The Dollar Value of a Training Plan

It was the tale of two HR Managers and their quests to create a training function out of thin air.  Both discussed the possibilities with their CEO when they interviewed for the positions earlier this year, and both knew that they would need to wait until late this year to request budget dollars for 2014.

While both planned to eventually hire a training manager to run their training functions, both understood that they would have to wait until 2014 when budget dollars were available to hire.  Although one company is sitting in the Midwest and one in the Northeast, they are both community banks with similar size and functions.  Yet this is where the similarities’ end.

I met both of these HR Managers after they each down loaded a White Paper I wrote called “Bank Training Revival: How to Rebuild a World Class Bank Training Function from Scratch in 90-days or less.” During our conversation I stressed that for both of them my recommendation was the same, and that was to build out a complete training plan for 2014 to back up their budget request.  While neither of them wanted help, only one chose to follow my advice.

I recently learned that both banks received approvals to build their training functions, which is great news in and of itself.  What was astounding to me was that the bank that had developed a training plan had more than enough money to make their training department a reality.  The other bank had only received salary dollars to hire a training manager.  They will need to develop a training plan after they have hired a training manager and then go back mid-year to what I call the “budget well” and see if they can get money to proceed.

The HR Manager that took the time to develop a plan, (a vision) laid out such details, that she obtained salary dollars for a training manager, and one other full-time employee.  She budgeted for contractors, software solutions, training materials, and eLearning courses.  Because she went into budget meetings with a plan for how to use the money and how it would benefit the bank, she walked out with the necessary resources to implement her whole plan.

The bigger value this manager obtained was early buy-in for building a training function.  Word is spreading on what will be coming in 2014.  Whereas, our other bank has yet to begin this work, so they will be at least a year behind.

What a dollar difference having a plan makes!


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