Nine Hacks for Creating Successful In-House Training Programs

By David Schmidt

In this era of tight budgets and limited resources, it is imperative that credit managers turn to in-house training to meet their staff's professional development needs. As a department head, before you even begin looking into in-house training, you should first document the training objectives for your staff. This involves identifying specific training objectives and goals for each person.

From there, you can begin creating a structured training plan outlining the skills and knowledge your team needs to excel in their roles. Make sure you tailor your training to each team member’s individual needs and skill levels. Not everyone may require the same training, so personalize your training programs where possible.

To help credit managers supplement their budget with in-house training concepts, we’ve listed nine ideas they can use as part of their training plan:

1. Utilize Peer Learning and Mentoring: Encourage peer learning and mentoring within your team. Experienced team members can share their knowledge and help newer employees learn the ropes. If your staff is large enough, you can periodically change your pairings in order to facilitate as much cross-pollination as possible
2. Implement Cross-Training: This involves having employees learn about different aspects of the corporate credit management process, which can enhance their overall skills and understanding. Depending on the subject, you can personally work with staff members to teach them specific skill sets or delegate the training to staff members who have already acquired the necessary expertise.
   
   
3. Train the Trainer: When starting from scratch with a large staff, a good way to impart your expertise across the entire organization is to train a small group of trusted staff members, who will then be responsible for training the rest of the staff. The multiplier effect from this type of training can be substantial. Over time, it also creates an in-house training staff that can be called upon whenever a new employee joins your team.
   
   
4. View Webinars or Online Training Materials as a Group: Rather than individual training, going through training as a group provides an opportunity to discuss the material presented with your staff and brainstorm ideas for applying the lessons learned to your organization. Highako Academy provides an extensive archive of online credit and collection training resources.
   
   
5. Share Materials from the Conferences You Attend: Thanks to technology, the presentation materials shared at conferences, both in person and virtual, are often made available in a PDF format that you can then go through with your staff. While you may not be able to convey all the insights of the session leaders, the presentation materials and your notes will usually suffice to inform and engage your staff as well as act as a catalyst for discussion.
   
   
6. Review Case Studies and Practical Scenarios: Incorporating real-life case studies and practical scenarios into your training is a great way to engage your staff. Done within the context of a discussion group, this helps employees apply their knowledge to actual situations they may encounter in their roles. You should always be on the lookout for intriguing situations you encounter that can be turned into a case study for your staff to review. You might also want to search through Credit Today’s archives if you are looking for material on a specific topic.
   
   
7. Exchange Places with a Peer: For a change of pace, invite a fellow credit manager to share their insights and experiences with your staff while you do the same for their team. This can provide a fresh perspective and expose both you and your team to different viewpoints.
   
   
8. Hold a Lunch and Learn: Adding a social aspect to your training makes it more attractive. If you have the budget to pay for the meal (breakfast works, too), all the better, but the concept still works even if everyone brings their own food or you opt for a potluck. Most of the previous items presented work in a lunch-and-learn setting.
   
   
9. Feedback and Assessments: Implementing feedback mechanisms and assessments allows you to gauge the effectiveness of your training programs. This allows you to make adjustments and improvements as well as identify new areas that require training. One effective feedback mechanism involves having each employee fill out an end-of-month report. In addition to collecting information about the customers they handle, questions about the challenges and obstacles they are running into will provide useful insights for refining your training program.

Remember that continuous learning and development should be an ongoing process. Improving in-house training for your staff is essential for their professional development and the overall success of your team. By implementing these strategies, you can create a dynamic and effective in-house training program that helps your staff grow and excel in their roles as corporate credit professionals.