The quality of the human resource is an asset to any organization and as a result training (Learning and development) has become an issue that has to be faced by every organization. The amount and quality of training carried out varies enormously from organization to organization due to factors such as the degree of external change, for instance, new markets or new processes, the adaptability of the existing workforce and importantly the extent to which the organization supports the idea of internal career development.

Most microfinance institutions meet their needs for training in an impromptu and haphazard way while others set about identifying their training needs, then design training activities in a rational manner and finally assess the results of training. Also, the attrition rate in the Microfinance sub-sector is high compared to the deposit money banks, because of a seeming lack of growth and development plan in place in most cases.  Hence, the need for employee’s retention should encourage employers to pay attention to employee development, through training in order to keep them motivated. Training is mainly concerned with the improvement and up-gradation of the skills and knowledge of the employees which ultimately adds to the job performance by enhancing employee engagement. Learning and development is the key element to enhance employee engagement.

Learning and development present a unique opportunity to expand the knowledge base of all employees, but many microfinance institutions in the current climate find development opportunities expensive. Some claim that employees attending training sessions miss out on work time which may affect deliverables or end of period targets. While others just view learning and development as costly and time-consuming. However, despite these potential drawbacks, learning and development provide both the individual and organisations as a whole with benefits that make the cost and time a worthwhile investment. The return on investment from targeted learning and development of employees is really a no brainer.

Some of the effects of learning and development on organisational performance include:

Improved employee performance – the employee who receives the necessary training is more able to perform in their job. The training will give the employee a greater understanding of their responsibilities within their role, and in turn, build their confidence. This confidence will enhance their overall performance and this can only benefit the bank. Employees who are competent and on top of changing industry standards help your organisation hold a position as a leader and strong competitor within the industry.

Improved employee satisfaction and morale – the investment in training that an organisation makes shows employees that they are valued. The training creates a supportive workplace. Employees may gain access to the training they wouldn’t have otherwise known about or sought out themselves. Employees who feel appreciated and challenged through training opportunities may feel more satisfaction toward their jobs.

Addressing weaknesses – Most employees will have some weaknesses in their workplace skills. A training program allows you to strengthen those skills that each employee needs to improve. A development program brings all employees to a higher level so they all have similar skills and knowledge. This helps reduce any weak links within the company who rely heavily on others to complete basic work tasks. Providing the necessary training creates an overall knowledgeable staff with employees who can take over for one another as needed, work on teams or work independently without constant help and supervision from others.

Consistency – A robust training and development program ensures that employees have a consistent experience and background knowledge. The consistency is particularly relevant for the company’s basic policies and procedures. All employees need to be aware of the expectations and procedures within the organisation. Increased efficiencies in processes result in financial gain for the bank.

Increased productivity and adherence to quality standards – Productivity usually increases when an organisation implements training courses. Increased efficiency in processes will ensure project success which in turn will improve the overall turnover and potential market share.

Increased innovation in new strategies and products – Ongoing training and upskilling of the workforce can encourage creativity. New ideas can be formed as a direct result of training and development.

Reduced employee turnover – Staff are more likely to feel valued if they are invested in and therefore, less likely to change employers. Training and development are seen as an additional benefit. Recruitment costs, therefore, go down due to staff retention.

Enhances corporate reputation and profile – Having a strong and successful training strategy helps to develop your employer brand and make you a prime consideration for graduates and mid-career changes. Training also makes an organisation more attractive to potential new recruits who seek to improve their skills and the opportunities associated with those new skills.
Training can be of any kind relevant to the work or responsibilities of the individual and can be delivered by any appropriate method.

The importance of training your employees – both new and experienced – really cannot be overemphasized.[i]

AboutUs
The Microfinance Learning and Development Center (MLDC) was established by the Nigeria Microfinance Platform (NMP) in 2015 and incorporated in November 2017. MLDC is to act as NMP coordinating secretariat and the training arm for the National Association of Microfinance Bank (NAMB) and other stakeholders’ capacity-building initiatives for the subsector. The centre is duly supported by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) with the involvement of major National Microfinance Banks, Development Partner and Sector Leading Consultants

The MLDC was founded on two fundamental considerations which are:

1. Offer quality and best in class learning and development programs.
2. Deliver such at an affordable fee

Since the inception of training activities in 2018, MLDC has trained over 380 sector practitioners including Microfinance Banks, Credit Bureaus and Finance Houses.  Workshop and training have been organised in Lagos and Abuja with massive attendance from across the geo-political zones of the country.

In furtherance to the mission to reach 80% of the sector’s practitioners in our first 5 years, we are working with zonal and state chapters of NAMB to deliver learning interventions anywhere in the country. We equally deliver in-house training at request, if you need a no-obligation quote contact us through our address below.