Your support as coach will turn your training dollars into bottom-line gains.
When your [employees] participate in training, how often do you observe significant and lasting change when they get back to work?
Chances are, not often. The vast majority of corporate training-both in the brokerage industry and elsewhere-fails to "stick." Estimates vary, but workers at best retain and use only 30% (typically, it's more like 10%) of what they "learn" in training programs. One study conducted at Rutgers University concluded that companies waste between $5.6 and $16.8 billion every year on soft skills training that fails to translate into better on-the-job performance.
Like many branch managers, you've probably experienced these statistics first-hand. How many times have you sent an [employee] to a training program only to watch him return to business as usual when the training ended? "I see it all the time," said Matt Kolb, who has been a branch manager for 18 years and who currently runs Deutsche Banc Alex Brown's New York office.
Certainly, some training lacks substance or is poorly designed. ''There are these airballs like Tony Robbins who put you in a room and get you into a frenzy," Kolb snorted, "and 24 hours later there you are, $35 in books in hand and no idea where to start." But even when the techniques are solid and potentially valuable, [employees] rarely put new techniques into consistent practice.
Whose fault is it?
When good training fails to result in better performance, we tend to blame the trainee. We figure he's just not motivated, capable, or trying hard enough. So get ready for a big surprise. You actually play the pivotal part in determining whether training dollars result in a bottom-line benefit for your advisors [employees).
A manager's involvement in employee training strikingly correlates with strong post-training performance. In fact, Don Michalak, co-author of Making the Training Process Work, has found such a strong relationship between manager involvement and training success that he recommends managers forgo training programs unless they intend to invest their own time and energy to maintain the skills and knowledge employees gain in those programs.
How can you make such a difference? For one thing, your position of authority greatly affects attitude. 'We all look to our bosses and managers. They have earned their spurs," said University of Minnesota professor of management John W. Newstrom, who has extensively studied what makes corporate training stick. When you show genuine interest in an [employee's] development, it shows him that 1) training and development matter in your branch, and 2) you care about him and his success. Your position of authority makes you a powerful motivator, and motivation is key to putting training into action.
Make it pay off
Remember, where complex skills are concerned, mastery doesn't come in a day, a week, or a month. In most cases, it takes years. (Did you know that chess masters require from 50,000 to 100,000 hours of practice to become world-class players?) Your daily contact with advisors makes it possible to turn training events into training processes and to provide advisors with the ongoing reinforcement and guidance they require after training.
Here are some actions that you can take to reinforce your [employees'] training and make it last.
Demonstrate that training is a priority. If you think training is a waste of time, your employees-especially new ones-will follow your lead. Trainer and coach Steve Drozdek recalls his early days as a firm sales trainer. ''There were a few managers who, when kids got back from rookie training, would say forget everything you heard there, now we'II teach you how do it the right way. Not surprisingly, the trainees followed the manager's agenda. Remember, the tone you set determines whether or not people take development seriously.
Analyze needs and involve [employees] in training plans. Avoid the 11one-size-fit s alr1 approach. When you put together a training plan, get input from your [employees] about what they need and want. Also be sure to consult with each [employee] and take his strengths and weaknesses into account when deciding whether he should participate in a training program. Make training in your branch "one-size-fits-one."
Get familiar with training objectives and participate, if possible. You must know what [employees] are supposed to learn in order to coach them later. Besides, attending training sends an invaluable message. "You have to be there for every session," insists Alex Brown's Kolb, "because you're the leader. You don't lead by edict, you lead by example. My credibility with these people is that I've done what they've done." Pressed for time? According to Newstrom, even attending for an hour or two helps. "It makes an impression that the manager took the time to stop in."
Meet with [employees] before, during, and after training. Keep meetings short - 10 minutes maximum. Before training, solicit the employee's expectations. While training is in progress, check in to see how it's going. Afterwards, ask questions like, what did you get out of it? What do you plan to do with it? How can I help you? The simple act of taking time for a brief chat communicates that you care about an employee's training process, and studies show that your interest alone packs a great motivational punch.
Help [employees] set and meet goals. Before an employee begins training, talk about its potential benefits and applications on the job. When training ends, work together to establish specific, achievable objectives for putting the training into practice. The point is to help your employee answer the question, "What will I do with what I have learned?" in an action-oriented way - ideally, in writing.
Provide a supportive re-entry environment. Re-entry from training is not unlike re entry into the Earth's atmosphere: take the wrong approach and your investment disintegrates on contact. If you can, try to reduce expectations, job pressures, and deadlines for a few days, so [employees] can experiment with newly learned techniques. It's also a helpful to give [employees] a gentle reality check. Remind them that they will inevitably encounter some failures along the way and that they shouldn't get discouraged.
Help [employees] identify obstacles. Every [employee] has attitudes, fears, and mental blocks that can create barriers to change after training. Work environment and colleagues can also present obstacles. Talk openly with [employees] about the roadblocks they may face in putting what they've learned into practice. Then work together to figure out how to overcome them and what you can do to help.
Encourage community. Working with others during and after training can dramatically increase its potency. A buddy system is especially useful, according to Don Michalak. [Employees] who attended a training program should pair up and meet once a week to discuss and counsel each other about how they plan to apply the training in the coming week. Then they can reconvene to talk about what worked and what didn't. One major gas utility found that after a year, some trainees in a division who failed to do this partnering "didn't even remember going to the training!" recalls Michalak. Meanwhile, the division that did use the method showed great results.
Help [employees] keep skills fresh. [Employees] may have a difficult time seeing where to apply the skills and techniques they've just learned, and they may need feedback and coaching when they do apply them to affirm that they're "doing it right." Try to create relevant opportunities for this type of coached practice. And don't assume that the training department will arrange for refresher and follow-up training sessions; let trainers know you want follow-up sessions. If you don't get results, take the wheel yourself.
Always wear your coaching cap. Strong coaching is really the heart of your role in supporting training. As Matt Kolb explains it, "Good training is ongoing. Someone checks in with you regularly and keeps you on track, like a set of blinders on a horse." Take your employees to lunch and chat about how they're doing with new techniques. When they have a success, however small, give them positive reinforcement. Even a little "Nice job!" will do the trick. Above all, as Steve Drozdek put it, "Emblazon across your internal forehead: 'How Can I Help You?'"