FAQ – Who Needs Sales Training?
Everyone. That’s because, over time, all organizations change—whether it’s new technology, new production processes or new methodology. Employees must change along with the company and acquire the skills needed to keep up with the organization.
Training can also be a potent form of motivation. By training your people, you’re showing your employees that you value them, and that you want to invest in their future within your organization.
While sometimes the Return on Investment (“ROI”) of training can be hard to calculate, studies have shown that there are a number of benefits to training your employees.
- A recent AMA survey reported a direct correlation between increased company training budgets and increased profits.
- Another study reported by the New York Times involving 3000 businesses with 20 or more employees showed that a 10% increase in employees’ average education yielded an 8.6% increase in output. In comparison, a 10% increase in capital investment (such as tools, buildings and machinery) produced only a 3.4% increase in productivity.
Studies have also found that there are both “hard data” benefits (quantitatively measured results) and “soft data” benefits (intangible results) to corporate training. Hard data benefits include:
- Lower absenteeism and tardiness rates
- Lower turnover
- An increase in the number of sales or the dollar value of sales per customer
Soft data benefits include:
- Improved customer satisfaction
- Improved job satisfaction
- Improved teamwork
- Increased productivity
- Increased communication
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