Fall hiring season is under way, and you may be having trouble finding experienced (and affordable) applicants who have the banking and lending skills you need, and who can learn your organization’s unique processes quickly.
If you’re having difficulty finding the right people to hire, then consider using the talent available from recent college grads and others who may be less experienced in the industry who can grow and develop within your organization. By implementing a thorough training program, you can afford to hire less-experienced employees and mentor them as they build their careers.
Here are four ways your organization will benefit if you implement a top-notch training program and build your own talent:
1. It can be cheaper to train someone inexperienced than to hire someone more experienced.
Did you know that external hires made 18% more on average than internally promoted candidates in the same jobs, according to an article from Forbes? The cost of training your employees and moving them from the bottom up can be cheaper than hiring from the outside.
2. Employees promoted from within “know the ropes.”
According to that same article, external hires were 61% more likely to be fired than those promoted from within. Even when they have more education and experience, external hires don’t know the structures and routines specific to your organization. It takes time to build relationships and to know where things are kept, or whom to ask for information.
3. You know what you are getting.
If you train your employees and promote from within, then you know what they know, and you understand their strengths and weaknesses. This is especially true if you use an LMS-based training solution like ours, which offers real-time reporting that lets you know when your employees are struggling so you can step in and help them.
4. If you train them, you will retain them.
Employees who feel valued, are happy with a company, and know they have upward mobility are more likely to stick with a company. Invest in your employees and they will invest in you and your organization.
Learn how one of our clients, River Valley Community Bank, built its own talent using Omega Performance’s blended learning solutions, so that everyone at the bank could benefit and prosper.