Specialised training is used because of external regulatory changes that affect the way the company operates. An example is new accounting rules, or because of new rules for treating customer data. In such cases, the bank may hire consultants to provide classes to employees or send key employees to external courses that enables them to work as multipliers internally. (This is sometimes called train-the-trainer training.)
Another use any of specialised training is to send key employees to external courses at prestigious institutes and universities to learn about subjects that affect the bank’s current and future performance, with the goal that employees will return with new knowledge and work as multipliers and future leaders. Examples include strategic leadership and innovation in specific fields, seminars on the future of banking, and subject that can be relevant for the future and survival of the bank. This type of training is expensive as it deals with the latest theories, techniques and practices in the subject discussed.
Specialised training can be seminars or conferences where key employees from across the business gather to make presentations and exchange knowledge, issues and solutions. Again, only key and important employees are normally invited to attend.
The bank can never neglect the motivational factor that training can have on individuals, as this is a way – different from remuneration or promotion – of telling the employee that it cares and invests in their professional progress.
There are other ways to train bank employees, such as job rotation. In some positions job rotation is vital to avoid burn out. To preserve productivity, positions such as sales or roles with stressful routine tasks require job rotation from time to time.
Job rotation also serves to train employees to take on more responsibility, as they experience the daily routines of areas or departments that they will be in charge of or deal with soon.
Job rotation also gives employees the opportunity to change jobs within the bank in a planned manner, allowing it to evaluate such a move before it happens. This helps avoid making wrong decisions, as it is a temporary rotation, not a final job change. The bank can always return the employee to their previous role if they have not performed well during the rotation.
Training can be performed:
It is up to the manager and their HR department to decide which is the most effective method to use (and its cost).