How can Training boost your Profits?

The benefits of training can trickle down to every aspect of your company. From improving staff moral to boosting profits, training can improve your business’ performance. Recognising the need and implementing a training strategy in your business could see your profit margins increase by 47%. Training is an investment, not a cost.

Why is training so important for business?

Training enhances your employees’ skills. Any positive changes you want to make for your business will usually transpire through your staff. Trained employees will not only have the correct skills to be able to do their job effectively and efficiently but will also be engaged with the company. If they feel like you are investing in them through training, then they will feel more satisfied with their role and appreciated as an individual. In turn, this has a positive effect on their performance.

Training is also thought to impact staff turnover. Staff retention is much higher within companies that invest in training. Most people want to learn new skills and add to their professional development and are more loyal to companies that offer good training packages. If an individual feels as though they are valued in their role, their work is likely to be more valuable. Around 40% of employees who receive poor job training leave their positions within the first year. The costs of staff turnover are much higher than that of the costs of training. You don’t need to waste money on churning staff when you could be training them instead.

How can training boost profit?

Every other part of your business stems from the people in it. Profits and performance are directly linked to the efforts of the people working towards this. Quality training can improve your team’s communication, increase customer satisfaction and boost profits. According to Craig Hane, the CEO of online training site “Training is one of the best, if not the best investment you can make in your company, your people, and your customers”.

Training your staff increases productivity, confidence and communication. It is not just factual knowledge that your employees will learn, they will also upgrade any existing, more general skills. Imagine if all of your employees were as proficient at their role as they could be. Think about how this would impact the bottom line. Your sales team could be closing more deals, your office could be communicating more efficiently and the managers could be leading more effectively. This will increase profits and performance in every aspect of your business.

Ripley Training

We provide high quality accessible training and coaching to help businesses like yours improve individual, team and organisational performance. We offer bespoke in-house and one-to-one training as well as open courses all over the UK. Get in touch now to see how we can help your business and boost profits.

Effective Time Management – How to manage your time more effectively

We all have the same 10,080 minutes in a week. But why is it that some people are just so much more productive with their time? Does it sometimes feel like time is slipping away and you haven’t finished all of your tasks? We’re taking a look at time management and how you can manage your time more effectively.

“There are no secrets to success. Don’t waste time looking for them. Success is the result of hard work, persistence and learning from failure.”

- Colin Powell Continue reading

10 Tips on Receiving Feedback

1. Welcome feedback from others
2. Apply Active Listening Skills when receiving feedback
3. Do ask open questions to understand more about what has happened and the implications for you and others
4. Respect and acknowledge the other persons opinion – this doesn’t mean agreeing with them
5. Consider the value of what has been said and consider carefully how to respond – avoid any instant reactions
6. Check back your understanding not leaving out the content you don’t like to hear or you haven’t taken seriously
7. Gain clarification of any areas you don’t understand by asking more questions and checking back your understanding
8. Encourage suggestions on how to move forward and ask questions like – What if I did this work this way?
9. Say Thank you for the suggestion / feedback and consider carefully what has been said and take the most appropriate action
10. Review and check back with the other person at a later date to see if your actions have improved the situation or whether you need to make more changes to remedy the situation

10 tips on Giving Feedback

1. Allow time to consider how you plan to give the feedback and how they will react
2. Ensure you have all the facts
3. Clearly state the purpose behind the discussion
4. In cases of poor performance ensure you are specific and use `I’ statements to own the feedback rather than `We’
5. Encourage the person to respond to your concerns and explore why it is happened so they can learn from the mistake or in some cases you might not be aware of specifics causing the poor performance
6. Throughout the meeting ensure you apply Active Listening Skills and Open questions
7. Encourage the person to identify options to resolve the problem and therefore encourage ownership and reflective practice – moving away from the blame culture
8. Minimise the about of negative language you use in the meeting to ensure the person leaves the meeting encouraged rather than destroyed
9. Add momentum and importance to agreeing SMART actions to improve performance
10. Ensure a review meeting date is set at the end of the discussion to recognise improvements or in some cases to take more action to address continued poor performance