Banking & credit card advisors activated with revamped onboarding

A case study on onboarding

Financial firm realizes half-million-dollar annual savings from advisor onboarding revamp

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The Challenge: Outdated approach to onboarding resulting in unnecessary expense 

Our client was frustrated with the time and cost associated with the onboarding training program. It consisted of outdated, classroom, face-to-face training ready to be overhauled for the new remote work environment. The training program had been in place for many years. Not only did the content need to be updated, but there were a limited number of training centers available for banking and credit card advisors.  

 While the institution had already developed an updated content plan, it lacked the strategy, time, and ability to develop that content into multifunctional modalities that could be delivered across multiple platforms. Our client found the volume of work needed to develop and deliver the training was beyond the capacity of their internal team and existing learning providers. 

In meeting with the client, we organized their problems into three categories.  

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The biggest challenges

 

The Solution: Working together to improve efficiency and reduce costs 

In this case, we were provided with the new content, and we quickly put a large team of instructional designers, multimedia designers, and graphic designers in place to develop the content into formats that could be delivered via multiple mediums. To accommodate more complex outputs as people progressed through the program, self-study, eLearning, and other modules were created to facilitate an expedited learner journey.

The 5-phase program included assessments to determine whether people were ready to continue to the next phase. Deliverables included content outlines, maps of learning objectives, learning strategies, and modalities.

Managers received readiness checklists and the ability to assess learners’ progress while observing their skill development through the modalities for improved support of learner development.   
The redesigned program included e-learning, videos, and self-study activities for more self-directed learning and reduced face-to-face learning.
   

 

Results & Impact: Effective onboarding revamp leads to savings on multiple fronts 

 For a program that runs multiple times a year, the time to proficiency for new hires is reduced from 24 to 16 days. That 8-day reduction meant significant savings in the time spent and expenses incurred, including travel expenses, from the training program.

Our rigorous methodologies and approach, including templates and best practices, proved more effective at getting things done faster. Advisors can go from “training to transaction” quicker. Trainers and facilitators have increased their capacity for other initiatives, including developing the training required as more tools, programs, compliance regulations, and products are introduced.

Ultimately, the client realized a year-over-year savings of $450,000 in their onboarding program and introduced new advisors to the floor in less time for higher productivity and improved performance.   

 

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