Formative Evaluation
Formative evaluation is an essential aspect of this training program, involving the collection and analysis of feedback during the development and implementation of the program, which is tailored to participant needs (Bin Mubayrik, 2020). The main aim of this formative evaluation is to assess the existing training process to enhance its efficacy and address the required adjustments before completion. In the realm of Summit Credit Union’s training strategy encompassing blended learning and peer mentorship, the formative evaluation approach varies from data collection, feedback, and learning assessment.
Blended Learning (Instructor-Led and Online)
The first way of conducting formative evaluation is through data collection. This would involve collecting feedback from participants during and after every training session, using either direct feedback from trainers, focus group discussions, surveys, or a blend of all of them (Bhat & Bhat, 2019). The second way of conducting this formative evaluation would be through an assessment of learning. Quizzes, simulations, and case studies could be used to continuously assess the participants’ understanding and application of the concepts. Observations would also be used to understand the participant’s involvement and interaction during physical and online sessions (Bin Mubayrik, 2020). Finally, adaptation is key after collecting data and using it to note areas requiring improvement, updating content, and adjusting the delivery methods and pace depending on the participant’s feedback.
Peer Learning and Mentoring
This model, the first step would be soliciting peer and mentor feedback regarding the efficacy of the mentoring process using in-person discussions or surveys. The other approach to conducting the formative evaluation would be through performance assessment of new lenders by comparing their performance before and after the mentoring program (Bhat & Bhat, 2019). The assessment could involve tracking metrics related to sales performance, underwriting accuracy, and loan processing. Additionally, communication observations, in terms of frequency and quality between mentors and new lenders would be essential through participant feedback, communication records review, and shadowing sessions. Assessing peer interaction to understand the level of collaboration among new lenders within the peer learning group would also be necessary to weigh the effectiveness of knowledge sharing (Bin Mubayrik, 2020). Finally, adaptation would involve using the feedback and performance data to implement adjustments to the partnering of mentors and mentees, offer extra resources or training mentors, and adjust the peer learning sessions’ structure.
Summative Evaluation
A summative evaluation is performed at the end of the training session to analyze the overall efficacy and accomplishment of objectives (Bin Mubayrik, 2020). In the context of Summit Credit Union’s training strategy, the summative evaluation would address both blended learning and peer learning and mentoring.
Blended Learning
The first approach to conducting a summative evaluation would be assessing the participants’ learning outcomes based on performance against the set goals. This involves assessing skills and knowledge gained and the ability to apply concepts in real-life situations (Bhat & Bhat, 2019). Secondly, assessing completion rates would be another approach by calculating the percentage of participants who have completed the training sessions. Another approach would be conducting a comprehensive survey to collect information regarding participants’ satisfaction levels with the training program, trainers, content, and general experience (Bin Mubayrik, 2020). The final approach is comparing participants’ performance before and after training to measure the extent of improvement.
Peer Learning and Mentoring
Some of the most effective ways to conduct summative evaluation would include using performance metrics by comparing key performance indicators, including sales performance, underwriting accuracy, and loan processing times, of new lenders who participated in the mentoring program and those who never participated. Another approach is to analyze qualitative feedback from participants about the influence of peer mentoring on their performance, confidence, and learning (Bin Mubayrik, 2020). Also, the mentors’ contributions to the development of new lenders would be evaluated by assessing the participants’ profess and productivity. The final approach is examining whether participants of the peer mentoring had higher retention rates and expressed enthusiasm for their roles, thus confirming the effectiveness of the training strategies and allowing Summit Credit Union to refine relevant areas for future success.
References
Bhat, B. A., & Bhat, G. J. (2019). Formative and summative evaluation techniques for improvement of learning process. European Journal of Business & Social Sciences, 7(5), 776-785. https://ejbss.org/
Bin Mubayrik, H. F. (2020). New trends in formative-summative evaluations for adult education. Sage Open, 10(3), 2158244020941006. https://doi.org/10.1177/2158244020941006