*Note to future viewers* When using this to help write your paper please paraphrase do not copy and paste*

Summit Credit Union, located in Madison and Milwaukee, Wisconsin, is a small company with 366 employees. A merger in 2015 doubled the company's size and made it necessary to build a new corporate culture. Summit's mission is to improve credit members' financial lives to help them achieve their dreams. For example, in 2013, Summit members saved over $13 million based on higher savings rates, lower loan rates, and lower fees compared to for-profit banking institutions in Wisconsin. Summit has invested in creating a world-class learning function, which includes a team of seven professionals who can design and deliver instructor-led and online learning. Summit has shifted from generic off-the-shelf training to developing programs customized to employee needs and the company's goals and initiatives. For example, the learning function is expected to be crucial in dealing with business issues such as efficiency, loan growth, and increased sales. All learning staff members are expected to contribute to new company initiatives, such as new products and services, systems, or regulations. Summit has recently identified a problem with its new lenders. They were starting to perform their jobs without the necessary skills, information, and knowledge that they needed. One potential reason for this is how the lending training curriculum is organized. New lenders attend a course on different types of loans and the lending system, start their jobs and then return for a period on lending guidelines, underwriting, and sales skills.

Formative EvaluationBased on your two recommended methods of training from Draft 2, explain how you would conduct a formative evaluation.Summative EvaluationBased on your two recommended methods of training from Draft 2, explain how you would conduct a summative evaluation.

The following is what I wrote in the project. I just need the formative and summative evaluations mentioned above in the box!

SWOT Analysis:

Strengths:

1. A learning structure of world-class quality, complete with a group of trained specialists that can create and execute individualized training programs.
2. A method motivated by a purpose to enhance the members' financial life, ultimately resulting in considerable savings for those members.

Weaknesses:

1. The lending training program needs more organization, resulting in fresh lenders beginning their positions without the necessary skills and expertise.
2. There may be a need for a connection between the demands of employees for training and the objectives and ambitions of the firm.

Opportunities:

1. Capability to create fresh firm projects through gaining knowledge from teammates' work.
2. Ability to generate new company projects by gathering information from colleagues' work and using that knowledge.

Threats:

1. Constantly shifting legislation in the financial business may necessitate constant modifications to the training content.
2. It was a growing rivalry with other banks, which called for staff with elevated expertise and experience.

Gap Analysis:

1. First, there is the possibility presented by the fragmented lending training program. To teach prospective lenders, the lending training program should be revised to reflect this. Before beginning their occupations, individuals could obtain the essential skills, facts, and expertise if they did this. The procedure on how to fix this gap issue is as follows. Employ a strategy known as blended learning, which combines traditional classroom instruction with self-paced online courses and on-the-job experience. This strategy allows new lenders to acquire core information during the first training session. Afterward, they may return for more concentrated instruction on instructions, financing, and sales abilities before entering their positions.
2. The second opportunity is the proper alignment of staff training with the objectives and aspirations of the firm. Training programs should align with Summit's business challenges, such as improved sales, loan growth, and productivity, to guarantee that workers successfully contribute to achieving corporate goals. The procedure on how to fix this gap issue is as follows. Evaluate the training requirements, including soliciting advice from workers, team leaders, and department managers. This study will uncover skill gaps and training requirements particular to each department. The learning function can create programs to meet those needs with this information.

Needs assessment:

1. In the first approach, we use questionnaires and surveys with those involvedeveryone on staff, from prospective lenders to department supervisors to personnel in the learning department. The rationale behind this is that it is possible to gather input from a significant number of participants through surveys and questionnaires and that this data may assist in determining which departments share training requirements. This approach guarantees that the training programs cover the needs of all workers, even those who are relatively new to the company, such as new lenders.
2. The second strategy we use involves participants by having them participate in focus groups. Both new lenders and seasoned staff members are on board. The theory behind this practice is that focus groups encourage open conversation and the exchange of concepts among individuals. This enables a more in-depth examination of voids in training and possible remedies. Participation from newly hired lending personnel and knowledgeable lending staff will give indispensable intuition into the unique problems freshly hired workers confront and the essential abilities needed for achievement.

Limitations and Revisions

It is possible for there to be flaws or mistakes in the input that is obtained because needs assessments depend on data provided by individuals. We will oversee surveys anonymously to address this issue and promote open and honest information. Furthermore, we will show ongoing reviews and revisions of the requirements assessment process to accommodate any new changes in the objectives of the sector or the business. The feedback obtained from the evaluation will be before any required adjustments are made to ensure that training programs are continually improved.

Objectives

The inclusion of practical applications in training programs is essential. Following the completion of the training program, newly trained lenders will possess the necessary skills and expertise to use their learned knowledge in practical lending situations effectively. To fulfill the requirements, it is vital for individuals to effectively accomplish case studies that demonstrate precise loan evaluation, screening selections, and marketing contacts. This entails effectively managing case studies showing accurate loan evaluation, underwriting determinations, and sales engagements.

Improving the learning of skills among new lenders is an additional avenue for enhancing training effectiveness. Upon completion of the training program, novice lenders will possess a comprehensive understanding of various loan categories, the intricacies of the lending system, the standards governing lending practices, the underwriting procedures, and the essential sales techniques. To demonstrate satisfactory proficiency, it is recommended that individuals get a score of 85% or above on the post-training exam. The subject matter encompasses a variety of loan kinds, the mechanisms of the lending system, lending criteria, the procedures involved in financing, and the acquisition of sales abilities.

Lastly, make a valuable contribution to the company's initiatives. Upon completion of the training program, novice lenders will possess the necessary skills and knowledge to actively participate in various corporate endeavors, including the introduction of new products, enhancements to services, and compliance with legislative modifications.

Goals

SMART Goal 1- At 60 days after the conclusion of training, it is expected that a significant majority, namely 90%, of recently trained lenders will demonstrate the ability to recognize and tackle lending obstacles within three practical situations accurately. This will be achieved by effectively applying the information and skills they have received throughout their training.

SMART Goal 2-Following 45 days of undergoing training, it is expected that a significant proportion of newly trained lenders, namely 80%, would actively participate in at least one cross-functional team or project that pertains to novel items, products, infrastructure, or adherence to regulations.

SMART Goal 3-During 90 days following the conclusion of the training program, it is expected that a substantial majority (95%) of recently trained lenders would exhibit proficiency by continually employing lending standards and sales techniques to successfully get loans of high quality. This achievement will significantly contribute to the business's objectives of loan growth and attainment of sales goals.

Methods

1. Organize and facilitate interactive seminars under the guidance of seasoned lending experts. The workshops will provide practical experience using case studies, role-playing exercises, and group collaborative discussions. This approach will enable the provision of immediate critique and foster collaborative learning, therefore augmenting the acquisition of skills and the implementation of information. This approach facilitates working directly with seasoned instructors, promptly resolving uncertainties and fostering dynamic discourse among novice lenders. Using scenarios and simulations promotes the acquisition of real-world abilities, while the involvement of peers contributes to the learning process.
2. Facilitate pairing novice lenders with seasoned lending personnel to engage in at-work observing and training activities. This strategy offers individualized training, enables novice lenders to identify and adopt optimal strategies, and facilitates a progressive integration into their responsibilities. Additionally, it fosters a culture of cooperation and facilitates the exchange of information inside the firm. This method acknowledges the significance of experience learning. Aspiring lenders will acquire practical lending situations, watch experienced experts' decision-making methodologies, and get individualized guidance to enhance their transition from training to work execution.