It’s always good to have an employee brush up on their skills.
If business owners begin to notice inefficiencies in their everyday operations, it might not have to do with technology or the policies they have in place. It might be due to employees who aren’t operating at full capacity. If this is the case, employers should consider retraining these employees to get them back in top form for customers. Retraining employees can have numerous benefits. It can refresh an employee’s memory on how to complete certain tasks properly, reduce accidents and minimize turnover, among many other things that contribute to a stronger company overall.
For business owners who are skeptical about retraining their employees, here are a few reasons they should consider making retraining a core part of their business objectives:
Employees who know the ins and outs of their responsibilities will spend less time on individual tasks and be able to get more done while they’re working. But over time, employees might start going through the motions or simply forget about things they learned in their initial training, which means it’s time for a refresher. But that means employers need to know how to train their employees effectively to ensure they can hit the ground running once they’re done learning.
Many workers are unhappy with how they’re currently being trained. In fact, 33 percent of all workers don’t receive any training at all before they’re on the job. And 46 percent of the two-thirds of employees who do get training aren’t convinced with its effectiveness, according to an Axonify survey by Ipsos. But there’s even more evidence that retraining would benefit employees whether they know it or not.
According to Learning Solutions magazine, within one hour people forget approximately 50 percent of any new information they have learned, and as much as 90 percent of information is forgotten in a week. That means no matter how good an employee is, odds are they are going to need retraining at some point to make sure they are serving customers to the best of their ability.
Employers who take the time to reiterate the intricacies of an employee’s responsibilities will set themselves up to benefit from more thorough, knowledgeable employees that require less supervision. Retraining also has a good chance of translating to better customer service, which helps increase customer loyalty and keeps consumers coming back to the store. Business owners who are concerned about the cost of retraining employees shouldn’t let that deter them from doing it.
Alternative business loans can provide entrepreneurs with as much cash as they need to make sure that their employees are staying at peak performance without the hassle of applying for a loan from a traditional lender.
Reduced employee turnover
If a worker is confused about their responsibilities or isn’t sure how to execute a task, they will likely grow dissatisfied in their position. And if an employee decides to leave a business, that saddles the company with replacements costs such as recruiting applicants, conducting interviews, training new employees and much more that can quickly add up to a hefty expense. In fact, worker replacement can cost as much as 33 to 200 percent of an employee’s wages, according to the Work Institute.
To avoid spending a lot of unnecessary capital, business owners should strive to make sure every worker is happy with his or her position. One way to do this is through retraining, which can help increase employee satisfaction by renewing their sense of purpose in their role and refreshing them on how to complete each task they’re responsible for.
The cost of a small business loan from an alternative lender is small compared to continuously having to search for new talent because employees aren’t happy with their work environment.
Employees become more adaptable
In some regard, retraining is a natural part of running a business in the 21st century. As technology continues to become a more important part of day-to-day business operations, owners are going to have to update workers on the latest technology in the workplace to keep things running as smoothly as possible. Employees who don’t know how to run a cash register or use another piece of equipment will not only slow everything down, it will also irritate customers who are looking for fast, friendly and accurate service.
In addition, retraining will limit the amount of time business owners need to supervise or assist employees with their duties because they aren’t sure how to use store equipment properly. This will allow every worker to complete their duties in a timely manner and ultimately help a business grow.
Business owners who need extra capital to upgrade technology such as mobile checkout scanners, CRM technology or better registers should consider a small business loan from an alternative lender. Applicants can get approval in as little as 24 hours without the onerous requirements many traditional lenders usually make individuals go through.
Sales staff are a unique group of individuals in the business world, in large part because they’re so accustomed to individual and group incentives for high levels of achievement. While many people value the bonuses provide consistent business growth, salespeople are part of a smaller, distinct group that generally expect to receive performance-based payments as part of their regular compensation.
Let’s look at a few strategies for providing these incentives in an effective way, ensuring your sales representatives can follow a pattern of consistent growth:
Give everyone an opportunity to succeed – and earn incentives
Whether you have one salesperson on staff or a dozen, the addition of new hires to the department requires some extra thought and care. It’s critical to give each member of the sales team a defined territory, be it geographic, part of the list of current and potential buyers or split through another method. Recruiting specialist Peak Sales Recruiting said a failure to properly divide the overall sales realm can oversaturate certain areas and potentially lead to a focus on easy or short-term prospects instead of the best ones for the business.
By making sure every salesperson has their own area – be it physical or conceptual – to cover, your business avoids these potential problems. Instead, your staff will have generally equal opportunities to earn their incentives and bring in as much business as possible.
Incentivize more than volume
There’s nothing wrong with offering an additional payout to staff who close a lot of deals, but it shouldn’t be the only way in which salespeople can earn additional income. Business2Community said focusing only on pure volume can lead to issues where the team feels under pressure to close deals before the end of the month or quarter. That means short-term results for your business, but with potential negatives in the long term.
By adding incentives based on metrics like the length of relationships with buyers or the growth of those connections over time, you can encourage more of a focus on sales that provide the largest overall benefit. Staff won’t feel as pressured during crunch times and they can focus on crafting and closing deals with the best possible clients, instead of just the overall volume of sales for the month or the quarter. If your sales staff needs to grow to take advantage of existing opportunities but you’re short on available capital, consider a business cash advance to get you past that obstacle.