Training - Is it an Expense or an Investment?
CFO asks "what if we train our people and they leave?" Someone else asks "What if we don't train them, and they stay?" - this story/set of quotes has been uttered so many times, I'm not sure who we should attribute it to.
This week on the Catalyst Sale Podcast we discuss the question - Is Training an Investment or an Expense? We also discuss how to handle the objection if the person you are working with holds a different opinion.
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Questions Addressed
- Is Training an Investment or an Expense?
- If it is an investment and not an expense, how can we convince a decision maker that it is an investment?
- How can we avoid checking the box?
- From a trainers perspective, how do you help people with this question?
Key Takeaways
- Investment vs Expense - Depends on where you sit in the organization?
- Simmons - "Always look at training as an investment"
- Training should move the organization forward
- If I'm not leading the team or engaged in the activities that impact the business, I may look at training as an expense
- Bad training is an expense - Think about how much time people spend in bad training.
- How Do You Overcome the Investment vs Expense Challenge?
- Get to the business impact
- Define what will you measure
- Establish your KPIs
- Define what will the training do
- Clarify how we will measure success
- Training is an investment - Some investments pay off, some do not.
- Timing - how long will it take to make an impact?
- Take a data-oriented approach.
- Know what matters to the decision maker.
- Will this thing change behavior?
- Know the desired business outcomes
- Invest in things that move the organization forward.
- Catalyst Process
- Interview - Gather Data from Multiple Perspectives
- Establish the Current state
- Clarify the Desired state
- Assess Gaps - People, Technology, Process
- Design the Solution
- Inside the organizations, we work with, our approach and our delivery are personalized and contextual.
- Sometimes a custom approach is not worth it. Maybe and 80/20 approach is a better fit.
- Invest in the success of your employees and your team.
Call To Action
- Let us know how you are applying this content in your business.
Show Links
Thank You
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Catalyst Sale
In every business, in every opportunity, there is someone who can help you navigate the internal challenges and close the deal. There is a Catalyst. We integrate process (Catalyst Sale Process), technology and people, with the purpose of accelerating revenue. Our thoughtful approach minimizes false starts that are common in emerging markets and high-growth environments. We continue to evolve our practice based on customer needs and emerging technology. We care about a thinking process that enables results versus a process that tells people what to do.
Sales is a Thinking Process.
