In this special article, Jo Buckross, senior manager, Isle of Man Retail Banking at Lloyds Bank, explains why the training and development of staff has become more important than ever. She also tells how Lloyds Bank has refocused and embraced changing times in society
It is not so many years ago that the finance industry in the Isle of Man was growing at such a pace that full employment existed and employees were able to move freely within the finance industry.
Now, a combination of regulatory, economic and technology requirements, coupled with the economic downturn and increased customer awareness, means that the finance industry is in transition towards a more focused recruitment approach.
In this new era qualified, professional banking staff are a valuable and necessary investment to restore faith and trust.
lloyds bank
I have worked in Lloyds Bank for 13 years, starting as a cashier and moving right up to the position of senior manager for the Isle of Man.
This time has provided me with insight into many of the diverse roles within retail banking and I thrive on watching, coaching and helping new colleagues who are making that same journey.
We have so much talent within our business, some of which perhaps goes unnoticed, and every day I try to put more time into understanding each and every colleague to support them in the best way I can.
The industry has seen much change with large volumes of regulation being introduced, something that is particularly important in the Isle of Man as our reputation is based upon being a well-regulated financial centre. As a result, our employees need to be far more rounded than ever before. As managers, we need to carefully manage the selection process and then identify what skills and training staff need to undertake. Our people have to deal with a myriad of different scenarios on a day-to-day basis while ensuring they are meeting the service needs and expectations of our customers. To bring this to life, it is worth looking at how the industry is dealing with the increasing threat of fraud committed against the bank and our customers. Fraudsters are becoming increasingly sophisticated and as a result, our staff have needed to become even more vigilant, wherever they work within the bank. Training and up-skilling have been essential in combating the threat.
customer perspective
One of the primary focuses for any change in approach has to be from a customer perspective and they have indeed been the catalyst for the changes implemented since 2008.
Now, as we work our way slowly out of recession, Lloyds Bank has refocused and embraced the huge cultural shift.
We aim to recruit the right calibre of people with qualifications that are appropriate to the role to ensure that these values are embedded into the company at every level.
An example of this has been the recent introduction in the UK of the Retail Distribution Review which comes in to force in the Isle of Man on the 1st January 2014.
The minimum qualification required for all regulated financial advisors is already in place, ahead of time at Lloyds Bank, as we are committed to having standards of the highest level.
We have a bespoke approach to training with each staff member being given a training and development plan, which is discussed on a monthly basis.
This approach is inherent whether you have just joined as a school leaver, are a cashier or a manager with 30 years’ experience.
We have created a talent matrix to nurture our greatest asset and this supports the identification, training and development needs and helps deliver tailored courses that are suitable for the growth of the colleague and ultimately deliver benefits for our customers.
dedicated trainers
As a large organisation, we have dedicated trainers and coaches who provide internal courses and this is complemented by independently supplied courses, such as the Institute of Directors’ Chartered Director qualification.
Our aim is to identify people who can go on to have successful careers within the company at whatever level they feel is right for them and so it is important to recruit the right people at the outset.
The Isle of Man is incredibly lucky to have such an experienced and qualified talent pool.
The local workforce is extremely diverse and there is a real commitment from the finance industry to grow that talent. While the process of recruitment may be more complex and the commitment to training more comprehensive, this can only be seen in a positive light.
If the employees are operating to the very highest level, delivering the best advice to our customers, then it will only help maintain the strong and positive brand that the Isle of Man has developed as a robust and well-regulated financial centre.