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Published Articles by David Balovich

Title: Continuing Education
Published in: Creditworthy News
Date: 7/28/04
Career: “A pursuit of consecutive, progressive achievement in public, professional or business life. A profession for which one trains and which is undertaken as a permanent calling”.  

Job: “A specific task or piece of work to be accomplished for a set fee or compensation”.  

Source: Webster’s New College Dictionary.  

We often hear or use the term credit professional but how many of the “credit professionals” among us look at what they are doing as a career or a job? How many employers consider credit positions to be careers rather than just a job?  

Continuing education is no longer a typing class one night a week at the local high school. It was written in the early 1960’s that the store of human knowledge would double within our lifetime. Today, it is doubling every two years. This is an overwhelming achievement, no one person can know it all and many of us cannot access the majority of knowledge available to us. However, all information is, for the most part, potentially accessible and one must not only educate one-self on the basics but also determine how, what, and why they want access.  

Educational opportunities today are immense. The Internet now provides all manner of study opportunities from virtually every major university or college. Every type of degree offered can be obtained on-line. The perspective surrounding education has changed. Today, more than at any previous time, ignorance is merely ignorance; there is no bliss to it.  

Every individual has an inherent responsibility to educate him or herself. Regardless of position or prior achievements, ignorance is dangerous. Continuing education is a matter of simple necessity because all of us are replaceable by someone who is better informed, or perceived to be better able to perform our duties. The work concept of our parents and grandparents of entering the workplace, doing a good “job” and being rewarded for it, after twenty years, is as practical today as typewriters.  

Every employer, also, has a stake in continuing education. As often as it has been said that expertise can always be hired, today that is simply not true anymore. Our workforce is maturing and there is not an adequate supply of young workers from the Baby Bust generation to meet the needs of business to assume responsible roles.  

Who in the organization knows what needs to be done and how to best get it done? Warren Buffet, the second richest man in the world, achieved his success and wealth by “never investing in anything he did not understand”? Organizations cannot continue to prosper with employees that “do not understand”. For example; how many of us understand the difference between credit analysis and risk analysis? How many of us understand the consequences of not following the guidelines of Regulation B? How many of us understand the usefulness of Adequate Assurance of Performance? And how many of our subordinates understand the above and so much more?  

Continuing education must be seen as a mutual program between employee and employer. As the human resource capacity of “Western” countries continues its downward spiral, the best interests of an organization can be met by investing in existing staff.  

Although there are many organizations that have recognized this, the majority has yet too and these organizations need to go beyond providing just the economic rewards (paycheck). Organizations need to address more educational opportunities for their employees and require accountability to advance their careers. One method to meet this objective would be for the employer to provide time and study environments during working hours. Many organizations, today, provide recreational activities during working hours but how many provide time to improve knowledge and work skills?  

Think of the individual coping with home, family and other outside pressures of life. Does attending class after work and than studying close to or after midnight, two to three times each week, really enhance the learning process? What about the growing majority of single parents who do not have the outside time to devote to continuing education?  

Alternatively, a study hall environment for a four-hour period each week at the office can help to enhance learning, and more importantly, it can enhance employee loyalty, allowing the organization to retain better-educated employees with careers.  

I wish you well.   

This information is provided as information only and not legal advice. Legal advice should be obtained from a competent, licensed attorney, in good standing with the state bar association.

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