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Why Proper Training Makes All the Difference to Your Bottom Line

Why Proper Training Makes All the Difference to Your Bottom Line

By Jennifer Peoples, Implementation Manager

Each of us moved methodically from Kindergarten through 12th grade. We accelerated and braked through driver’s education. We spent hours studying for the SATs. It has been ingrained in us since an early age that the path to success and efficiency starts with proper training.

Well, here we all are in the professional world, and the training we once relied upon to get us from point A to point B sometimes feels like an afterthought. Yet, employee training greatly impacts an organization’s success when it comes to bringing new hires on board, going live with a new program, or entering a new market.

When it comes to your overdraft program, employee training is paramount. On top of that, I believe the single most important training focus is to teach employees how to speak to account holders about the overdraft program knowledgably and in a compliant manner. This preparedness can eliminate nearly all instances associated with employee misunderstanding, compliance issues and account holder confusion.

The Long-Lasting Effects of Poor Training

So what does not offering proper and effective employee training look like? In many cases, a downward spiral that’s impossible to halt.

Imagine an overdraft program launched without a suitable training program to back it up:

Employees misunderstand the program, giving account holders wrong information …
Compliance violations ensue …
Time and money are squandered addressing the violations …
Employees become confused and anxious, losing confidence in the company …
High turnover results …
Management wastes time and money hiring replacement employees …
Employees begin work without the proper training …

And so the cycle continues.                          

But wait! As this is happening, the situation spirals out of control with account holders, as well:

Employees provide account holders with incorrect information …
Account holders misunderstand the program and are surprised when charged fees …
Account holders lose trust and stop using the program …
(Or, they get so angry they take their business elsewhere) …
Bad public relations result …
Fewer account holders trust your company …

If only the time had been taken to train employees at the onset, all of these issues could have been avoided.

Knowledge Needs Refreshing

Keep in mind, a one-and-done approach just won’t cut it when it comes to employee training. Unfortunately, what we learn in training atrophies over time. While you may walk out of a course remembering 80% of what you learned, one week later that number has dipped lower. A month later, you probably remember less than half of what you originally learned. That’s why ongoing employee training goes a long way in keeping information fresh in the mind, especially when regulations change frequently.

A 360° Approach to Effective Staff Training

Once a client decides to implement the JMFA OVERDRAFT PRIVILEGE® program, we provide customized, ongoing training to ensure a seamless launch and smooth daily operations. The benefit for credit unions and banks? It’s an established system that’s been proven effective, included in the cost of the overdraft program.

Don’t Reinvent the Wheel

There’s no need to spend your own resources developing internal procedures and documentswe have you covered.

·  The first phase of our client training, during implementation of the program, comes in three interconnected parts — an on-site trainer helps employees learn the new system inside and out, while workbooks and other materials are distributed to facilitate continuous training, coaching and support for staff.

·  The second phase of training includes access to online learning opportunities, which are perfect for new hires as well as current employees looking for refresher courses.

·  The third phase of training comes via the JMFA Academy, which features continuing education workshops that keep clients up-to-date on changing regulations, best practices, reporting capabilities, strategies and more.

With an effective training plan in place, the entire organization will be ascending an upward spiral toward higher account holder satisfaction and an improved bottom line.


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ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)

For more than 38 years JMFA has been considered one of the most trusted names in the industry—helping community banks and credit unions improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving account holders better, finding the perfect personnel fit or delivering a 100% compliant courtesy pay program, JMFA has the right solutions to help you not only meet, but exceed, your goals. To learn more contact your local representative or call us at 809-2307.

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