An employee education program might seem like a luxury for most small- to mid-sized businesses.
The truth: It’s a necessity you can’t afford to be without.
In this article we’ll:
- Reveal four reasons why your business can’t be competitive without an ongoing sales training program
- Share facts and statistics that prove employee education provides a significant return on investment
- Offer tips on how you can provide an affordable, efficient and cost-effective program at your organization.
1. Training improves employee performance.
According to a study from the Association for Talent Development (ATD), firms that provide comprehensive training earn just over double the income from each of their employees when compared with those that don’t. In addition, the same study shows that companies that invest in employee education have a 24 percent higher profit margin than those that do not have training programs.
Training improves knowledge and skills, which leads to greater worker productivity. It’s been proven to be the best way to improve employee effectiveness. A study conducted by the National Center on the Educational Quality of the Workforce (EQW) reveals that when companies upped their training and equipment budgets by ten percent each, the training helped increase productivity by 8.6 percent, while upgraded equipment only provided a 3.4 percent bump.
The numbers show that ongoing training is something businesses — even smaller ones — can’t be without.
Tip: Developing a training program doesn’t have to be expensive or time-consuming. Many reputable firms offer affordable and effective out-of-the-box sales training options that can easily be customized to meet the needs of different types of businesses.
2. Education retains employees.
Attracting and retaining top talent is critical to the success of businesses. Couple this with the fact that most employees want to work hard and be successful. It’s easy to see that for organizations to thrive, they must give sales reps the knowledge and skills needed to work effectively so they can succeed. If you don’t, you could risk losing them to competitors that provide better support.
In fact, research shows that approximately 40 percent of workers who don’t receive adequate training to do their jobs leave their positions within the first year. On top of that, a Skillsoft survey reports that almost two-thirds of employees feel that workplace training should continue throughout their careers.
In a recent national survey reported by Accessperks that included three generations of workers (Baby Boomers, Generation X, and Millennials), 70 percent of the respondents said job-related training and development opportunities affected their decision to stay with their current employers. Almost nine out of ten Millennials reported that access to training is a key reason they stay in their current jobs.
If that isn’t enough data to convince you, a long-term research project commissioned by Middlesex University for Work Based Learning found that three out of four workers felt they weren’t achieving their full potential because they didn’t have adequate development opportunities.
Losing employees is costly in many ways:
- It’s expensive to recruit top talent.
- New sales reps don’t generate revenue while they get up to speed.
When employees move, competitors gain access to your organization’s marketing and sales secrets.
A small investment in training will pay off now and over time because you’ll keep more of your employees and build your organization’s depth of sales knowledge year over year.
Tip: A sales enablement system like the one offered by Mobile Locker makes it easy to distribute training to your sales reps — and all your employees — and monitor completion. They’re able to access education modules any place, any time, making it convenient and easy to improve their skills.
3. A training program increases engagement.
Employee engagement is the sense of commitment workers feel toward your company, it’s goals and the things they do to support them. A high level of commitment and alignment has been proven to contribute to improved business results. A recent survey from Dale Carnegie found that organizations with engaged employees outperform those without by slightly more than double.
Giving sales reps and other employees career advancement opportunities and supporting them with training proves that you’re invested in their futures. It motivates them to keep working hard, consistently getting better at their jobs.
This is true for people of all ages, but it’s a particularly big factor for Millennials. According to information published by Accessperks, 87 percent of them say professional development and career growth are important to them. This is worth noting because Millennials have become the largest age segment in the United States labor pool.
If you want your sales team to perform at its peak, you need to offer them training that will help them take their careers to the next level and beyond.
Did you know: A sales enablement system like the one offered by Mobile Locker makes it easy to monitor training performance toward long-term career goals? It helps identify sales reps with the best potential to move up in your organization.
4. Education is the only way to develop skills.
Salespeople learn new skills through education. However, a recent study from Capgemini Consulting reveals a surprising knowledge gap. According to the study, only one in ten adults in the United States has the computer and internet skills needed to use the digital tools required for their work.
The issue is magnified for sales reps who must use multiple digital tools and systems to connect with clients and close deals. Plus, in today’s ever-evolving tech world, this kind of training has to be ongoing to keep up with constantly changing demands.
The bottom line: If reps can’t access the systems and information they need to sell effectively, they simply can’t achieve quota. You need to teach the skills required to do their jobs.
For years, organizations have tried to prove that there is a meaningful return on their investment in sales training. The studies and statistics referenced in this article once and for all prove the value of training on the bottom lines of businesses that invest in it.
Use the information in this piece to make the case for implementing lifelong sales training at your organization.
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