Journal of Financial Planning: January 2015
Employees leave for other opportunities when they are no longer learning and developing.
If their employers did offer a development program, it likely didn’t live up to expectations, or it wasn’t properly structured.
I’ve interviewed thousands of people who’ve left employers because their duties and opportunities for learning weren’t what they were promised. Employers may have wanted to provide training and development, but couldn’t successfully structure a program.
The following information will help you properly plan a training and development program to help employees soar. Whether you’re a solo practitioner bringing on a new hire, working in human resources at a larger firm, or have limited resources, this article will guide you.
Required Knowledge and Goals
There is a defined minimum amount of knowledge and skills employees should possess before starting a training and development program.
The minimum amount of knowledge is based on who the program is for—new hires or current employees. Training programs for new employees should require the skills outlined in the job description and standards. Programs for existing employees should list what knowledge is required to be considered for the training and development program.
Both programs should include “intermediate stops” or objectives. These objectives are at points where the employee can say that he or she knows what to do and the trainer agrees with the employee. Plans should have structured sections that build on each other in a logical manner.
For example, in a new employee training program, start with the basics: learning company policies and benefits; how to open the office if you are the first one in; about equipment, computers, online resources and programs; other outside departments; resources to help you answer questions; daily client service information; and what programs and work go into client acquisition, financial planning, ongoing service, etc.
But an existing employee, say a paraplanner training to be a financial planner who will prospect and acquire new business, must learn the process of talking with prospects: where and how to find them, what to say, how to build rapport, how to probe and understand prospects’ real needs and goals, and how to determine whether the firm could help and have a working relationship with the prospect.
Training and development program materials should include resources, reference materials, programs, and contacts of people willing to help trainees learn. Before training commences, employers should have materials available and trainers committed to work with the employees. The employer should evaluate trainers and information to create a positive learning experience by surveying participants after program completion and evaluating the results.
During training or development, employees should update the firm’s manuals and policies if and when outdated information is discovered. Employers should recognize trainees who take the time to do so.
Successful Program Components
1. Consider everybody’s work style. Every person has their own work and communication styles. When those styles are similar to the trainer’s, everything moves along effectively. But that isn’t always the case. Trainers will encounter employees with different working styles.
Here’s a real-life scenario: a client service manager is training a new client service representative. Instead of building from previous training, the manager handles incoming calls as they come in, instructing the new employee how to do the same. That’s fine if the new employee is someone who can jump around from task to task, but this particular employee was looking for the next logical step to completely understand the process. The manager was training according to her work style, not the trainee’s.
Identify work styles of both trainees and trainers through one of the many tools available.
Assessments: The Kolbe™ A Index (www.kolbe.com or www.warewithal.com) is one assessment used to identify a person’s most natural work style. Other assessments, such as DiSC, Strenthsfinder, or ProfileXT, are used for understanding work styles, personalities, and othe factors. Trainers and trainees should each take an assessment to identify their individual work style to most effectively structure the program.
Observation and questions: Ask questions to understand the employee’s past training: how were previous programs constructed? What materials were used? In which order were things covered? How in-depth was the training? How much employee participation was required? What would the employee have done differently if he or she were the trainer?
Observe how an employee works on tasks and communicates with you, but be cognizant that the employee may be required to work outside his or her natural style.
2. Clearly communicate expectations. In the job description or program description include a list of expectations—both of the trainer and trainee. Trainers establish times to meet and discuss progress; and trainees update trainers on their training programs. Where applicable, the program should list deadlines to complete portions of the program and give instruction to track and report results.
3. Motivate from within. Motivation has to come from within for success. Trainers can fuel the trainee’s motivation by recognizing and rewarding success.
Trainers should prepare before meetings with trainees to talk about any changes. Some questions trainers should be asking themselves when preparing are: what’s the purpose of this conversation? What results do I want to see? Based on the employee’s personality, how should I phrase my questions to get the information I need? What’s in it for the employee? Why should he or she want to do what I am asking? If I were this person, what would I want or need to get me moving? How can I enhance or change the program, materials, and conditions to improve employee motivation?
As the trainer, whether you’re the business owner or manager, you don’t have to always agree with an employee and you should be prepared to discuss why not. Never assume the trainee will understand the reasons you say “no.”
4. Establish consistent progress check-ins. Verify that everyone is on track and meeting expectations at scheduled, consistent meetings. Only certain events or situations should cause the meeting to be rescheduled or cancelled. This should be established right away and agreed upon by both the manager and employee. Inconsistency in meetings sometimes causes both the employer and employee to lose respect for one other.
All parties must always come prepared to these meetings. Meetings can vary in length, but ensure a minimum amount of time is set aside.
5. Ask questions. To best communicate with trainees, trainers need to ask questions. Questions can be phrased many different ways. Using the wrong phrasing can produce poor results. You must know the personality and behavior of the person being trained and understand how to ask questions to engage him or her in a positive conversation.
Asking someone who thinks they are always right a question about why they did something can be pointless. The person may react by defending what they did instead of looking at your observations of how to do it better. You could get more information by saying, “How can we do something differently or better to get this result?”
As the trainer, be prepared with detailed information, not to get into a head-to-head argument, but to adequately explain your position.
Asking a goal- and action-oriented person questions like, “How do you feel about the results?” may create a negative impression of your skills. Many times, action-oriented people just want facts and instructions.
Avoid “bad questions”—manipulative questions that force people to agree or get them to do something you want without directly asking them; obvious; accusatory “why” questions; or questions in response questions.
Limited Resources? No Problem
What if you don’t have enough people on staff who can train others, or enough materials and resources? Consider courses, seminars, or conferences inside or outside your broker-dealer, firm, or region. Outside resources could be college courses, sales success programs, or conferences that will help you learn and master certain skills. Expect to pay a fee, but some are quite reasonable.
Research if vendors, such as wholesalers, can provide materials and resources. Or, look to another colleague’s firm for a person who could possibly train your staff and decide how to compensate your colleague for this service. Also, look to professional organizations, such as the Financial Planning Association, to see what trainings or meetings are available.
This article is for informative purposes only and is not to be construed as legal advice. Consult experts, such as human resource consultants and attorneys to be aware of local, state, and federal regulations and exceptions.
Mary Dunlap, CFP®, heads Mary Dunlap Consulting (www.marydunlapconsulting.com) which helps financial planning firms attract, develop, and retain the best people for their teams. Email author HERE.
Sidebar:
Tips for Building a Successful Training and Development Program
Follow these tips to create a successful program:
- Define goals and objectives
- Plan schedules
- Determine policies for continuing education, i.e. what your company is willing to pay for
- Train trainers—get commitment from people with the skills and knowledge to train employees
- Help employees motivate themselves to learn
- Set up regular check-ins
- Recognize and appreciate goal achievement