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Compelling Reasons to Improve CRM Training

Compelling Reasons to Improve CRM Training

 RESEARCH-BASED INSIGHTS ON TRAINING

Four Compelling Reasons to Improve Training and Talent Development at Your Organization

Every organization wants high employee retention, strong profits and off-the-charts productivity. The ONLY way to get there – and stay there – is through a highly skilled workforce. While many organizations see the connection between market success and talent development, few do what it takes to achieve excellence.

Research suggests the payoff is huge. The International Data Corporation (IDC), a leading research firm, cites three categories where training can provide a measurable return on investment: Revenue generation/profitability, productivity/ performance improvement and cost- reduction. We add a fourth: Employee retention. Let’s look at the research on each of these areas:

1. EMPLOYEE RETENTION: An American Society of Training & Development (ASTD) study showed that 41% of employees at organizations with inadequate training pro- grams planned to leave within a year compared to only 12% of employees at organiza- tions who excelled at training and talent development. Why does it matter? Because the cost of replacing just one skilled employee ranges from $75,000 to $450,000. (Source: American Society for Training & Development, 2003.)

2. REVENUE GENERATION/PROFITABILITY: A study in HR Magazine showed that organizations in the top quarter in training expenditure per employee per year ($1,500 or more) average 24% higher profit margins than organizations that spend less per year. (Source: Susan J. Wells, HR Magazine.)

3. PRODUCTIVITY/PERFORMANCE IMPROVEMENT: A Merrill Lynch study showed that investing in knowledge and skills development yields a surprisingly big payoff. The study estimated that at Motorola every dollar spent on training yielded $30 in productivity gains within three years. (Source: Merrill Lynch, “The Book of Knowledge.”)

4. COST REDUCTION: An IBM study concluded that training that produced an average productivity improvement of just three minutes per day would save the organization $360,000 annually. (Assumes annual average employee salary of $60,000, or $30/hr; 1,000 workers save three minutes per day, or one hour per month; $30/month x 1,000 employees = $360,000.)

What would it mean to your organization if you achieved a 10% improvement in each of these areas? That modest goal can easily be attained when a leadership team makes a firm commitment to training and developing its people. To learn how to make it happen, watch this 4-minute video at http://www.hrrapidlearning.com/ProblemWeSolve/Player.html

453A Baltimore Pike, Springfield, PA 19064 ~ 877-792-2172 ~ www.rapidlearninginstitute.com

http://selling-essentials.com/PDFs/Four_Reasons_to_Train.pdf?WL_CustomLogo=0




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