Elearning - September/October 2008 - (Page 15)

AT ‘LEARNING LEADER’ WACHOVIA, POSITIVE CHANGES YIELD BIG RESULTS Like all banks, teller turnover is a challenge for Wachovia. With approximately 8,000 new tellers hired annually, even the slightest incremental percentage change in the turnover rate has major business impact. This is a significant factor behind Wachovia’s Teller Team Academy. The innovative training initiative, developed in 2006 and rolled out in 2007, replaced the company’s legacy teller training. The training was designed to improve onboarding and engagement, speed new hire productivity, reduce teller turnover. In January 2008, Bersin & Associates recognized Wachovia and the teller training initiative with a Learning Leaders Award in the category of operational excellence. LAYING THE FOUNDATION One of the nation’s largest diversified financial services companies with assets of $754 billion and a market capitalization of $95 billion, Wachovia serves 13 million household and business customers in 21 states. Globally, clients are served through more than 40 foreign offices. The Teller Team Academy’s quality is a direct result of extensive due diligence and the use of classic best practices for training development. A cross-functional HR team — representing areas such as recruiting, training and organizational practices — was assembled to direct the initiative. To ensure all requirements were identified with an objective perspective, the team selected Allen Communications to conduct a formal needs assessment. The assessment included analyses of existing online and classroom content; usability tests to pinpoint areas of learner struggle; interviews with tellers, teller trainers and managers; focus groups to determine skills gaps between experienced and new tellers; and a detailed examination of the training processes and curriculum involved in onboarding. The assessment findings — coupled with the company’s desire to create a training program reflective of today’s corporate philosophy, branding and customer service goals — prompted a complete overhaul of new teller training. Because the program needed to be comprehensive — beginning on an employee’s first day and covering all skills and behaviors needed for on-the job success – the team agreed that a blended approach was the best solution. “This was an opportunity for us to take advantage of all training techniques,” says Jennifer Jageler, vice president of human resources and learning services. “Relying solely on e-learning wouldn’t do the job. We wanted to employ simulations, labs, job shadowing and mentoring in order to give our audience the best onboarding experience possible. “Plus, we knew these diverse techniques would help us better address the target audience: entry-level individuals who are typically between 18 and 26 and have a high school education.” To gain executive support, the HR team outlined the findings and its recommendations for direction and content with key stakeholders and business partners. >> Maintain/grow teller service level scores. The American Customer Satisfaction Index rated Wachovia as the top consumer bank for five years straight. Maintaining high levels of customer service is paramount to the company’s strategy. Ensure all training materials align with Wachovia’s branding standards. In addition to bringing the look and feel of the program in line with corporate standards, the program must convey Wachovia’s vision, brand promise, service philosophy and commitment to diversity. Quickly develop proficiency with Wachovia’s teller processing system. Tellers must learn to process 42 different types of transactions without error. Engage learners with high levels of interactivity and realism by using process simulations, goal-based scenarios, exploratory learning activities, games and quizzes, and animations. Ensure courseware content is easy to update and maintain. >> >> >> >> Because the course was built in XML, it can be easily localized, translated into other languages, and updated MEETING GOALS The team established specific and measurable goals for the training initiative before any work began. These included: >> Reduce teller turnover. At current minimum wage, the cost to replace a new teller is approximately $3,700. >> Reduce times out of balance, policy violations and losses. Any reduction in loss amounts have significant, positive impact on profitability. >> Improve candidate vetting. With a realistic preview of job responsibilities, new hires can quickly determine if the position is a good fit before incurring additional costs. Additionally, new hires have an opportunity to see career growth opportunities. Allen Communications did most of the “heavy-lifting” development. Five Wachovia staff members were assigned to the project to oversee the project, supplemented by SMEs, reviewers and others who assisted with quality assurance, LMS integration and testing. REALISTIC TRAINING The cornerstone of the Teller Team Academy is a sophisticated Flash-based multimedia course. Primarily accessed from CDs, the 28-hour course gives new tellers a realistic preview of the corporate culture, sets job expectations, defines responsibilities and promotes a sense of belonging within Wachovia. Most of the instruction is done through Elearning! September/October 2008 15

Table of Contents Feed for the Digital Edition of Elearning - September/October 2008

Elearning - September/October 2008 Contents Editor’s Note News IBM Goes Green Green Resources Deals Trendlines Learning Leader Up to Speed Cover Story: Going Green The Green Mindset? Cutting Down Turnover Tips: EET Case Study: Pacific Pulmonary Services Case Study: British Telecom Case Study: Allianz SE Case Study: LXR Case Study: St. Elizabeth Tips: Green Initiatives New Products LMS Tools Pop Quiz Last Word

Elearning - September/October 2008

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