Training in the Financial Industry: An Effectiveness Study on a Small EU Island State
Purpose: This study explores key factors that have a significant impact towards training effectiveness within the Maltese financial industry. Design/Methodology: In order to reach the aim of this study, training institutions and other financial organisations delivering training to employees working within the financial industry were contacted. The authors used a mixture of methods, whereby observations and self-administered questionnaires assisted in the data collection for this study. Findings: Findings show that the Maltese financial industry is providing effective training to its employees and that mature trainees with a higher level of occupation found the training more effective than others. Furthermore, the proposed Training Effectiveness Model (TEM) leads to an improved employee performance, as it positively correlates with the Employee Performance Development Model (EPDM) established in this study. Practical Implications: Research exhibited that training needs analysis, clear training objectives and expected outcomes, trainee characteristics, training design and work environment are the main factors of a strategic and effective employee training.