Stuart was requested to carry out a piece of work which would improve the structure and effectiveness of a client’s induction programmes.
Objectives included:
- Improve the retention of inductees knowledge and skills
- Accelerate time to effectiveness of new starters and allow them to contribute earlier
- Reduce turnover of new starters by eliminating the feeling of being overwhelmed by the size of the job in terms of knowledge and skills
- Realign the current, somewhat fragmented, approach to training involving both induction and Academy/ mentoring phases to better prepare people for deployment to the business
- Improve retention of advisors through the training process
- Seek out bright minds (management potential not necessarily high performers) and tag them
Facts and Figures
Following the restructure and redesign of the Induction Programme, performance was measured in a number of objective and subjective ways. Results proved an outstanding improvement in performance of new starters reaching remarkable evidence of Independence Levels – feedback and results provided by the client are detailed below
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- Time to Proficiency reduced from 48 weeks to 9
- Customer engagement is on a par from day 1 with experienced agents
- From day 1 agents have been achieving and bettering KPIs in Payments
- Cross Sales have increased by 28% and the new agents are beating the other musters
- Sales people selling 52% more than in-place agents
- Lead generation and follow-up up by 72%
- Conversion from lead to sales up from 11% to 22%
- Beating existing agents by an average of 32% revenue generation in first 2 months
- Commitment from the agents higher than other starters
- Quality and accuracy is higher than other musters
- 100% of TLs graded their agents significantly more proficient than in-place agents
- 100% of TLs felt that they received a better prepared adviser than from other inductions
- TL/ agent relationships built during the Learning Period
- Attrition of those who do not want to do the job reduced from 24% to 6% compared to other induction groups
- 80% of Team Leaders said that their agents required 90% less support from them
Other Observations
Before getting involved in re-structuring the client’s Induction Programme, it was assessed by the client that it took up to 48 weeks for new starters to reach an acceptable level of proficiency. Our intention was to dramatically reduce that ‘Time to Proficiency’
We reduced Time to Efficiency from 48 weeks to 9
Stuart’s approach was to follow a Systematic Approach to Training (SAT) to ensure that a full and comprehensive analysis was completed to guarantee maximum effectiveness in taking new starters from Graduation Day to ‘Independence Day’
His key reasoning in using SAT Methodologies was to reduce the mystery time period between Graduation and Independence, with the client’s definition of independence being;
“The point in time when an advisor can be left on their own to do a job without asking questions or making mistakes, this also corresponds to the point at which an advisor feels most confident and competent”
Stuart’s key Evaluation Objective was to measure subsequent proficiency, along with Signs of Individual Confidence. The more tangible elements to be evaluated included;
The action involved:
- Critical communication streams set up with key personnel within the organisation
- Introduction of;-
- A gateway to ensure fast track or exit
- Testing to desired levels of proficiency at the end of each call type module
- Gateways reporting to be documented in Development Diaries
- Final Multi Call Exercise within Live Environment
- TMs engaged to sign off “Proficiency Certificate”
- Developed a “Profit per Advisor” Model during training
- Developed a Quick Wins Report which was produced and actioned throughout the Programme
- Develop effective Coaching and Buddy Programmes