Training sales staff is the key to success
Cutting your training budget is a false economy. Investing in your sales team, even temporary or very part time staff, needs to be part of your growth strategy – and here are three good reasons why:
Undertrained staff cost you money – According to the Harvard Business Review, companies that invested in their existing salesforce came through the Global Financial Crisis of 2007 – 9 with 9 per cent growth. Many companies that didn’t found their teams ready to be recruited by other businesses.
Upskilling existing staff not only increases productivity – it also directly improves your profit margin, with an HR magazine report stating companies who invest in staff training have a 24 per cent higher profit margin.
Training is a key retention tool – In 2017, Employee Benefits News reported that hiring a new employee can cost employers 33 percent of that staff members annual salary. If your retail manager is earning $60,000 p/a – the top end of average in NZ – then it could cost you $19,800 to replace them if they quit.
Investing in staff training doesn’t just make them better at their job, it makes them more likely to stay. In a recent US-based survey, 43 per cent of US workers said they were bored (and therefore twice as likely to leave as those who aren’t), and 80 per cent said they felt training would help them to be more engaged.
Create a culture of performance – a business that invests in staff through training and other benefits will attract top performers from outside the organisation, but it will also encourage staff to lift their game within the organisation. You aren’t creating competition between staff but rather collaboration among staff with the joint goal being excellence. This helps with business growth and regeneration, and also takes the load off the upper management levels so they can concentrate on strategy and development.
Getting training right is important
You can’t just offer up any training and feel like you’ve ticked the box. You need to gather data on where the knowledge deficits are and offer training opportunities that are tailored to employee needs.
David Forman have been helping Kiwi companies train their people for over 50 years, and they have the skills to help you identify what training is needed, and how to provide it. We have developed a range of adult learning courses, both online and in person, to suit a variety of needs. We can deliver core skills training in a way that really connects with your staff and we have a proven ROI of 20 per cent for those businesses using our training platform.
Want to hear more about what we offer? Visit davidforman.co.nz/customised-solutions/ for a customised solution for your team.