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  • Post Graduate Program in Banking and Credit Underwriting
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Among the top factors considered while ranking a job or an organization, training and career development are the top two. Studies on employees across the globe have shown that at least 40 percent of newly hired employees stayed longer at a company due to the training courses and onboarding processes. Even the most successful businesses may not have the best employees if they do not train their new employees formally.

While some organizations believe that employees should be able to learn on-the-job, that is not entirely true because even though the employees do get to learn a lot after starting to work, the organization should also know how to train their newly joined employees effectively, helping in better retention rates. This is crucial because the lower retention rates mean higher costs of replacing employees.

More than 90% of employees stay back for at least a year if the organizations are able to provide an effective onboarding process. More than 60% can stick around for at least three years if the companies have well-structured training and onboarding programs.

What kind of training is recommended for new hires?

For happy and productive employees, the training managers should provide all the opportunities possible for the training and growth of the new hires. While many employers believe that training new employees is boring or unnecessary, but with the right training, suiting the employees’ needs, they can create a dynamic team of individuals who are best suited for their team and organization.

Some of the best ways to train employees include:

  • Instructor-led training
  • eLearning
  • Coaching
  • Lectures
  • Simulation
  • Hands-on training
  • Role-plays, case studies, and management-specific activities

Instructor-led training

Instructor-led training is a traditional method used for training employees or learners in a classroom, where a presenter presents the learning material. This method is useful for complex topics that require direct contact with the trainer to receive answers to the questions immediately, in detail and as per need. It is flexible. However, this training method is expensive and time-consuming.

eLearning

eLearning utilizes various audio-visual tools such as online videos, courses, and tests for employees. These are more portable than any other form of training because they can be taken over a smartphone or a laptop. The most interesting factor about eLearning is that a large or unlimited number of employees can be trained using eLearning even remotely. eLearning is also a highly-engaging method of training. However, a major drawback of eLearning is without a proper instructional design strategy, it could fail to convey the meaning of the content being delivered to the employees.

Coaching

Coaching focuses on the relationship between an employee and a peer who is more experienced or highly-skilled. It involves one-on-one mentoring which encourages asking questions that may not be easy to resolve in classroom training or instructor-led training. Coaching can be provided in person or online. However, coaching can be expensive because of the hours that go into it.

Lectures

Lectures are used when employers need to deliver large chunks of information to a large gathering of employees. It is a great resource for communicating messages quickly, but it cannot guarantee clarity. This type of training is outdated because it is ineffective in many cases where employees require two-way communication.

Simulation

The best part of simulation training is it is highly compatible and useful for the internet generation. It employs the usage of computer, augmented or virtual reality devices. Even though the development costs for simulations are high, they are an effective and necessary option for training employees who work in a risky or high-stake environment such as pilots, doctors or army, etc. They provide real-life based learning experience so the employees can implement knowledge immediately in a risk-free environment for practice and use the same on-the-job.

Hands-on Training

This training focuses on the individual needs of the employees. It is also known as on-the-job training and is extremely common in many workplaces. Hands-on training provides an opportunity to develop and experiment skills while working. It requires suitable resources to work best.

Role-plays, case studies, and management-specific activities

Roleplay involves activities for employees, where they consider different perspectives and learn quick decision-making skills. It is highly effective in some environments but may not be effective because it requires more time from employees.

Case studies provide a quick and easy way for employees to gain knowledge on common issues in the workplace. The employees can read at their own pace and also during team-building. Case studies are used for topics that need more focus but cannot be used for complex topics.

Management-specific activities rely on the needs of management. They focus on the best practices for managers. These are only an option when all the training needs of employees have been met before pushing them to learn about manager-related issues.

What are the best practices to improve employee training?

To allow the newly hired employees to adjust to the new environment while making the best of their time in the beginning, organizations must focus on improving training for employees without compromising on quality as well as not losing too much time or resources on the same.

Here are a few ways that work best:

Ensure that the training is targeted correctly

No two teams require the same training. The training should focus on the type of job that the employees are supposed to be doing and whether the content in the training is useful for them.

Training should be fun

Make the training process enjoyable, if possible more interactive. The lighter environment helps new employees to open up and communicate with other employees easily and learn more.

The training should be in effect immediately

The employees should be trained so effectively that they should be confident enough to start using the skills learned during the training immediately.

Train only when needed

Even though may be necessary for employees for a head start, it may not be needed at that particular moment. For instance, if an employee can be trained on a skill which is useful in the future, say after 6 months, it may not be needed in the very beginning.

Most successful organizations focus on the training and development of their employees. For the strategic implementation of the company’s policies and procedures, it needs to make sure that all its employees know and understand what to do when to do it, how to do it and why to do it.

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Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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