On Job Mortgage Industry Training at the Royal United Cincinnati Office
As an expert Loan Advisor at the Royal United Headquarter office in Indianapolis, IN I feel fortunate to have recently had the opportunity to visit our Cincinnati, OH branch to present and train some of my colleagues. It was a great experience being able to share my expertise and meet team members at our Cincinnati location. In reflection of my visit I am thrilled to work for a business that invests in its team by providing opportunities to learn from each other. Ongoing industry and process training is invaluable for any business but it is particularly important in the financial services industry.
Employee training truly plays an integral part of a company’s long-term investment and growth strategy. It seems like a straight forward concept. But, with technology and business models constantly evolving, many companies do not provide adequate educational opportunities which can cause lack of understanding, stale outlooks, or unengaged employees. Instead, they may expect new hires to hit the ground running from the start without provide ongoing training and support.
“An investment in knowledge always pays the best interest.”
― Benjamin Franklin, The Way to Wealth: Ben Franklin on Money and Success
Many companies avoid employee training citing the direct cost as a deterrent. Despite the initial monetary costs, staff training more than likely will pay back the investment in various ways. One of the benefits of comprehensive On Job Training (OJT) is retention. Low turnover may be attributed to reciprocity. To put it simply, employees will help a company since the company helped them.
One of the main benefits of OJT is that it facilitates the transfer of knowledge. In most cases, existing employees train new team members. The employees who handle the training usually have years of experience within their field and have dealt with a wide array of unique situations. Passing on this firsthand knowledge provides new staff with insight that cannot be obtained in a traditional classroom setting. Training a new employee can also benefit the trainer by refreshing skills and experiences that may have been forgotten. When new questions arise, it also offers an opportunity for growth.
Companies that provide OJT often times find it easier to attract new talent. Many people may not have experience or transferable skills from a previous job. Being able to receive training, expand skill sets and acquire new knowledge could be a deciding factor for prospective candidates when pursuing a new career. One of the advantages to employers in offering in depth training is that the perception of the company improves. People will view the company as progressive because it is willing to invest in employees to increase processes and understanding but also better serve clients.
An important aspect to keep in mind is that OJT is not exclusive to new hires. It is imperative to keep all employees up to date on the latest business related trends and technological advancements. This helps the employees perform to their full potential and may also give them an advantage over competitors. Additionally, acquiring a broader skill set can improve efficiency of the team, leading to improved production, revenue, balance, and employee engagement.
Written By: Royal United Mortgage LLC Blog Team