Credit Unions Don't Take Training for Granted
NEW YORK - Credit unions may be missing out on job satisfaction opportunities if they discount their training departments. An Accenture High-Performance Workforce Study 2002/2003 reveals a positive correlation between increased spending on training and satisfaction with training programs. Some 22% of respondents that increased training budgets said they were very satisfied with their training efforts versus 13% of companies that did not increase training budgets. According to the study few respondents are actually measuring the effects of their training efforts against key business results. For example, despite acknowledging that people are critical to corporate success, 57% of respondents rarely or never measure the impact of training on employee turnover. The study states, "Companies without the ability to understand precisely how human resources and training can foster greater innovation throughout their organizations are extremely vulnerable to being surpassed by competition that can." Some suggestions to develop and maintain a high-performing workforce include the following: 1.
Demonstrate how training supports strategy. "Develop a better understanding of how HR and training practices and investments can enable and drive workforce performance, and how this performance aligns with business goals and objectives." 2.
Put technology to work. "E-learning has evolved to deliver more benefits-learning effectiveness rather than just cost savings. 3.
Measure. "Measure the return on such investments, in both non-financial and financial terms." This "not only reveals which investments work and to what degree, but it also can help justify future investments." 4.
Improve training programs.