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s everyone moves to a work-from-home model, leaders are wondering what to do with some of the time the team has on its hands. An answer comes from Warren Buffet.
Buffet has long championed the “buy the dip,” investment model, charging ahead when the rest of the field pulls-back. Top leaders are doing the same with their teams. While many have recently slammed the breaks, cut teams, and pulled back on new initiatives. However, our team at Predictive Success has seen some elite managers “buying the dip,” by putting their team through virtual training.
Their reasoning is pretty simple: “We are usually so busy, but right now we have the chance to re-focus, re-assess our strategy, and reset ourselves to come out stronger.” Like Buffet using market-resets to buy, top managers are using the market-reset as a company-reset.
40% of employees in one study deemed a “lack of training and growth,” as their reason for leaving a company[1]. When turnover can cost $5,500 per hire (SHRM 2018), that number adds up. As Millennials with a career-growth mindset make up more and more of the working population, we can expect that number to increase.
Does this strategy pay off? Our research shows it depends on three factors: the facilitator, the interactivity, and the topic.
The Facilitator
One reason people love virtual training is because they feel a sense of calm. Just like curling up to watch TV, they can just sit-back, watch and learn. But how interested are they in what they watch? Depends on who is talking.Good facilitators keep people wanting to learn. Why are speaking legends like Tony Robbins, Alan Weiss, and Gary Vaynerchuck so popular? They keep you interested. Part of this depends on whether the facilitator can teach to adults. Unlike lectures in school, adults want to question what they are seeing, apply it to case studies, apply it to their team, and interact with their new material.
The Interactivity
An obvious factor: when people can interact with a program, they are less likely to tune out and start working on email, another project, or anything else that takes them away from the training.Watch for training that can outline how your team will interact with the presenter and avoid “lecture-style” training. This is sure to increase the number of attendees who tune out and miss any benefits of virtual training.
The Topic
The best part about walking away from training is being able to make the connection to real life. Topics that are too theoretical or lack actionable items are likely to be lost.Training topics should focus on skills and knowledge managers can directly apply to what they are going to do. For example, training that includes real case studies and real-team data will allow managers to immediately begin applying their knowledge to their team.
How can you measure the ROI of your training?
HR Technologist proposed a great formula for managers to use when deciding on whether to go forward with training.
(Monetary Benefits – Training Costs) x 100%[2]
For example, one case study from Calix’s sales team showed their one-day scientific-selling training increased sales 12%. This represented more than a 400% ROI on the cost of their training. (To see the training Calix’s team used, click here).
But can you measure the ROI of training in other ways?
Besides the monetary benefits, there are a host of other benefits for teams that train their managers and teams. Decreased turnover, increases in communication, adaptability of teams, resilience, and more innovative teams are all fundamental benefits teams see from training.
What to do now that teams are at home?
Your team wants to come out of this crisis stronger, but where do you start? Predictive Success’ Virtual-Instructor Led Training combines the award-winning training from The Predictive Index with the comfort of home-learning.
Available Training
Inspire People to Perform
To maximize productivity, keep engagement high and achieve your goals, it’s critical to understand the dynamics of your team and your management style.
In this online session, you’ll learn:
- How your organization can utilize data to understand what drives your employees.
- How to identify and protect against the four forces that affect employee disengagement.
- How to use data to decode and leverage the unique dynamics and work styles of organizations of any scale, from project teams to large units.
- Reserve your spot to unlock the full potential of your workforce, develop future leaders and build high performing teams.
Who should attend?
People Managers and Team Leaders
HR and People Operations Professionals
Drive Results with Talent
Now more than ever, your people are your most important asset. Unlock their potential and ensure your top priorities succeed by tapping into the power of people data.
In this online session, you’ll learn:
- How your organization can utilize talent data insights to understand what drives your employees.
- How to understand and leverage the four forces that increase employee engagement.
- How to apply PI’s data-driven hiring approach to build high-performing teams and enhance collaboration.
Reserve your spot to unlock the full potential of your workforce, develop future leaders and build high performing teams.
Who should attend?
- Business owners
- Strategic HR professionals
Click here to explore our range of virtual training.
Sources:
[1] https://www.go2hr.ca/training-development/roi-of-training/employee-training-is-worth-the-investment
[2] https://www.hrtechnologist.com/articles/learning-development/employee-training-and-development-how-to-measure-the-roi-of-training-programs/
