There’s no getting away from this simple fact: business impact is the essential measure by which you can understand the success of your training campaign.
Training in the workplace can effect everything from company culture to business innovation and annual profits, so it’s essential for survival.
From innovation to increased sales revenue, let’s take a look at the incredible impact the right training can have on your business.
What Does Business Impact Mean for L&D Teams?
Business impact in L&D is very simple. It’s the practical ways that your training impacts your organisation. The key to maximising your business impact is to identify and strengthen your business values. Implementing the right training will have a hugely positive business impact. Training costs, innovation and productivity will all benefit as the success of your training trickles down.
What Are the Different Ways Your Training Can Impact Your Business?
With something such as employee training, it can be difficult to communicate the business impact as the metrics by which we measure the success aren’t always clear. Luckily, we’ve singled out some of the ways to do so. Without further ado, let’s take a look at the business impact that the right training will have.
Increased Sales Revenue
Unlike some areas of training, sales is an area where it’s easy to see the ROI, namely through results. The impact of sales training is not just in winning contracts, however. Metrics may include quota attainment and the quality of contracts as well. By training your sales team on a regular basis, you’ll provide them with market updates and more.
Employers have to ensure their workforce is able to respond to sudden changes in the industry to keep ahead of the curve. Mobile learning apps make this incredibly easy! Simply create your training and send it out to your learners, wherever they are!
The more knowledgeable the employee, the more innovative they’re able to be. This will lead to more in-house innovations and problem-solving. Maximising employee creativeness through knowledge is potentially a game-changing advantage for your organisation.
Values define your business, but it’s the people who make it. 32% of employees lack the confidence to put their own ideas forward – something we have to change. Investing in a robust training solution will see your colleagues absorb knowledge with ease. The more they know about their role, the more self-assured they’ll be. A rise in employee confidence will result in positive ripples spreading across entire departments (yes, even in Accounts).
Better Decisions Being Made
If your training is giving your learners the information they need, then they’ll be making decisions based on the correct information and in the right ways. This means your training should help your staff make better decisions across the board! From which biscuits to dip in tea, to which markets to expand into – better decision making will make a major difference in your organisation.
Attracts Better Candidates
Organisations that invest in a strong candidate experience improve their quality hires by 70%. In the online world of anonymous review sites, company culture matters more than ever. One thing which will help you attract top talent is a reputation for developing your staff. If your reputation as a company is one with a strong training solution, then you’ll attract a higher quality candidate. It’s a win-win situation!
Retains Top Talent
The number one reason employees leave their companies is due to friction with their management. If your organisation is training managers and staff alike, then your managers will get better at looking after their teams. This will reduce any issues with management! Employees also want to grow and progress. In a culture where training is valued they’re more likely to stick around.
With a mobile learning app, you’ll be able to reinforce knowledge. This will keep errors to a minimum as the correct procedures will be followed and staff will know exactly what they should do!
Gain Market Share
Training can be the difference between anticipating market changes, market fortification, risk reduction and much more. These are all things that will help carve out a bigger share of the market.
Improve Customer Satisfaction
With social media, opinions are made public. It doesn’t take long to get a bad name for yourself. The key is to never make a mistake, ever! (Not really!) Keep improving your product and developing your customer service skills. You can do this by using impact analysis tools such as tailored reporting. Here, you can generate reports tailored with the filters you want such as ‘team’ or ‘topic.’
Cost-cutting is a central metric when measuring the business impact of training. By implementing informative and impactful training via mobile learning apps, you’ll be cutting costs in the long run. How? Contemporary learning apps encourage a knowledge economy by supporting a culture of knowledge sharing. Knowledge sharing maximises the productivity and serviceability of your workforce. This form of learning also cuts out the middle-person, as you’ll spend less on outsourcing costly external trainers.
Risk in the workplace can mean different things. In literal terms, the impact of vigorous compliance training can reduce workplace injuries. This saves the company money in terms of sick pay and hiring temporary cover staff. Also on the risk mitigation, you’ll be reducing the risk of poor reputation internally and externally. Potential customers will have a higher quality all-round experience and they’ll be less of a knowledge gap between management and staff. Security-wise, a strong training programme will ensure more robust protection when it comes to sensitive data too, minimising the risk of a data breach.
What impact does training have on your business? Incorporating a mobile learning app into your training will maximise learning in all areas of your company. This will (hopefully) see a boost in sales conversion rates, a quick response time to industry changes, a boost in learner confidence and an improvement in customer satisfaction. With its focus on learner engagement, knowledge sharing and behaviour change, The Knowledge Arcade is a learning solution which will have a big business impact in all areas of your company.