Development and Training Paper
For this assignment, JP Morgan Chase (JP Morgan) will revamp its training and development program. JP Morgan is a very large company, so any new training material will go through many guidelines to ensure the adequate amount of changes are done. JP Morgan will assess what the training needs are. Once the training needs are identified, the training materials can be created. JP Morgan being the large company that it is, will most likely use an internal medium to train its employee as JP Morgan can invest money and resources into the internal training department (Rascoff, 2010) . Although trainings can also come via external, contracted, or be outsourced if needed. Strategic implementation will follow detailing the delivery of the new training. Finally how will the effectiveness of the training be reinforced, sustained, and measured over a long period will be explained through this assignment. Training Needs
The primary responsibility of bank employees is to cross sell products and services to customers. In order for employees to effectively cross sell, they need to have the proper training and resources. JP Morgan understands that employees are at all different skill levels. This is why it is important for JP Morgan to properly evaluate employees’ cross selling skills, so that the company can start training employees at the appropriate level. Once the employees are properly trained, the bank can set company sales goals and have confidence that the employees will have tools and training they need to meet the goals.
To gauge the sales ratio and obtain a snapshot of each employee’s cross selling skills, the bank generates a sales report. This report would reflect employee average cross selling and his or her cross sell ratio. The goal for every employee would be that for every account opened at least four products or services would be cross-sold. Through internal monitoring and employee surveys, the bank would be able to identify which employees need further training and development on cross selling. Based on the sales ratio report and various employee surveys, the bank can then assess the employees and determine which need additional sales training. Training Materials
Training programs to should be designed to fit the level of sales skills of every employee. Banks use a variety of training programs to develop employees in the area of sales and customer services. Training programs may include 1) mentoring programs; 2) E-Learning programs; 3) hands-on programs. One of the most important aspects of all of these training programs is to ensure that the program directly relates to the objective of the organization (Noe, Hollenbeck, Gerhart, & Wright, 2007). The most important tool in successful cross selling is open ending questions; these are questions, which do not have yes or no answers (Noe, Hollenbeck, Gerhart, & Wright, 2007). Mentoring programs typically operate between a new employee and a senior employee, in the same position. The purpose of this program is to guide the new employee on his or her journey in the new position. Senior employees typically provide valuable feedback on the employee’s performance and can prepare new employees for what to expect in his or her new role (Noe, Hollenbeck, Gerhart, & Wright, 2007). Hands-on programs run similar to mentoring programs; however, management typically runs these programs. Hands-on programs provide daily experiences to employees and with the guidance of managers, employees can gain the knowledge and experience he or she needs to be successful. This may include a supervisor providing training to less experienced employee. Proper selling techniques are essential to ensure that customers are comfortable with the services of the organization. Hands-on training is important in explaining specific methods to employees, along with how these methods relate to his or her job (Noe, Hollenbeck, Gerhart, & Wright, 2007). E-Learning is a method...
References: Berk, J. (2008). The Manager 's Responsibility for Employee Learning. Chief Learning Officer, 7(7), 46-48. Retrieved from Business Source Complete database.
International Customer Management Institute. (2010). Measuring Training Effectiveness. Retrieved from http://www.icmi.com/resources/queuetips/2005/march/measuring-training-effectiveness.aspx
Noe, R.A., Hollenbeck, J.R., Gerhart, B., & Wright, P.M. (2007). Fundamentals of Human Resource Management (2nd ed.). New York, NY: McGraw-Hill/Irwin
Rascoff, B. (2010). Companies Persue Benefits of Training From Within. Retrieved from http://www.allbusiness.com/management/business-leadership-development/11463183-1.html
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