect next, how to complete all the necessary paperwork and get them excited about their responsibilities.
   
   Our training partner, OnCourse Learning, offers several On Demand webinars on this topic, such as: “5 Common Mistakes in Onboarding” and “Onboarding Your New Hire: Experience or Afterthought?”
   
   
2. Foster Loyalty Through Professional Growth
   Thanks to the automation of roles, structural changes and the loss of talent, the banking sector is challenged on an almost daily basis. This is why it is important to earn the loyalty of employees through opportunities for growth and development.ABA, OnCourse Learning and SBS Cybersecurity offer training and certification programs for every role in your institution, from legal counselor to mortgage lender, credit analyst to IT professional. You can find the perfect course on the UBA website at www.utah.bank/education.
   
   
3. Invest in Reskilling and Upskilling Strategies for the Future
   It is necessary to offer employees reskilling and upskilling programs that prepare them to take on the new challenges demanded by the banking sector. This will help employees remain relevant and reduce the costs involved in hiring new talent. It is important to keep in mind that this doesn’t only include technological training but training in soft skills such as leadership, resilience and empathy, which help to prepare employees to manage changes and face uncertainty.
   
   UBA offers the following development and leadership programs that help employees grow their skillset:

• • Management Development Program: A preparatory program for bank managers wishing to advance their careers. This is a class designed for those who aspire to broaden their understanding of the key success elements required to manage a successful banking organization.
  • 
    Executive Development Program: A comprehensive yearlong course designed to cultivate the next generation of banking leaders. It is an ideal opportunity for aspiring executives to step up their careers and for institutions to invest in the strong bank leaders of tomorrow.
    
    

    Credit Analyst Development Program: Comprehensive program designed to further develop basic analytical and specialized skills necessary to effectively support the commercial or business lending functions in the bank. Includes sessions on the role of the credit analyst, specific types of lending activity and loan structures, and documentation and compliance requirements.

    Commercial Lending Development Program: Emphasizes the entire commercial loan life cycle and provides participants with current lending approaches, as well as an updated focus on key analytics and regulatory issues. Students will improve their credit and marketing skills, learning best practices firsthand from industry executives and participating in case studies.

4. Promote Variable Training Formats
   Continuous training has become not only an advantage but a necessity. To offer the most current content that adapts to the developments of the industry, online training is a great solution, and all our training partners offer online training that provides up-to-date information on trends, methods and compliance.
   
   

   However, there are benefits to in-person training as well. Participants often get better learning outcomes, can request clarifications in real time and receive hands-on help from instructors or other participants. Additionally, it allows better opportunities for students to network and build a professional group of colleagues from whom to solicit feedback, advice and knowledge.

If you need help building a more successful training program, finding targeted training programs or learning how to calculate learning and development ROI, let us know. We can help! Email Beth at beth@utah.bank.