Eliminate Employee Turnover by Investing in Trainingby Chris Walter
Employee retention is a critical component for any organization. For most firms, eliminating turnover should be a top priority, especially considering the cost of a highly trained employee. According to the Center for American Progress, (citing 11 research papers published over a 15-year period) “the average economic cost to a company of turning over a highly skilled job is 213% of the cost of one year’s compensation for that role.”
There are many strategies used to approach this issue and several aspects businesses should consider, including sales power, branding, whether the right message is being sent, etc. This can be overwhelming for companies and is why many turn to advanced training and advocacy to boost the efficiency, prowess, and job satisfaction of their teams.
In order to boost its image and efficiency, one leading information technology corporation decided to turn its attention to employee retention. By enlisting in outsourced sales and marketing training, the firm was able to reduce its part-time employee turnover to 59 percent versus the industry average of 110 percent.
With customizable training strategies and assisted sales optimization, many firms are able to focus on overall improvements. Enhanced performance and workplace growth are strong factors when it comes to retention, while slow sales and poor performance can cause dissatisfaction and lead to attrition. For many businesses, increasing retention will have four primary effects on overall operations.
Boosting Job Satisfaction
The most immediate result of fighting attrition is increased employee satisfaction across the board. As workers quit or are fired, this puts increased stress and workloads on other professionals, affecting everyone. This can reduce sales figures, brand reputation, and overall profits. By improving retention, firms gain a major advantage with happier, more interested, and productive workers who are more loyal and willing to work harder.
Increased Sales Effectiveness
Investing in your sales and marketing teams will make them more productive and effective at their jobs, boosting satisfaction and profits. Some organizations accomplish this by providing bonuses for top performers or offering improved benefits, which is great. However, with improved training, employees can become experts at their jobs, helping them feel more successful, happier in their work environment, and satisfied with the job they’re doing.
Improved Brand Reputation
Employees who care about their jobs and put forth more effort provide better service to customers. Improving a company’s reputation means more sales. This applies to marketing as well, as expert marketing personnel will ensure that a brand is properly represented every time. Doing this will promote a stronger relationship with target demographics and optimize ROI across the board.
Growing Market Share
Perhaps the most obvious and advantageous result of improving sales and marketing team retention is a boost to market share. As firms increase business with a growing number of customers, their control of the market will also increase, providing a company with a stronger position to launch new products and the ability to spread to new demographics with ease.
In the end, investing in improved sales and marketing solutions helps firms ensure their brand and image is properly represented, resulting in profit growth. If your organization is struggling in this area, let’s talk. Contact us today.