Increase Wallet Share with Credit Union Employee Training

Having an advantage over your competitors often depends on the quality and skills of your employees. Having well-trained, productive employees helps ensure you can meet your business goals, including that of wallet share growth. Just because your credit union employees may have selected the financial industry as their place of work, it doesn’t mean they are financially savvy or even financially literate. However, because they work in a financial services area, they should be – and one way to increase financial literacy is to provide them with financial education. Here are things to consider and steps in setting up a training program:

Set Training Goals and Objectives
Once your training needs are determined and prioritized, it's important to set achievable, clearly-defined and measurable goals and objectives. What are the financial “terms” important for employees to be fluent in when dealing with members? Perhaps employees need a tutorial in interest rates, amortization of loans or how a credit union operates.

Analyze Training Options
There are many training options available to fit all kinds of training needs. When evaluating, consider what is most appropriate and cost-effective for your situation. Your decisions should include: the format, classroom vs. Internet or other technology; the source of materials, company created or vendor package; and trainers, in-house or external.

Some credit unions have established successful financial training options. MeriTrust Credit Union in Wichita, KS, has offered a 12-week program for the past three years to help employees better understand money. Topics include how to develop a structured budget, how to pay off debt, how to invest in stocks and bonds and how to shop for real estate and mortgages. Alliant Credit Union in Chicago, IL, holds a monthly series of “Product Knowledge College” classes assisting employees – at all levels – to get up to speed on topics such as student loans, investment and retirement planning and loan protection plans.

Design and Develop
If you’re credit union is going to create your own training materials, start by assembling a design team of employees including key managers with knowledge of the particular training need, technology experts and marketing personnel. Make sure you keep your training goals in mind when designing these materials.

Materials should include a training outline, trainer’s guide, student materials, visual aids and media resources. List equipment needed to deliver the training. Test the initial draft on a small group of employees and then revise them if necessary. Some fun ideas include playing financial “Jeopardy” or simple match games for matching financial terms.

Evaluate Training and Trainers
Your credit union must accurately analyze and measure the results of its training programs to determine if its goals are being met. Analysis tools could include participant feedback (usually in the form of participant questionnaires). Consider following up periodically with employees to determine training effectiveness.

Training materials and procedures should be revised as needed to incorporate items discovered during training evaluation. As new products or financial tools are introduced, “mini” training sessions should occur to ensure financial literacy among your credit union employees.

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