Now especially, banks need to train and encourage their best employees if they want to increase their odds of retaining talent yet they aren’t doing it.
Consultants and bankers contend the financial crisis has exposed the shallowness of many bank training programs. Since the 1990s, the banking industry has steadily cut back on training budgets to trim costs, but until now, banks generally haven’t felt the effects of lower-quality programs because the industry’s profits were so high.
That has all changed, said Russell Davis, managing director of Corporate Executive Board’s financial services practice. In an era of lower profitability, banks need to do a lot more to prepare their employees for new challenges.