Training creates a company that operates better, because employees have superior skills. But you knew that. Chances are it is the reason you are already investing in training. But have you stopped to consider that training can provide benefits that are worth even more than improved skills? Here are some to think about.
1. Improved Retention and Motivation
When you train your employees, you let them know that they have a future with your company, because you are investing in them. Training, in fact, is one of the most effective incentives of all.
2. Incremental Profit Increases That Really Add up
Let’s say that you have 1,000 retail salespeople who are each selling an average of $1,000 in goods each day, which translates to $1 million in sales per day. If you can train each of them to increase the size of each sale he or she makes by only 10 percent, which is very doable through training, you can increase your daily sales figure by $100,000, which will add millions to your bottom line over the course of a year. If you look at your situation and do the math, you will see that even a small investment in training will pay for itself many times over.
3. Greater Operational Efficiency
If you are training phone reps to handle customer complaints and issues, every dollar you spend on training can also pay you much larger returns that you expect. If you train your reps to handle the five most common customer complaints without involving their supervisors or other staff, for example, you will build operational efficiencies that will save you more dollars than you can easily calculate. Employees and managers will not be spending time dealing with the same issues over and over. They will also be able to direct their attention and effort toward profit-producing activities.
4. A Stronger and More Authentic Brand
If you spend even a small amount of time training new employees on your company’s brand, as embodied by its founders, history, products and values, they will support your brand promise in every interaction they have with customers. As a result, your customers’ experience when dealing with your company will resonate with your advertising and marketing, resulting in a more authentic and valued brand.
5. More Options for Economical Peer-to-Peer Training
A well-trained workforce is better equipped to organically welcome and integrate new employees. Again, it is hard to assign a dollar value to this “extra.” But when you stop to consider the benefits you’ll experience when new employees see examples of proper execution, it makes it much easier have your new hire training be more effective then battling an environment of bad role models.