KNOWLEDGE-MANAGEMENT IN BANKING INSTITUTIONSLacramioara RadomirBabes-Bolyai University of Cluj-Napoca

Cluj-Napoca/Romanialacramioara.radomir@econ.ubbcluj.roAndrei Mircea ScridonBabes-Bolyai University of Cluj-Napoca

Cluj-Napoca/Romania

andrei.scridon@econ.ubbcluj.roAbstractBecause of the rapid changes in technology, products and the production process can nowadays be easily copied. In these circumstances, important assets for companies become those employees that are capable to add value to the organizations capital. They are employees that can be considered not just the companys human capital but also the intellectual one and which help it differentiate from the competitors and obtain a sustainable advantage. Bearing in mind the previously mentioned idea, we assume that a companys intellect (knowledge) consists of its human knowledge. It is therefore easy to understand that if losing its human resource, a company loses its knowledge too. Thus, companies must focus their efforts on retaining and sharing the knowledge within the company.KeywordsKnowledge, bank, training programs, human resources, learning1. INTRODUCTIONThe nowadays economic environment could be characterized by economic volatility, high employee turnover, global competition, and rapid change. A long-term competitive advantage for any country, industry, or company, is now harder to obtain because of the fact that neither money nor technology can, for any length of time, offset the growing imbalances in labor resources. Companies can no longer expect the products and practices that made them successful in the past to keep them viable in the future. Nowadays knowledge is considered a key asset which can provide a sustainable advantage. According to Davenport and Prusak: Eventually competitors can almost always match the quality and price of a market leaders current product or service. By the time that happens though, the knowledge rich, knowledge-managing company will have moved on to a new level of quality, creativity, or efficiency. The knowledge advantage is sustainable because it generates increasing returns and continuing advantages. Unlike material assets, which decrease as they are used, knowledge assets increase with use: ideas breed new ideas and shared knowledge stays with the giver while it enriches the receiver. The potential of new ideas arising from the stock of knowledge in any firm is practically limitless particularly if the people in the firm are given opportunities to think, to learn, and to talk with another [1].

The only real comparative advantage in developed economies lies in the implementation of the knowledge management process. This means continual, systematic work on the productivity of knowledge and knowledge workers, which is still neglected and abysmally low. It means that companies store and deliver information through various systems and activities in order to make it available at the right time, in the right place and to the right persons. Furthermore, it means identifying those employees that can be considered the companys intellectual asset and treat them as important components of the knowledge management process. The productivity of knowledge and knowledge workers will not be the only competitive factor. It is, however, likely to become the decisive factor, at least for most industries in the developed countries.

As a result, the modern business organization cant compete effectively in the marketplace without skilled managers and employees and without methods for managing their employees knowledge. Nor can it effectively compete in the marketplace without implementing the right processes making use of the right technologies, including information technology. 2. THEORETICAL FRAMEWORK

2.1 Knowledge

Given the nowadays market conditions, knowledge seems to have become and considered by many companies one of the factors that needs to be given attention for the firms long-term success. Those companies that are aware of the fact that the technological process can be easily copied and that their available material resources are no longer an asset if not taking into account the knowledge factor, are the ones that can hope to obtain a long-term advantage.

Many attempts have been made to define the term knowledge, all of them leading to the distinction between its forms: tacit and explicit knowledge. Thus, knowledge is considered to hide in people minds and in the companys processes.[2] Amrit Tiwana explains that this term is neither clear nor simple because part of it may be structured and thus easy to communicate and stored, while the other part is a consequence of peoples experience, of their way of understanding and doing things.[3] The second type of knowledge is much harder to structure, to communicate or to be expressed using words or images and needs therefore to be observed during conversations or while being involved in an activity. In other papers knowledge is considered to emerge from different applications and analyses (when data and information are used) which are interpreted and linked with beliefs. Thus, many authors make a clear distinction between data, information and knowledge. Donald Hislop considers that data is represented by raw images, numbers, words, sounds etc., which result from observation or measurement while information is represented by data which is arranged and organized into a meaningful pattern. Unlike data and information, knowledge is seen as the means to analyze or understand information or data, belief about causality of events or actions, and provides the basis to guide meaningful action and thought.[4] Data and information should be considered important, but knowledge, experience and skills used at a particular moment are to differentiate a good decision from a bad one.[5] These two statements allow us to conclude that persons may differently interpret data, information and results depending on their different knowledge bases.

Considering the above mentioned points of view regarding the term knowledge, we find it proper to present the main differences between structured (explicit) and unstructured (tacit) knowledge. Explicit knowledge is very often codified in a written form such as manuals, brochures, standardized procedures etc.[6], it is that part of the knowledge which can exist independently of people in a codifiable form[7] and which is unambiguous, easy to see and to transfer from one person to another or within a company using different support materials.[8] Thus, we are able to capture the explicit knowledge using written manuals, procedures, documents, books, databases, CD, web pages, diagrams, images etc. and later transfer it to other persons. There are also authors who claim that explicit knowledge can be both structured and unstructured. Thus, procedures, manuals, documents, databases etc. are considered to be structured because of the way in which the included data and information are organized for a future revision. On the other hand, images, training courses, e-mails etc. contain information that needs to be given attention at a particular moment as it is not organized for future revision and thus may be considered examples of unstructured knowledge.[9] Tacit knowledge, on the other hand, is that part of knowledge that one cannot codify and which more over stays in the heads of people. Tacit knowledge is somehow a result of the way that we understand to do things and as a result, it leads us to evaluating and appreciating things in different ways. Unlike explicit knowledge which can be preserved in a textual form and accessed in the future in order to revise or update it, the tacit knowledge is highly personal and subjective, depending on the values, assumptions and skills of those persons who possess it. As Donald Hislop notes, tacit knowledge is inexpressible, it is difficult to articulate and sometimes it is even subconscious.[10] While explicit knowledge can be reproduced and internalized with the purpose to apply it in specific future contexts, tacit knowledge is immaterial, intangible and needs to be observed in certain situations (during personal communications, while performing some actions etc.). Thus, people can learn from past decisions, be they good or bad, if using explicit knowledge[11] while an individuals tacit knowledge appears through talents, abilities, skills, professional knack, insight, wisdom, and shared behaviors (traditions, communities of practice, collusion).[12] For a better understanding of the distinction between explicit and tacit knowledge, we find it necessary to briefly present their characteristics as follows:

Table 1. The differences between explicit and tacit knowledge

Explicit KnowledgeTacit Knowledge

Easy to structure and organize

Easy to communicate

It can be codified using databases, words, documents etc. and thus can be easily seen and used whenever needed It exists on the companys different supports which makes it impersonal and objective It can be easily shared within a company using material supports Unstructured and unorganized

Hard to communicate

It is a consequence of a persons experience or skills and cant be codified, being necessary to observe it in certain situations It cannot be stored and exists in peoples heads which makes it personal and subjective The company needs to encourage its employees to share their tacit knowledge

Bearing in mind a previously mentioned idea, namely that tacit knowledge is in peoples mind and therefore cant be stored on material supports, we assume that a companys intellect (knowledge) consists of its human knowledge. This being said, it is easy to understand that if losing its human resource, a company loses its knowledge too. With regard to this statement Amrit Tiwana offers an example from the banking sector. She shows that almost half of the analysts that had been working for ING Baring left the bank and later on started working for its competitor, Deutsche Morgan Grenfell (known nowadays as Deutsche Bank). In this way, ING Baring gave up part of its knowledge in favor of the rival.[13]This example should be a warning signal for all companies. First of all, it is recommended to retain the knowledge within the company and secondly, if not possible to retain it because of different reasons, a companys efforts must be focused on sharing knowledge whenever possible and necessary. Knowledge transfer or share could be devised into explicit knowledge transfer and tacit knowledge transfer. As one can tell, sharing explicit knowledge refers to providing employees with the necessary information so that they can apply it in certain situations. Unlike the process of explicit knowledge transfer, which seems to be easy to realize, the transfer of tacit knowledge may raise some issues because of its intangible form. As Daryl Morey, Mark Maybury and Bhavani Thuraisingham noted, a companys knowledge consists of two parts: one part stored in archives, cabinets, and peoples minds, it consists of tangible components (data, procedures, drawings, models, algorithms, documents of analysis, and synthesis) and a second one which consists of intangible components (peoples abilities, professional knack, private knowledge, routinesthe unwritten logic of individual and collective action, knowledge of company history, and decisional contexts).[14] This statement makes us understand that a companys knowledge depends on the individuals knowledge, on its employees skills, ability, logic and wisdom. The importance of knowledge transfer arises out of its contribution to the companys long-term success. Regarding the knowledge transfer process, many authors, including Graud Servin, Bhavani Thuraisingham, Daryl Morey and Mark Maybury, use the phrase knowledge harvesting. Their opinion is that a company has to cultivate and harvest knowledge transfer in order to be able to position themselves competitively in an economy which is nowadays increasingly more focused on knowledge. Whenever a company employs a new person it has to analyze the employees behavior. What should be observed is whether that person is opened to or whether he/she inhibits the process of knowledge transfer. Actually, an organization must always try to convince its employees to accept to share the knowledge.

If referring to the explicit knowledge, we may say that sharing it depends only on the companys interest. It is easier to share this kind of knowledge because, as we have previously shown, it can be codified (diagrams, charts, documents, web pages, procedures, brochures etc.) and thus transferred towards the person that needs it. The companys effort, in this case, refers to providing its employees with the necessary material support that sustain and encourage the knowledge transfer process. But much of a companys knowledge is rather tacit that explicit, meaning that it is captured, kept in humans heads. Even when explicit knowledge is shared, tacit knowledge influences a persons way of acting. Lets have the example of a written procedure which is addressed to three employees. The company provides them with exactly the same information but one of them may not fully understand the new presented information. Another one may understand everything but may also find it difficult to apply certain steps needed for an application because of the lack of experience. And finally, the third person, reads the same text, follows the same steps in solving the problem and achieves the desired result. The differences between the results obtained by the three employees are a consequence of their tacit knowledge. Thus, the companys main problem may be to exploit the knowledge that each employee possesses and cannot be transferred through material supports but through communication and their owners willingness to take part in the process of knowledge sharing. The approach through which a company tries to capture tacit knowledge and make it available for more persons is known as knowledge harvesting. Actually, a company interested in transferring knowledge needs to try to transform as much as possible of the tacit knowledge into an explicit one, meaning that it has to get it out of peoples mind and show it or make it available for others. Tacit knowledge transfer is hard to realize and takes much more time as it requires interaction between employees so that they may observe and copy each others actions and behavior or to understand each others way of thinking and interpreting things. This could only be achieved by organizing meetings during which the employees are encouraged to explain the way they judge different aspects, or a workshop where some employees explain and show step by step the way they manage a problem. The more time employees spend one with each other and the more they are engaged in the communication process, the more efficient the process of knowledge transfer is.

2.2 Knowledge ManagementThe phrase knowledge management has been increasingly often used lately, either in management and marketing books, or in economics articles and therefore we are familiar with lots of definitions that well-known authors have offered in order to better explain its meaning. This part of the article is intended to make just a brief presentation of the knowledge management concept so as to be easier to emphasize the importance of one of its components, namely the people component.

Knowledge management may be considered the process of knowledge creation [15] and the strategy of getting the right knowledge to the right people at the right time [16]. The knowledge management process implies the development and the use of knowledge within the firm [17] and finding a way of putting knowledge into action to improve organizational performance [18], making use of what people know. The right knowledge as mentioned in the above given definition, refers to that part of knowledge that one may need for better solving a problem or understanding and analyzing a piece of information, etcetera. Thus when a company wants to implement the knowledge management process, it is necessary to find out who are the persons that have the capability to create, share, and use the knowledge so as to obtain the aimed results. Furthermore, it is imperative to encourage some employees to create and share knowledge, and others, or even the same persons, to learn and use the knowledge, making it possible to apply the collective, explicit and tacit, knowledge to the entire workforce. Jerry Honeycutt appreciates knowledge management as a discipline that treats intellectual capital as a managed asset, pointing out that it does not refer to a database which includes all the information known by an organization's workers, but to delivering information to knowledge workers [19]. Based on the above mentioned definitions, we appreciate knowledge management to be the process through which a company designs and uses different tools in order to facilitate the creation, sharing and application of knowledge by the knowledge workers (meaning those persons, be they managers or employees, that add value to the company), at the right time and in the right place.

Some authors try to explain the meaning of the phrase Knowledge management by underlining what it does not refer to. Thus, knowledge management may be seen as a process through which the information available to a company can be stored, sorted and delivered with the help of various systems and activities to the right users whenever and wherever needed. It offers the possibility to integrate information from more sources and offers easily access to it. Furthermore, knowledge management allows personnel to share what they know one with each other. Implementing knowledge management implies making the effort to determine the intellectual capital of the company through interviews, reports, surveys, group meetings, workshops and so on. Then, a company has to determine the best way to store information and the best place to store it so as to make it available whenever and wherever it is needed. Actually, it requires the collaboration between employees and even investment in employees (mentoring, training and development etcetera) in order to facilitate the share of knowledge.Table 2. What is and what is not knowledge management about

Knowledge management is notKnowledge management is

the process of capturing and storing the knowledge in the hope that it will be needed sometimes the process of capturing, storing and use of the knowledge that is needed, at the right time, at the right place and with the implication of the right persons

knowledge engineering

the process of melding information systems and people in a proper way

only about digital networksreferring to activities that can improve business processes with the use of personnel

a short-time activitya process that needs to be seen as an investment and requires attention all the time

Source: adapted after Tiwana et al., 2000

Most authors (Amrit Tiwana, Daryl Morey, Graud Servin, Donald Hislop etc.) consider knowledge management to have three important components: technology (used to facilitate the communication process and to enable employees to collaborate one with each other), processes and people.

Technology is a vital asset for the companies that want to manage the knowledge. Those organizations that are capable to adapt to the rapid change in technology and which take advantage of the possibilities that it offers, are the ones that will be able to outrun their competitors. Technology makes it easier to store and organize the knowledge (CDs, databases) and also to distribute the information and share knowledge (web sites, intranet etcetera). Due to the use of technology, one employee can communicate with others even when there isnt possible to meet face to face (e-mails, web conferences etcetera). Thus, technology makes it possible to reduce time and effort in the process of sharing knowledge (be it explicit-with the use of material supports such as CDs, databases- or implicit-with the use of video conferences for example) and information.

Processes may be referred to as those specific activities that need to be done in order to facilitate the creation, organization, share and the usage of knowledge. The management of knowledge implies lots of processes that enable the company to identify and benefit of its knowledge asset. Processes are considered to be the activities involved in turning a set of inputs into outputs [20] and Graud Servin offers us several examples of such activities [21]:

- Conducting knowledge audits to identify knowledge needs, knowledge resources and knowledge flows;

- Creating knowledge strategies to guide the overall approach;

- Connecting people with people to share tacit knowledge using approaches such as communities of practice or learning events;

- Connecting people with information to share explicit knowledge using approaches such as best practices databases, and using content management processes to ensure that explicit knowledge is current, relevant and easily accessible;

- Creating opportunities for people to generate new knowledge, for example through collaborative working and learning;

- Introducing processes to help people seek and use the knowledge of others such as peer assists;- Teaching people to share knowledge in ways that inspire people by using storytelling techniques;- Encouraging people to prioritize learning as part of their day-to-day work, by learning before, during and after the tasks and projects they have performed.

The people component was on purpose left in the end because it is in our opinion the central or the key element of knowledge management. If not paying enough attention to the people asset, the company cannot effectively manage the knowledge. In vain does it invest in technology and to no end does it try to optimize the processes if employees are not considered to be an element that needs to be improved. The company may create an intranet or a database or may even weekly distribute printed materials and organize video conferences but no positive results would be obtained if the people component is ignored or is not given the proper attention.

As we consider people to be the most important component of knowledge management and an asset that cannot be ignored, we will further on concentrate on the people issues, noting that the three components do not work in isolation.

2.3 The Intellectual AssetDue to the rapid change in technology, products and the production process can nowadays be easily copied. In these circumstances, important assets for companies become those employees that are capable to add value to the organizations capital. They are those employees that come up with new ideas, that share what they know with other persons and that can help the company to achieve its objectives. They are those employees that can be considered not just the companys human capital but also the intellectual one and which help it differentiate from the competitors and obtain a sustainable advantage. If the material resources lose their value as they are used and must be therefore replaced, employees are an asset that can be continuously developed [22]. In order to obtain the aimed results in their activity, companies have to guide their employees and help them develop the necessary working skills. They must see in their employees not just a resource but also a part of its intellectual capital whose main asset is knowledge. Daryl Morey, Mark Maybury and Bhavani Thuraisingham appreciate that the intellectual capital of a company consists of three elements, one of them, namely the social capital, being most of the time neglected. The social capital is in their opinion very important as it refers to the ability of groups to collaborate and work together and is a function of trust. Effective networks of relationships characterized by high levels of trust are a valuable and often overlooked resource in the creation and use of knowledge [23]. The three authors mention in their definition the word trust as a condition. Indeed, trust is known to play a major role between relationships. Therefore, a company must inspire trust to its employees so as to determine them to do their best. In addition, trust is also necessary between employees. If they do not trust each other, the company is sure to meet difficulties in convincing them to share knowledge. Trust is also probable to determine the level of commitment employees feel towards their employers and towards the organization they are working for. When employees do not feel commitment towards the company they work for, then they are very unlikely to have an open attitude towards the knowledge process. Thus, the resource based view of the companies must turn towards the knowledge based view which focuses upon knowledge as the most strategically important of the firms resources [24].

To be able to apply knowledge management (considering the people component), a company must, in our opinion, focus at least on the following five activities: include knowledge within the employees responsibilities; explain employees what knowledge refers to; explain employees the benefits of knowledge; explain employees the possible ways to create, acquire, adapt, share and use knowledge within the organization; develop programs that facilitate the access to knowledge (material supports, either on printed materials or on digital and web supports, and tools that enable the share and the acquisition of tacit knowledge like training, mentoring, coaching, communities of practice and many others).

People represent a factor that can be managed in order to obtain a lasting success on the market and companies must be aware of this aspect. Actually, companies must try to turn their workforce into knowledge workers. In order to make it possible companies must convince their employees to see knowledge as part of their work or a part of their every day work. Companies have, therefore, to include the learning and knowledge processes in the employees responsibilities and the employees need to realize that besides providing accurate and complete information, describing a product or service, attracting and convincing customers to buy, for example, they also have to allocate enough time for knowledge, for sharing what they already know and for learning new things that may help them do their work better. Furthermore, there may be necessary to explain people what knowledge is about. People usually see knowledge as an abstract concept and therefore do not know how to make the best use of it or as it most of the time happens, they acquire, share and even use their knowledge without realizing it. Another important issue refers to presenting the benefits of knowledge. More exactly, the company has to demonstrate that a knowledge system or process can help employees do their everyday tasks more easily and effectively or efficiently. It can also lead to recognition from colleagues and superiors and even from clients that are provided better services. If employees are shown that the knowledge management process is benefic both for themselves and for the organization they are working for, then they are more likely to have an open attitude towards knowledge (seen as a concept and as a process as well). In addition, companies may have to teach and help their employees to create, acquire, adapt, share and use the knowledge. There are cases when people just dont realize that they know something that could be shared or they simply do not know with whom to share the possessed knowledge. Besides, one may not be able to find the best way to create, share or to acquire knowledge. In these circumstances, companies need first of all to create relationships within the organization and develop employees the necessary skills. One cannot acquire or share knowledge if not listening to others first. This is an example of a skill that needs to be developed if willing to be part of the knowledge management process. Focusing on their own problems and duties or just speaking without listening to other persons opinion is not the proper attitude if working in a company with knowledge based view. From this perspective, the employees must also try to obtain a feedback whenever possible. Developing such skills is at the same time important and benefic for the relationships that are developed with the external clients of the company. Listening skills help employees to exert a favorable influence upon their relations with clients. Imagine a bank financial consultant that is concentrated on presenting a new released financial product when the client is not interested in such an offer. The relationship between the bank employee and the client may be endangered if not paying enough attention to the expectations and to the needs of the client or if not trying to understand what he or she means by an affirmation or when asking something. Finally, the company has to develop certain programs in order to ensure that the employees can effectively acquire, create and share knowledge. Whether new recruits or old and experienced personnel, the employees must always learn what they are expected to do and share what they already know with colleagues. In this respect, the company must concentrate its efforts upon sharing both explicit and tacit knowledge. As previously mentioned, the process of sharing explicit knowledge is much easier to implement. It actually requires the existence of the necessary technology so as to make the information accessible in real time or offline and of course, the existence of printed materials (documents, procedures and others). An example of such a printed material that is increasingly more used by banks lately, is the instruction manual or as Graud Servin calls it, the how to guideline [25]. Employees at different job positions receive several how to guidelines meant to help them in their relationships with clients (we shall refer to these aspects and will offer examples when talking about banks). These instruction manuals are in fact a result of a practice observation process. Those practices that have been proven to lead to the wanted results are recommended as models and as a guideline to those that may need them given the job position. The front-line personnel, for example, may be recommended to read a how to instruction manual in order to better sell a product. The next step would be to encourage these employees to share from their experience. The way they managed to convince a client to buy a product may provide a baseline which could result in a new how to guideline if continuously improved. As for the share of tacit knowledge, companies must try to connect people to people, be it during a training program, a mentoring or a coaching one. Another way to facilitate the share of tacit knowledge would be, as we have already mentioned, the retention of those employees that possess valuable knowledge and participate in knowledge activities. What we mean is that tacit knowledge is held in peoples minds and the companies must therefore try to prevent the loss of knowledge. Then, the tolerance for mistakes (mistakes can be considered a source of learning how not to try to solve a problem in the future or a how to solve it), a rewarding policy could also facilitate the process of knowledge sharing.

Learning and work should be nowadays considered inseparable. Learning can no longer be considered a one-time process but a lifelong one as it helps people acquire and create knowledge, acquire values and develop the necessary skills for the every-day work. There are companies that invest too much in training programs, without taking into account that they are one-time events, and neglect the process of learning which should be a continuous one and involve besides training on the job, the job rotation programs, coaching, mentoring and so on. Employee must be encouraged to learn and gain new knowledge but also to share it, they have to know and trust each other so that they feel comfortable to change ideas and experience. The knowledge we possess (especially the explicit one) is easy to lose and needs therefore to be shared. That is why we strongly agree to the assertion that learning and work must now be integrated into a continuously supportive process [26] that could lead to a continuously upgrading of employees knowledge, skills and of the necessary abilities. Zolingen, Streumer and Stooker underline in an article the link existing between learning, the learning organization and the knowledge management process as seen by Marsick and Watkins: If a continuous learning system enables an organization to build new competencies and capacities among its members, a knowledge management system enables the organization to translate that learning into knowledge that adds value. Knowledge management, by focusing attention on the processes that create knowledge and which preserve it, enables organizations to grow and renew themselves. [27] Knowledge does not have an inherent value and is relevant and helpful just when being used. Given the existing business environment and the challenges which companies have to face, it has become imperative to use all the advantages in order to stay competitive. That is why we believe it is necessary that companies invest in the people element and start consider human assets a source of advantage and the knowledge management a process which can be applied for a better management of peoples knowledge.

The next two sections focus on job rotation and on the training, coaching and mentoring programs as these are considered to be, among others, methods that can be used by companies to facilitate the process of learning. 2.3.1 Job RotationA job rotation program assumes the shifting of employees from one job to another or from one job to others. Increasingly more companies, including banks, use job rotation programs, either planned or unplanned, as a method of developing employees. This development technique facilitates the process of learning within the company and helps employees to better understand the activities that are conducted within the company they work for. The main advantages that job rotation offer may be summarized as follows:

An employee that takes part in a job rotation program can do different jobs as a result of acquiring new skills and perspectives and as a result of getting an overview of the entire organization;

Job rotation can break routine, reduce boredom and motivate or challenge an employee that has performed the same activities for a long period of time;

Job rotation prepares an employee for a career advancement but can also be use in order increase the enthusiasm or to develop new talents through job variation when there are no promotion opportunities;

Job rotation allows employees to acquire multifunctional knowledge as they diversify the information sources. This is an advantage both for the employee and for the company. The employee is thereby able to solve different problems that may occur and the company expands its knowledge creation and share capacity. Due to the fact that an employee that takes part in a job rotation program has to face more specific situations and problems which need to be solved, the knowledge becomes easier to acquire and put in practice. In addition, such a development technique is probable to increase the employees interest in learning as a consequence of tasks diversity. Still, a job rotation program may involve the need for greater training because of the differences existing between the activities performed within the different departments of the company.

2.3.2 Training, coaching and mentoringBefore getting into more details, we want to mention the two reasons that determined us to present the training, coaching and mentoring programs within the same section. First of all, there are persons and companies that consider the three terms interchangeable although there are significant differences that mark a line between these development techniques or learning facilitator programs and should be emphasized. The main differences between training, coaching and mentoring are in our opinion as follows:

Training programs are implemented with the view to developing a particular skill or knowledge on a particular topic and usually takes place in a formal environment while the coaching program is implemented on the job and is designed in order to develop a persons knowledge by using real tasks meant to increase performance. In addition, the coaching program is a more personal one;

Mentoring programs imply the existence of a mentor and of another person called mentee that trusts and is willing to rely on the mentors knowledge and wisdom. In contrast to a coaching program, that encourage persons to find their own solutions for solving different problems that may occur, the mentoring program supposes that the mentor gives advice and guidance.The second reason would be the fact that a training program should be, in our opinion, followed by mentoring and coaching programs to ensure the transfer of knowledge and learning on the every day job.

a). Training programs - In order to meet success during the knowledge management process, companies must invest in employees and in training programs designed to help them with every day work and responsibilities. Investing in technology without paying much importance to the people component may lead to inefficiency as well as to the loss of the most valuable asset, namely knowledge. Thus, the knowledge management system, that a company implements, should support training programs. It should either provide information regarding the training programs (the course start date, conditions that have to be met by the participants, registration forms and other information) or deliver a training course (using technology-intranet for example). Trained people are nowadays necessary whatever their jobs may be: without trained teachers the school will not have pupils and without trained financial consultants the bank may lose important clients. Training could be considered to be the process by which people acquire new knowledge and the necessary capabilities for achieving the companys goals. It provides employees with the knowledge and skills they have to use on their every day work. Still, in order to obtain the expected results, companies need to decide upon several aspects before designing the training program. Such aspects would refer to the content of the training program, the delivery channel (electronic or classroom-based training), the size of the group that is to be trained (sometimes, a small size group is recommended to facilitate the learning process), the time that should be allotted to each topic of the training program and so on. The training programs that a company can choose may be either internal or external. The internal training programs are those that take place within the company, or the way others would call them, on-the-job locations. These type of trainings present the advantage that they imply lower costs as the employees do not go in other locations to take part in the training program and most of the times the company does not have use external trainers (in case it doesnt have its owns). Computer based trainings are an example of internal training and are easy to offer due to the intranets. Many banks use this type of training as complementary to traditional training courses (those which take place in a classroom). Employees are not gathered in a specified location to be trained about a new launched product, for example, but asked to read on their computer all the information necessary to know when presenting and selling the product. Then, the employees are informed via e-mail about each change that is made to a service or product or about new procedures. Other companies, including banks, have even implemented a so called learning portal for their employees (we shall discuss about this kind of portals later, when giving an example), which allows us to say that intranets have become a growing mean of training, and a support for knowledge creation, development and share. Due to the technological infrastructure, the dissemination of information is nowadays more rapidly done, and the collaboration between employees easier. There are lots of companies that no longer gather their employees in a specific location but ask them to take part in a videoconference to have a face-to-face conversation, to be offered the needed information or to express their opinions on certain topics. If well designed, this kind of training programs may also encourage employees to acquire and share knowledge. Another example of internal training programs may be the weekly meetings, organized by some companies, in order to watch a video which highlights either certain situations or problems that could be met by employees and the proper solutions for facing or solving them (they could illustrate the way a machine works, the way a person managed to change a clients opinion about a product or convinced him to buy it).

The external training programs, on the other hand, are conducted outside the company with the help of an outside or inside trainer. External training programs are a good option when the company hasnt developed enough internal training materials or when the employees should be assisted and evaluated by an experienced person. No matter the design of the external training programs (role playing, case studies, business games, workshops, brainstorming, demonstrations made by the trainer or classical courses on specific topics and so on), they can all facilitate the process of knowledge transfer. Role playing, for example, is a technique that requires the trainee to assume a specific role in a specific situation and as long as the trainer has the ability to coordinate it, participants can identify the aspects that need to be learned or they will be able to understand and learn the how to do it and the how not to do it. The key is after all, to encourage trainees to take part actively in the training programs, to transform a one-way training to a participatory one. They should be encouraged to ask questions, to express their opinions, to try to clarify and discuss the lecture material (if there is the case) in order to avoid the passive listening and to offer employees the possibility to share and acquire knowledge and to develop more skills that they can use in their every day work.

The training programs can also be classified depending on the participants: existing employees or new ones. The training programs designed for the new employees should help them receive the necessary information about the company (culture, history, structure, products or services offered, targeted clients), get familiar with the terms that need to be used in his or her job position, present the main responsibilities and way of dealing with them and also to highlight the link between the employees job positions and the objectives of the company.

Be it internal or external, designed for the existing or for the new coming employees, a training program should meet at least the following five requirements:

It should allow the dissemination of knowledge and skills regarding specific topics as well as capturing new knowledge and skills around these topics;

It should lead to acquiring the prerequisite skills, abilities and knowledge for the employees job positions;

It should emphasize the situations in which the new acquired knowledge, abilities and skills may be used;

It should be followed up by support programs that help employees implement the acquired knowledge and skills;

It should allow trainees to offer a feed-back opinion about the selected topic of the training program, about the person or the support used to deliver the training course, about the training design etcetera.As we can see, these five requirements suggest that a training program should support the trainees in transferring the learning in the workplace. This would mean that if trainees cannot apply the new acquired knowledge and skills in the workplace, then the training program was not proper designed. We would also add that before each training program, employees must be told the purpose of it so that they can identify the situations that can be expected to be met on the job. Thus, they would understand that the training program is intended to teach something and that what they learn can be used on their jobs.

In order to support the transfer of learning to the workplace, the employees should be encouraged to practice the techniques presented and used during the training program. Then, the company should offer follow-up support, a way of assisting trainees in applying learning, once they return to the workplace. Examples of follow-up support are the coaching and mentoring, terms that are increasingly more used by companies lately. Coaching and mentoring programs have the purpose to help employees that take part in a training program to implement and apply the learning in their jobs.

b). Coaching - The coaching programs suppose developing a relationship between a coach and a coachee. The first person, the coach helps the coachee to develop him/herself and offers the coachee the possibility to assume more responsibilities and to learn from both their experience. Thereby, the coachee is encouraged to accept the responsibilities that are assigned to him and to focus the effort upon achieving a higher performance. Coaching is a time-limited developing technique which helps the coachees discover their potential through assessment, analysis and reflection on their knowledge, personal experience, ambitions and encourage them to amplify learning and creativity within specific time-scale. Others appreciate that coaching is a learning technique that involves observing an individual at work and providing feedback to enhance performance or correct deficiencies. Coaching combines observations with suggestions, a natural and easier way of learning. The coachee usually asks questions, listens to the answers and observes the behavior, trying to help the coachee to identify his/her strengths and weaknesses, his/her motivations, needs and aspirations or communication skills etcetera. In addition, the coach tries to design a program to help the coachee in achieving the aspirations, assists him/her in developing a strategy that leads to a better management of the problems that occur, and challenges the coachee in order to help him/her develop.Be it a life coach program (the coachee has to establish what his needs, expectations and aspirations are so as to be able to develop and grow), a business coach one (a coaching program designed in order to help the coachee in the context of the business, facilitating at the same time the process of knowledge transfer) or a skill coach program (which helps the coachee to learn those skills that are not properly transferred through training courses), the main purpose is to stimulate the employee to decide upon his/her professional and job objectives and to achieve them.[28] Coaching is a form of influence that facilitates and accelerates the career learning process. In order to be efficient and to have a positive effect upon the coachee motivation, the relationship that establishes between the two parts must be an opened and relaxed one, based on shared commitment and mutual respect. Thus, a coaching program helps achieving the companys final aim, namely the success in the marketplace, through a continuous process of learning by doing.

c). Mentoring - Mentoring is nowadays recognized an important tool that companies can use to develop the employees, to help them strengthen their ability to learn, to encourage them to develop their potential for assuming other responsibilities (related to different job positions) or to retain and prepare an employee for a new job function. Mentoring can be defined as a formal or informal relationship between senior and junior employees for the purpose of supporting learning and development or as a relationship in which managers or more experienced colleagues aid individuals in the earlier stages of their careers. The mentoring program is so designed as to focus on the long-term career objectives and not on the immediate performance. The relationship that develops within a mentoring program brings advantages for both of the parts (a more experienced employee-mentor- and a less experienced one-protg). The protg is supported in his/her career, is helped to understand several mechanisms of the company, receives challenging tasks that have the purpose to increase his/her competences etcetera. The mentor may enjoy the challenge of sharing his/her knowledge and wisdom, may feel useful if the mentoring program is successful and the company would appreciate his/her value. Thus, the role of the senior employee (mentor) is to provide support and advice in career direction, to help protgs become leaders in their profession, to transfer his/her knowledge and the necessary skills to the person being mentored and so on.

As a conclusion, we would say that job rotation, training, coaching and mentoring turn out to be some of the best methods that a company may use in order to increase its performance, and need to be considered an investment in employees and not costs with employees. These techniques enable the company to make knowledge more fluid and to spread the learning concept and process among the employees which is a premise for obtaining success in the nowadays existing environment.

3. CASE STUDY

Employees must be considered the most important investment which adds extra value and can positively influence the progress of a bank in the Romanian banking system. The employees and the activities concerning the employees must consolidate the image of a flexible organization, which is concerned with respecting both internal and external clients. It is time for banks to realize that they should focus on investing in their employees if willing to obtain the retention of staff, the vital and indispensable resource of any company. They should try to develop certain skills that are necessary for each position within the company: attention to details, accuracy and speed of processing for back-office positions or capacity of persuasion, communication skills for front-office positions. Nevertheless, each bank that aims to increase its employees attachment to the company must make considerable efforts to compile an attractive, incentive-motivation package. Put it otherwise, in order to gain advantage in the nowadays changing environment, a bank has to focus on modernizing its organizational structures and on implementing new training and development systems that can build a culture among its staff. It has to try to encourage professionalism, effectiveness, customer vision and last but not least, it should put emphasis on learning.

3.1 Research methodDespite the growing attention that KM has gained among financial institutions, there has not been any interest in observing the evolution of the knowledge-management process (regarding the personnel component of the process) during a certain period of time. This article intends to present a banks interest in designing programs that aim to support its employees professional development, namely Raiffeisen Bank, over a five year period of time from 2003 to 2007. This time interval has been chosen because it reflects the banks first attempts to elaborate and implement KM procedures. It must be pointed out that 2003 was the year in which Raiffeisen Bank started to implement a series of programs focused on human resources development. The information was collected from reports published on the banks web page and structured according to a frame that supported our endeavor namely to highlight the importance of the intellectual asset for the chosen financial institution. 3.2 Human resources development activities from 2003 to 2007 We encourage entrepreneurial spirit and initiative. Entrepreneurial spirit and initiative arekeys to a better performance, less response time and better quality in everything we do. These are indicators of how much our employees identify with the corporative goals and of their devotion work.[29] The Raiffeisen Bank declares itself as responsible towards employees. The banks efforts to create an environment that motivates employees to achieve high performance as well as its efforts to give employees confidence in themselves, support the banks statement relating to its care towards the people resource. Actually, we may say that Raiffeisen is one of those banks that have already realized the key to success: maintaining a working environment based on mutual support and trust, which finally leads to motivated and dedicated employees. A great emphasis is also put on team work which is considered to be the basis for successful cooperation and for the Groups future development as well. Indeed, working in team can add value through discussions, or through identifying common and different ideas which may result in solving problems and making better and quicker decisions.3.2.1 The year 2003 Employees are not costs but long-time investments

The suggestive name we thought of for this period is intended to give an idea of the way Raiffeisen sees its own human resources. As previously mentioned, Raiffeisen is one of those banks that have understood the important role that people play within a company. As a concrete proof, we may refer to the banks efforts to improve the performances management system and to the banks investments in employees development through training programs designed in such a way as to meet the internal clients needs.

The banks interest in employees development could be explained thorough the fact that the number of employees increased in 2003 by 12% compared to 2002. The banks decision to increase the number of employees was considered to be necessary for achieving one of the banks objectives, namely expanding the activity. Still, important to mention is that the bank did not only decide to have a quantitative increase in personnel, but also a qualitative one. In this respect, the focus was on recruiting persons on the basis of the criteria defined by the job profile. In addition, the recruitment channels were diversified with emphasis being put on the banks database, recruitment sites and direct recruitment. Thus, the number of employees with university degree increased from 1923 to 2417 and the average age of employees declined from 39.2 years in 2002 to 37.8 years in 2003.

The year 2003 could be seen as a training program that aimed excellence, three new training programs being designed with the purpose to contribute to achieving the banks ambitious goals:

The program entitled Vision, Mission, Values (VMV)- January 2003;

The program entitled The employee of the month/year. This second program aimed to enhance the strategic messages of the VMV program and to identify and popularize the best employees. February 2003;

Raiffeisen Management Academy, project which takes place on a three year period and is addressed to the managers of banks departments and to the banks top management;

The program entitled Superior Customer Service Quality which was delivered to all employees both from front-office and back-office and was designed for both business-to-person and business-to-business, being focused on topics such as sales, negotiation and necessary abilities in building a long lasting relationship with clients.

In addition, 2003 is the year that could be named continuity. The bank did not only decide to introduce two new training programs but also to continue other two programs that had been introduced in 2002:

The system called Management by Objectives (MBO), which in 2003 was extended to the operational positions and aimed to implement a uniform a approach as far as individual performance objectives were concerned. In addition, efforts were made in order to better evaluate the extent to which these objectives had been achieved.

The performances management system, also introduced in 2002, was no longer seen as an annual event but as a continuous one. It was transformed in a series of regular meetings that aimed to create stronger connections between supervisors and their direct subordinates (through monitoring and feedback). Besides, it was introduced an improved way of defining competencies and management skills were considered when promoting from one position to another.

We have emphasized so far the banks concern for its employees development, but 2003 is a year that needs special attention for the implementation of another training program, designed not for the existing employees but for the coming ones. As one can already tell, Raiffeisen also gave importance to the workforce that had the profile it was looking for: the students. Introduced in November 2003, the program entitled "Raiffeisen Management Trainee" (lasting one year), aimed to prepare young graduates to become professionals in the banking field. The program was thus designed so as to provide an overview regarding banking activities as well as to transfer the needed knowledge and the specific skills that were expected for key functions within the bank. Young graduates were actually offered the chance to alternate practical experience with technical and sales training.

Another aspect that has to be mentioned refers to the banks concern to retain the employees that could add value to the institution by taking part in the process of learning transfer. With the view to this objective, the bank adjusted salaries based on the official rate of inflation, and offered its employees the possibility to obtain loans in preferential contractual terms.

The investment that Raiffeisen made in its employees development during the year 2003 was significant (the number of training programs was greater than double compared to 2002) and stands for the banks determination and involvement in achieving the aimed level of professionalism. It also proves the importance that the bank attaches to all strategic processes and the fact that being a banker is not just a profession, but a complex one. In order to better and quicker achieve its goals concerning employees, the bank did not deliver training programs as single events, without connection between them, but as integrated programs designed in such a way so as to improve the staffs required abilities. Thus, we may say that the banks human resources activities in 2003 aimed at consolidating and strengthening its image in the employees and clients mind.

3.2.2 The year 2004 - between continuity and novelty

The banks development strategy continued during the entire year 2004: the number of employees increased by 23% compared to the previous year and 4700 employees participated to training programs that were meant to improve their performance and to ease internal communication. Conducted either by authorized companies or by the banks trainers, the training programs aimed to improve the employees professional skills and addressed topics such as: Risk management; Project Management; Management of the relationship between bank and customer; Integrated sales programs for business-to-person, and for business to business; Prevention of money laundering and banking security management. In 2004, over 500 managers and executives participated in two new modules of the "Raiffeisen Management Academy", launched in 2003: "Strategic Management" and "Positive power and influence. Each bank should consider learning and working as a whole and treat them separately. Learning is not a one-time process but a lifelong one as it helps people acquire and create knowledge, acquire values and develop the necessary skills for the every-day work.

As the name given to this year suggests, employees professional development was achieved both through existing and new training programs. Programs such as The employee of the month/year and Management by Objectives (MBO) continued, while for the first time over 500 managers participated in an evaluation process. The last mentioned training program, as well as the establishment of Local Assessment Centers, were used in order to increase the objectivity in internal promotions or in the selection of participants in the "Raiffeisen Trainee program.

3.2.3 The year 2005-the maturity and stabilization stage

Compared to previous years that can be characterized through increases in the number of employees and efforts to build a team, this year could be referred to using the words maturity and stabilization. The number of employees was stabilized (staff increased by only 3% compared with the end of 2004) and personnel formed an experienced team. Activities were focused on improving the processes that had to support the employees professional development and retention (adequate training programs that aimed to improve internal communication and the transfer of knowledge as well as incentive-motivation package and internal recruitments) and on social responsibility programs. As one can say, the bank tried to show constant concern for career development opportunities.

The year 2005 could also be named customized development. The bank tried to leave behind those training topics that aimed to improve skills which fit everyone and anyone and to introduce customized models for each position as a base for improving employees efficiency through proper development. Having qualified personnel is the greatest advantage in todays economical environment and thus, banks have to permanently invest in training programs that are in line with the banks overall strategy.

In addition, given the fact that the bank decided to launch new products for SMEs, a new series of seminars for this segment of clients were necessary. Thus, the training programs designed for this purpose addressed topics such as: selling techniques for SMEs, new products for SMEs, financial analysis of SMEs, and so on. In 2005 were organized both training programs that aimed to improve technical knowledge (Knowledge of customers and money laundering, Credit Bureau, Preventive Management, Project Management etcetera) and training programs that conducted to improvement in communication and product presentation skills and to the development of emotional intelligence.

The year 2005 could also be referred to by using the word continuity. Again, 560 managers participated in the Raiffeisen Management Academy program, attending two new modules and the new managers were offered the possibility to take part to those modules that has been missed. Important to mention is the fact that the previously mentioned two training programs addressed topics such as Coaching and Cooperation and Conflict:

"Coaching - the paradigm of modern management" - employees could learn what coaching is, when it is useful, how people learn and how they develop, different work styles that depend on the situation or person they have to address, etcetera;

"Cooperation and conflict" - employees could learn how to address meetings and discussions within the meaning of teamwork in order to maximize the outcome and to constructive handle the differences in opinions or position, how to build and lead a team so as to minimize conflict and to increase enable cooperation, how to recognize and control the reactions in typical conflict situations, etcetera.

A coaching program has the purpose to make trainees understand that the easiest way of learning is by combining observations with suggestions. Moreover, coachees are given support in achieving their aspirations and are assisted in managing problems that occur. Above all, coaching programs facilitate and accelerate the career learning process.

Great importance was also given to credentials and certifications by international institutions such as: Association of Chartered Certified Accountants (ACCA); Certified Internal Auditors (CIA); Chartered Financial Analysts (CFA) and to programs concentrated on experience exchange within the Raiffeisen Group (programs lasting between 2 and 3 months that even enabled trainees to meet employees from countries with different cultures).

The year 2005 could also be referred to by using the word innovation as during this particular year the bank implemented alternative methods of training such as e-learning. This new method of training offered a faster and easier access to knowledge and also allowed employees to transfer and acquire knowledge much easier whenever necessary and reduced time and effort in the process of sharing knowledge. In this respect, a good example would be the FOTO program, a new interface for processing orders payment, which was attended by 2017 employees.

In 2005, Raiffeisen Bank also continued the training programs targeted to college graduates, activities that emphasized the banks social responsibility (we shall talk about these programs at the end of our paper).

3.2.4 The years 2006 and 2007 - improvement

Human resources have a strategic role in achieving the aims of any financial institution. As the name given to this period suggests, Raiffeisen Bank concentrated during 2006 and 2007 on improving the processes for employees professional development, on designing adequate training programs and on creating improved motivation packages.

The training programs and the courses organized by the bank during 2006 and 2007 were better customized so as to answer the employees professional development needs. Thus, courses packages were "haute couture" and not delivered in large series. For example, all new employees who worked had to have direct contact with customers benefited from a specialized course on service quality, while managers attended the Raiffeisen Management Academy, which included 6 modules lasting 2 years.

As a consequence of the decision to extend the network with more than 150 bank units, Raiffeisen Bank coordinated over 2.300 recruitment and selection processes during 2007 (at the end of 2007, Raiffeisen Bank had 6090 employees, the average age being 35 years). Important to mention is the fact that these recruitment and selection processes were both internal and external, the first type increasing significantly compared to previous years.

The bank encouraged this way its employees to develop their careers within the organization. With the same purpose, Raiffeisen Bank improved the incentive-motivation package including new benefits for the employees: insurance in case of accidents and illnesses, free subscription to a private medical center; substantial benefits in case of birth or retirement; additional allowances during maternity, meal tickets etcetera.

E-learning, the electronic channel for learning and testing the employees professional skills, was still used in more areas of the banking activity. Technological infrastructure allows a quicker and easier dissemination of information. In addition, employees get in touch one with each other much easier, and if well designed, such infrastructure may also encourage employees to share and acquire knowledge. The knowledge that banks employees possess is easy to lose and needs therefore to be shared. That is why we strongly believe that learning and work must be integrated into a continuously process that could lead to a continuously upgrading of employees knowledge, skills and of the necessary abilities and supports them in their career development.

3.3 Raiffeisen Bank social responsible for higher education graduates

As we have previously emphasized, Raiffeisen Bank has always been preoccupied to offer young graduates possibilities to develop a career in the banking system. For these purpose, the bank organizes each year development training programs which take place in the five training centers that the bank set up.

These training programs have goals such as: to identify the trainees development potential, to encourage young trainees to acquire knowledge, to develop technical and communication skills etcetera. Examples of this kind of training programs are: Raiffeisen Trainee, Corporate Trainee, Raiffeisen Schollarship, SME Raiffeisen School and Training Practice. The Raiffeisen Trainee program launched offer young graduates of higher education the opportunity to create an overview on the banking activities. During the training program each participant is involved in various projects of the bank;

Introduced in 2007, the Corporate Trainee Program aims to help develop young graduates that are willing to work within the banks Corporate Banking Division;

The program Raiffeisen Schollarship was designed with the purpose to offer financial support to students with exceptional academic results and significant extra-curricular experience, who are admitted to complete studies in prestigious universities from abroad. After graduation, the bank offers those persons interested in a banking career the possibility to become part of the Raiffeisen Group.

The Raiffeisen SME National School is a program that addresses students, master students graduates from institutions with technical or economic profile. It is a program that focuses on small and medium enterprises, aimed at preparing young people in this segments approach and lending.

The Training Practice program is one of the most popular ways through which the bank supports students in their professional development. Thus, students have the opportunity to become acquainted with the culture of multinational organization and to know the flow of activities within banking units.

All the above mentioned training programs offer participants the opportunity to be involved in their colleagues daily activities, in projects, presentations, or meetings with clients. In addition, the programs are designed in such a way that they lead to identifying the participants development potential encouraging them to acquire and transfer knowledge as well as to develop communication and technical skills.4. REMARKS

Given the importance of human resources in the process of knowledge sharing, companies ought to concentrate on retaining valuable employees. Unfortunately, there still are many companies (even organizations that act in the banking sector) that do not make any effort to retain the most experienced and skilled persons working for them or to encourage these employees to share their knowledge before leaving the organization. Still, we have to mention that the process of capturing and integrating knowledge must not be chaotic, but an organized and permanent one so as to enable the transfer of the right knowledge, in the right place, at the right moment and with the participation of the right persons. It is our belief that it cannot take much time any further till all companies will realize that managing knowledge is vital to their success.

Further studies are needed in order to better grasp the financial institution KM process and it is necessary therefore to obtain more internal information regarding those processes as well as the opinion of the internal clients.References

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