For the past three weeks, I have examined the essence of corporate trainers going back to school to enhance their skills in virtual training to suit the needs of young employees. This week, I am dedicating this article to the Board and Management of Amenfiman Rural Bank for their awesome and daring policy of investing big time in their human capital, through a partnership with the Number Two best Business School in the world, China Europe International Business School (CEIBS)! Someone may say:” So what?” My answer is, “Yes, Why not?” Many institutions do not put high priority on training, learning and development. There is a general perception among employers that the fruits of such investments take a long time to ripen.
Human capital is the measure of the economic value that an employee provides, through their knowledge, skills, and abilities. On average, total human capital costs are almost 70 percent of a company’s operating expenses.
According to the 2015 Talent Mobility Research Report, more than 40 percent of organizations claim that they rarely, or never, provide career planning or development. If your company is part of this 40 percent, you should strongly reconsider your approach to managing your human capital. Now back to the CEIBS-AMENFIMAN story”
Amenfiman Rural Bank in Partnership with China Europe International Business School (CEIBS) created a unique course, ‘The A-TAP’ Talent Development Programme under the theme “Soaring to greater heights, competencies and performance”.
‘The A-TAP’ Talent Development Programme originally created in 2015, was an initiative envisioned and created by the Chief Executive of the Bank, with the endorsement and support of the Board of Directors. Its goals have been two-fold – to develop high potential employees of the Bank and to support the corporate strategy of achieving competitive advantage in the market, and aligning people behaviors to deliver to the Bank’s objectives. The first cohort of participants successfully graduated in June 2018, with 16 participants out of a total of 18, achieving significant upward progression in their career trajectory, with appointments to key business roles in the Bank.
The second cohort of participants made of 18 staff graduated on the Saturday 7th August 2021 at the China Europe International Business School (CEIBS).
As a Co- Facilitator of the banking program session, I was impressed with the depth of knowledge and enthusiasm which the participants had for the program. I also used the above cartoon as a prelude to my training. They are lucky to be working with the leading Rural bank in Ghana which is part of the TOP 100 companies in Ghana.
After reading about the bank, I am impressed with their consistency as they leap frogged their way to rise to the top within the past decade. Led by Dr. Tony Aubyn as Board Chairman and Dr. Alex Asmah as the CEO, I am sure they will be climbing higher. As some facilitators as well as their leadership envisage, they should be a universal bank soon. Afterall, they are working like any high school bank and their structures are solid.
CEIBS, having risen from Number 5 position to the Number 2 Best Business School in the world, has also assisted them by the development of the modular program, rolled out over a 12-month period. The programme is built around modules run in workshops, and Peer Co-coaching sessions. Peer co-coaching groups, was interspersed between tutored modules in an ‘avalanche’ approach. This is interesting and unique for the purpose:
- Leadership modules: (Leading Self and others/Authentic and Change Leadership
- Marketing and Innovation Modules: (Digital Marketing, Sales, Innovation and Business Strategy)
- Financial Modules: (Effective Finance Management and Technical Banking)
I was touched last week when I attended their graduation at CEIBS campus in Accra, and saw how each participant has developed in their attitudes and mindsets, still poised to take leadership roles and execute projects. It even came to light that one of the team’s project, which is part of the Bank’s strategic goals has been adopted for execution! The Guest of Honour was Mr. Alex Awuah, Acting CEO of Apex Bank. With such an endorsement, nothing much to add.
Dear Employers and Management Teams, do not be afraid that your employees will leave you once they are upgraded. It sometimes happens, but when you do, most of them will be loyal and give off their utmost best. Let us look at more advantages in upgrading your staff:
The Benefits of Human Capital Development
- Improve Retention Rates
Almost 54 percent of workers said that career advancement opportunities are more important than salary when looking for work. Additionally, 44 percent of employees cite a lack of opportunity for growth and advancement as a top source of work stress. These statistics show the importance of career growth to employees. Workers who are receiving professional education and development are less likely to seek other employment opportunities.
Opportunities to develop are especially important to millennials. A 2016 Deloitte survey found that 70 percent of millennials cite a lack of leadership development as the main reason for wanting to leave their current position.
It’s estimated that it costs an average of six to nine months salary, to replace a salaried employee. A little investment in an employee development plan can save a lot in employee turnover.
- Increase Employee Satisfaction
Investing in professional development for your staff can lead to greater job satisfaction. According to a 2014 survey by the Society for Human Resource Management, 42 percent of employees said their organization’s commitment to professional development is “very important to their job satisfaction.” Internal professional education for your staff shows them that your business cares about their careers.
- Develop Employee Engagement
Engaged employees are more productive for, and more loyal to, the company. According to a survey by Gallup, only 32 percent of workers feel engaged at work. Giving your staff career advancement opportunities, and investing in their development, gives them a reason to be engaged at work.
- Develop Client Engagement
Employees who are given growth opportunities are more likely to be satisfied with their job and engaged in the company. Employees are the face of every organization.
When customers interact with staff that is engaged and satisfied, they are more likely to have a positive experience. Every positive experience, in turn, increases customer engagement and satisfaction. The more satisfied your employees are, the more likely your clients are to be satisfied in return.
- Improve ROI
Every company invests in human capital, whether it understands it or not. Your employees’ salary, benefits, and perks are all an investment in your firm’s human capital.
- Improved Organizational Communication
Investing in your human capital can work to better communication by improving the quantity and quality of information passing up and down your business.
When communication improves, so does your business. Better communication leads to better employee satisfaction and engagement. This improvement, in turn, leads to enhanced overall performance and productivity.
- Enhanced Recruitment
Human capital development helps you to retain your employees and also be a good referral for good recruit prospects. The importance of human capital development in the recruiting process will only continue to grow as more millennials enter the workplace.
Earlier this year, Gallup found that the number one factor for millennials when applying for a job was opportunities to learn and grow. Millennials want to work for a business that invests in their human capital.
- Enhanced Corporate Culture
Another benefit of investing in your human capital is improving your organization’s culture. Better employee satisfaction, engagement, and communication lead to an improved overall culture. A positive culture leads to engaged and happy employees.
According to Entrepreneur, companies with happy employees outperform the competition by 20 percent and earn 1.2 to 1.7 percent more.
Final Remarks
Dear Leader, don’t be afraid to empower your staff. After all, so far as your company does not collapse, your name will always be on the company’s Hall of Fame, and you can always point at it and tell the world, you were part of its journey. Go ahead and get them trained.
ABOUT THE AUTHOR
Alberta Quarcoopome is a Fellow of the Institute of Bankers, and CEO of ALKAN Business Consult Ltd. She is the Author of Three books: “The 21st Century Bank Teller: A Strategic Partner” and “My Front Desk Experience: A Young Banker’s Story” and “The Modern Branch manager’s Companion”. She uses her experience and practical case studies, training young bankers in operational risk management, sales, customer service, banking operations and fraud.
CONTACT
Website www.alkanbiz.com
Email:alberta@alkanbiz.com or [email protected]
Tel: +233-0244333051/+233-0244611343
