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Key Performance Indicators, or KPI’s for short, can be an effective way of tracking the overall performance of a business. We know that no single indicator provides a true reflection of performance. Similarly, a long and overcomplicated list can steer attention away from the areas that matter most. How then do we select the most critical measures? The Balanced Scorecard separates into four key categories as we can see below: · Financial · Customer · Internal Business/ Process · Learning and Growth These four categories bring together the heterogeneous aspects of a business and its performance into a concise set of performance indicators which senior management can track to identify areas for improvement. The effectiveness of any improvements can then be monitored to see if it has come at the expense of another. An important aspect of the scorecard is that it removes control biases from traditional measurements which are focused more on actions that are required of employees and if they have been adhered to. The Balanced Scorecard focuses instead on the overall goals, strategy, and vision of a company. It is generally accepted that a company should have a maximum of 25 KPI’s with 8 to 10 being optimal. · 5 Financial · 5 Customer · 10 Internal Business/ Process · 5 Learning & Growth Financial Financial performance indicators are concerned with the bottom line. How are we improving in factors such as profitability, growth, cash flow and shareholder value? Too many sales organizations are solely focused on these aspects, but in today’s environment, many are skeptical of the financial perspective, particularly over the short term or from a backwards looking ‘lagging’ perspective, as they are unable to identify areas for value creation or improvement. Think instead about ‘leading’ indicators that look to the company’s financial success in the future. Customer Many companies have a customer centric mission statement, take Amazon’s for example: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavours to offer its customers the lowest possible prices.” Kaplan and Norton suggest that customer concerns fall into four subcategories: time, quality, performance and service and cost. KPI’s within this section of the scorecard should work towards satisfying these. Internal Business/ Process Arguably the critical linkage between the intangibles and bottom line of customer and financial performance and often the area where we find the most KPI’s. What must we do internally to meet customer expectations and ensure strong financial performance? And what are the most important internal processes that impact these? In a sales organization, this requires us to think about the areas in which we need to excel in order to retain or gain customers. Which aspects of our internal processes create the most value for our customers, and how can we standardize and measure those? Learning and Growth While thinking about the three factors above, you may have identified some areas which need to be invested in to achieve success. This category can help you to monitor the success of such initiatives. A company’s ability to innovate, improve and learn directly impacts its value. Without continuous learning, our endeavours to improve our operating efficiencies, launch new products or create more value for our customers would be baseless. Have a think about what training or market and process research might be necessary to keep your competitive advantage intact and then develop some measures which foster a continuous evaluation of these factors. Final Thoughts Now that we know the categories that a KPI should fall within, we should note the characteristics which they should adopt. The most effective KPI’s satisfy the following characteristics: · Aligned - Relates directly to corporate strategies and objectives · Accountable - Someone accountable for defining, monitoring and control · Predictive - Can give insight into how other KPIs may be impacted · Actionable - Data and options available to enable action to be taken · Few/select - One of a select few high value · Understandable - Straightforward, can be explained. Not complex formula. · Balanced - Forms a complete set, combined they track performance · Transformative - Stimulates organization to change its thinking · Standardized - Have a definition that is commonly applied · Contextual - Can have targets and thresholds set to guide action · Reinforcing - Reinforces the desired behaviours in the organization · Relevant - Reviewed and confirmed as still relevant at current time Try brainstorming some KPI’s within each category with your team, keep them consistent with the points above and the overall goals of your company and note how each interrelates as time passes. This comprehensive insight into the performance of your company is sure to help you make better business decisions towards problem solving and the future success of your team.

On a typical day in the life in sales, would you say you are proactive or reactive with how you manage your time? Derived from a good housekeeping framework in post WWII Japan, the 5S framework can be used to achieve efficient results in most contexts, including sales. These are as follows: · Sort · Straighten · Shine · Standardize · Sustain How do you think how you could integrate these 5 actions into your day. Sort How defined is your sales process? Does it align with your customer journey? While it is certainly important to remain dynamic in sales and change our approach if another is unsuccessful, the sharing of best practices and benchmarking can help to provide a solid foundation to be improvised around. It will also give new or less experienced reps the support they need to improve. Every salesperson has something that works for them and something that does not, and some may have a completely different perception of the customer journey. The sort stage requires a brainstorm to capture and share insights from the team. Think of some different scenarios that occur during your sales cycle, how do they impact the process? Straighten Now that we have a wealth of insight into the sales process and customer journey. We need to think about getting it all in order so that our customer experience and time management within the team are optimized. Look for the shortest path from start to finish where possible. Can any tasks be chunked, automated, or even removed? Shine Where can we inject more value into that customer journey? Are there any successes that were shared in the brainstorming activity that could be added in? We want the process bright and evident, each step targeting a need of your client, each point of contact worth your prospect or client’s time. A simple chase-up won’t get you very far these days, it’s about consistently nurturing and enriching. Standardize Without restricting or overcomplicating, it is a wise strategy to create standards, whether this be email templates, quotes, KPI’s, or just ensuring the team dedicates a certain amount of time to tasks which can fall by the wayside. Make sure all roles are defined clearly and everyone knows what they are doing. What reference materials can you make accessible? What training is required to bring the team up to standard? Sustain Once we have a benchmarked sales process with the correct KPI’s and all roles defined, we now need to make sure it sticks. The sustain stage requires measuring and monitoring, making sure to not confine the reps so much that innovative strategies cannot shine through. Communicate the benefits and reinforce the concepts but be open to new and challenging ideas. Strengthen, affirm, and confirm by repeating this process regularly. Environments are changing fast and so we need to change with it by questioning our process and ensuring it targets our customers effectively and efficiently.

The importance of establishing an online media presence is crucial in allowing you to help build an audience, connect with your customers and keep them updated on business activities. A strong online presence allows you to build your brand and gain the credibility that you need to attract more customers. 1. Create A Social Media Strategy (and stick to it) Before you try to convert your social media strategy into sales, you should spend your time thinking about your company goals and strategize on how you want to use your social media presence to create more business. At this point, you should be thinking about how your business will protrude to prospects online. Somethings you should consider: a. Your key message b. List of keywords that describe your business c. What type of contacts/platforms will be most appealing to your target market Use analytics to help you in molding your strategy. Posting the wrong content at the wrong time for the wrong audience will be detrimental in terms of growth. Useful metrics to take advantage of to enhance your buyers’ journey: · Number of reactions/shares/comments on a post · Days of the week/time users are most active · How many clicks a link received · Demographics of your audience: age, sex, location, interests The use of analytics will help in addressing customer needs and better understand the experience when dealing with the brand itself. 2. Online Calls to Action All of your calls to action should be designed so there are minimal barriers to potential customers for engaging in business with you. For example, they should be able to book an appointment with you without having to call someone. Another great way to drive business from an online presence is to provide coupons or promotions. Optimizing your social media platforms to be appealing and conducive to your call to actions. 3. Convert Online Networking into Offline Networking Although nothing beats meeting your prospects face to face. Social media platforms can be used to amplify your networking efforts. Especially now, more than ever. Due to COVID-19, networking online has become a way of life. You can use multiple sites to reach more people than you can at any networking event or ask for introductions online. Leverage social media to establish your business' creditability before your prospect connects with you. LinkedIn, for example, if you are self-employed, have a side-hustle or just looking to advance your career - LinkedIn is a great way to connect with like-minded professionals, post job openings and share content. 4. Measure, Analyze and Adjust One of the great upsides to using online tools to drive business, is the ability to collect and analyze data. This is a critical but often overlooked benefit of social media presence. Use this data to understand where you are getting the most conversions from! You can’t expect to get your strategy perfect on the first try. Iterating your strategy with real data from efforts is the best way to tailor your efforts to your business specifically. Building an online presence isn’t just beneficial to growing a business – it’s absolutely essential. In this digital age, a strong online presence on social media – a website, blog, an e-commerce platform – preferably all four – is the best way for your company to remain competitive. Digital is here to stay, make sure you don’t get left behind. An online presence is one of the most important investments that a business can make.

If you think back to 2007 when Apple first unveiled the iPhone, there was nothing else like it. The brilliance of the iPhone was that it combined a phone, a camera, a music streaming device, and an internet browser all into one. The iPhone was so advanced that it launched the smartphone revolution and set the industry benchmark. Steve Jobs once said, “it’s not the customer’s job to know what they want”. You cannot create value for your customers if you do not know your customers. Apple conducted research on their customers, understood their needs, invested in research and development, and eventually pieced together the iPhone puzzle. Apple’s ability to drive maximum value for their customers is the reason why they are so successful with the iPhone and their other products. What is Customer Value? Simply put, value is what the customer gains relative to the cost of doing business. It informs the customer’s perception of you, it is what makes you stand out from your competitors, and it sets the benchmark for future business with your customers. Maximizing Quality of Product Simply put, value is what the customer gains relative to the cost of doing business. It informs the customer’s perception of you, it is what makes you stand out from your competitors, and it sets the benchmark for future business with your customers. 01. Know your customers Talk to your existing customers. Listen to their complaints and suggestions. Conduct market research to better understand your business environment. 02. Invest in research and development Improve product performance. Adapt the product to the changing needs of the customers. 03. Benchmark against your competitors Does your product stand out? Consider margining with similar firms or acquiring smaller competitors. Maximizing Quality of Service Service is how you set the tone of the customer relationship. If you have a great product, service is how you execute it. Good service is how you manage conflict, build trust with your customers, deliver on your promises, and set the foundation for future business. Simply put, happy customers are loyal customers. Here are a few best practices to help you better serve your customers. 01. Time is money! The advantage of speed is evident from the very beginning of a business relationship. A study by the Harvard Business Review found that companies that contacted leads within 1 hour were 7 times more likely to reach decision makers. By responding quickly, we show the customers that we care and prioritize their business. Conversely, slow service will magnify the customer’s frustrations and cause you to lose business. 02. Meet your customers wherever they are. In a 2015 B2B Buyers Survey report, it was revealed that over 50% of customer complaints were filed through social media. If social media is the most prevalent way your customers are reaching out to you, then it might be a good idea to create a social media team to engage with your customers online. Adding Value One of the reasons customers are reluctant to pursue new business are “hassle factors”, the annoyingness of doing business. One of the biggest hassle factors is workforce retraining. When implementing a new system for the customer, one of the best ways to alleviate hassle factors associated with change is to provide training sessions. By smoothing out the transition period, we ensure minimal disruption to business operations. Keep in mind that hassle factors change depending on the industry your customer operates in which is why it is important to perform due diligence and understand your customers. By doing so, you can mitigate hassle factors and have them work in your favour by demonstrating that you have gone above and beyond to address all your customer’s concerns. Businesses are driven by customers and it is the understanding of what our customers want that pushes us to be innovative and profitable. The customer value equation allows us to breakdown value composition into their individual segments which simplifies the process of creating a sales strategy. The most exciting part of this equation is its adaptability at all points of the customer journey. Before any sale is made, you can use this equation to help you identify new customers. During the sales process, you can use this equation to help deliver great service. And finally, you can use this equation to continue your record of value creation for your existing customers in order to further cement relationships. Whatever your product may be, always start with the customer and maximize value.

Vacant sales positions can negatively affect your business in multiple ways. A sales representative or executive performs multiple tasks in their entire sales career. An open sales position will cause delayed revenues, missed opportunities, lower productivity, and poor customer experience. Therefore, it is crucial to calculate the cost-of-vacancy so that decision-makers throughout the organization can gauge the actual financial loss due to an unfilled sales position and speed up the recruiting process. In this article, we will outline six easy steps to calculate the cost-of-vacancy for your company. So, let's get started! What is Cost-of-Vacancy and How is it Calculated? Cost-of-vacancy, or COV, is an important metric that companies can use to find out the actual impact of an open position on the business in monetary terms. COV takes into account factors like the cost of lost revenue and the time required for recruiting the employee for the job position. Sales positions are revenue-generating roles. So calculating the COV for an unfilled sales role is a fairly straightforward method. We will take the following use case to understand the whole process in a simple way. Let's assume that a U.S.-based company called XYZ Corporation lost one of its sales executives who used to get a salary of $100,000 annually. The average time-to-fill a sales position in the U.S. is 40 days. The company has a total of 125 employees and makes a revenue of $10 million annually. Here's how you can determine the cost-of-vacancy. 01. Determine the average daily revenue of employees The average employee revenue is calculated by dividing the organization's annual revenue by the total number of its employees. This value is then divided by the average number of working days per year, which is 260. So, the average employee revenue of XYZ Corporation is $307.69 per day. 02. Determine the average daily revenue of employees Now, we need to determine the role-specific revenue of the vacant position. This is done by using a predetermined multiplier, which helps us to quantify the impact of the open role on the company's revenue. For example, we multiply the daily revenue of an open entry-level position by one. We use two as a multiplier for high-impact roles and three for leadership roles. So for XYZ Corporation, let's say the vacant sales executive position has a significant impact on the company and hence it translates to a revenue loss of three times the employee’s daily salary. 03. Calculate the total revenue lost due to vacant position This is done by multiplying the daily role-specific revenue by the anticipated time-to-fill the unfilled position. So we can say that XYZ Corporation will incur a loss of $36,920 for 40 days while trying to fill the open sales executive position. 04. Calculate the cost of employee To determine the COV, it is important to first know the total cost of employees. To calculate this, we have to add the employee's annual salary and the cost of other benefits. In our use case, the annual salary of the sales executive is $100,000, and as per the Bureau of Labor Statistics of 2021, benefits cost should be 31.4% (.314) of the annual salary. So, the total cost of benefits of XYZ Corporation's sales executive will be, 100,000 × (.314) = $31,400 Therefore, the total employee cost will be, 100,000 + 31,400 = $131,400 per year. 05. Calculate payroll and other savings For this, we have to first calculate the daily cost of the employee. This is done by dividing the total cost of employees by 260 (total number of working days in a year). Then, the value is to be multiplied by the estimated time-to-fill the open position (40 days). 06. Calculate the cost-of-vacancy Finally, the cost-of-vacancy is calculated by deducting the payroll and other savings from the total revenue lost. What is Cost-of-Vacancy and How is it Calculated? So, there you have it. The step-by-step guide to calculate the cost-of-vacancy. This makes it evident that despite not paying the salary and other benefits to the employee who has left the company, your company won't be saving money. In fact, you will lose a significant amount of fortune, productivity, and opportunities while the position remains unfilled. Hence, it is important to take the COV seriously and speed up your recruiting process!

Your sales onboarding process has a huge impact on the efficiency of your newly hired sales representatives. A proper and well-structured onboarding process can help you increase your sales efficiency and revenues. Similarly, a poor onboarding program can cost you more than you can imagine– both financially and otherwise. Unfortunately, almost 88% of businesses don't provide a good onboarding experience to their new employees. They either don't think that onboarding is necessary or they don't have a properly structured plan in place. Whatever the case is, poor onboarding and sales training can have serious repercussions for your business. Today, we are going to outline the true cost and all negative implications of the poor staff onboarding on your business. Read on! The True Cost of Poor Staff Onboarding Simply put, sales onboarding is a process of introducing a new sales rep to the culture, expectations, and workflows of your company. A sales training program empowers the new hires with the right tools and educates them on how to use those tools to be successful in their jobs. As remote selling is becoming more and more common today, it becomes even more crucial to provide an enriching onboarding program to all your new salespeople. And failing to do that can cost you in more ways than you can imagine! Here are some of the negative consequences of poor onboarding. 01. High staff turnover rates Did you know that 33% of new employees start looking for a new job within six months of accepting the offer letter? And another 23% leave a company within a year of joining. One of the main reasons for this is poor onboarding. The total cost of staff turnover can be as high as 100-300% of the employee’s salary. And if we talk specifically about sales jobs, then an organization has to spend as much as $97,960 to replace a sales rep. Yes, you read that right! Think about how much time and money you can save if you retain your existing employees instead of recruiting new ones. 02. Reduced sales efficiency Not providing your sales reps with an enriching onboarding program can greatly reduce your sales efficiency. When your employees are not properly trained, they won't be able to put their best foot forward, impress customers and prospects, or score leads. They wouldn't know what are the right sales tactics to use or how to handle a complex situation. An inefficient sales rep will make you lose a lot of your customers and prospects and will cost you a significant amount of money. 03. Missed opportunities and lost potential Generally, sales representatives reach their full potential after approximately 11.2 months of joining the organization. Now, just think of how much potential and talent your business would lose if these reps were to leave the jobs within a year of joining because of a poor onboarding program! Moreover, you will miss out on a lot of wonderful opportunities if you have a poor rate of employee retention. According to research, the opportunity cost of sales representative turnover can surpass $100,000 per employee. 04. Increased stress, lower employee productivity, and morale If you don't properly onboard your new hires, they will feel anxious, stressed, and unsettled at their job every day. This reduces their productivity and brings down morale. Constant stress can also affect their mental health. Moreover, low productivity due to stress and anxiety can cost you about $600 per worker annually. Furthermore, if your new hires struggle to navigate their new job, they won't be able to perform to the best of their abilities. And when they fail to cope with the new responsibilities, they might choose to leave the position. To Sum It Up Providing high quality and extensive onboarding to your new employees is no longer a choice, it's a necessity! In fact, according to a study, 49% of high-performing salespeople believe that the availability of good onboarding is extremely important and helpful. A poor and inadequate onboarding will not only cost you a lot of money, but it'll also cost you your talented employees, your customers, prospects, and some amazing opportunities. Therefore, it is vital to invest in a good, well-structured onboarding program so that your employees can work confidently in their new jobs and you and your company can be on your A-game!

The COVID-19pandemic has completely altered how we work and live our lives, both professionally and personally. A lot has changed from the day the world witnessed the first case of the COVID-19 to today. For instance, remote working, online shopping, eLearning, etc. have all become a crucial part of our lives. The industry that has perhaps witnessed one of the most dramatic changes has been the sales industry. During the pandemic, when people were home-bound, virtual selling essentially became the only form of selling. While it was still prevalent before the onset of the pandemic, digital selling has gained whole new importance now. As the COVID-19 winds down globally and the vaccines are rolled out at record speed, people are all set to move to a hybrid form of workplace. And as per the LinkedIn State of Sales Report 2021, this shift of many industries from the work-from-home style of working to the hybrid work culture is here to stay. This means that the sales industry has to adapt to the changes as soon as possible to keep up with the fast-evolving world. In this article, we are going to explore how the sales industry has changed throughout this global pandemic and the change management that sales leaders and sales reps would have to take care of to adapt to the new norm. Keep reading! The Evolution of Sales Throughout The COVID-19 Pandemic The global sales industry was already adopting the digital landscape and going through a digital transformation gradually. The pandemic just quickened the process by forcing the home-bound sales professionals to turn to technology and adopt ways to score leads and make sales. 84% of sales reps believe that digital transformation has accelerated since 2019. While it was an adjustment initially, the salespeople and organizations showed immense resilience and determination to adapt to the digital world and achieve their goals. As per a survey conducted by McKinsey, since the onset of the pandemic, almost 90% of sales have moved to the remote model of selling that is heavily dependent on video conferencing, web-based applications, and phones. The traditional in-person sales calls were reduced by more than 50%, and almost 70-80% of B2B buyers now prefer remote interactions and online services over in-person meetings. Most sales professionals and customers believe that this new way of selling is equally or even more effective than the traditional models that we are used to. However, according to the latest PwC survey, while 83% of company leaders accept that remote work has been successful for their companies, only 13% of them are ready to let go of the office environment. It is evident that while businesses want to adopt remote work, they still need the physical workplaces to collaborate with their teams and build relationships. This is the main reason why a hybrid work environment is going to be the future of the global corporate world. What does the Hybrid Way of Selling have in Store For the Sales Industry? As per Microsoft’s report, more than 70% of employees want remote work to continue in some form, and 65% of them want more in-person time with their colleagues. This is why organizations today are keen to adopt the “hybrid” work model to leverage the best of both worlds and provide maximum satisfaction to their employees. The hybrid environment would enable the employees to work in the physical workspace and collaborate with their peers as well as work from their homes occasionally. This setting ensures that the sales reps are comfortable and assures increased work quality, customer satisfaction, and peer-to-peer interaction. This implies that both sales leaders and employees have to undertake effective change management to be ready to embrace everything that the hybrid work culture brings. Let's look at the different ways that the sales leaders have to adapt to this hybrid way of working to ensure a smoother transition and continued success. The Different Ways that the Sales Leaders Have to Adapt to the hybrid work environment The first thing that sales leaders would need to do is provide extensive training to their sales reps to fully handle virtual and in-person selling. In the post-COVID hybrid work scenario, just providing your salespeople with digital tools isn't going to cut it. To adapt to a hybrid environment, sales leaders would need to oversee the proper implementation of enablement programs, onboarding sessions, and sales coaching to ensure their employees are trained to handle different and complex selling situations they might not be fully familiarized with in this new hybrid era. As a leader, your primary role is to support your team whether there is a pandemic or not. Amidst this time of uncertainty, employees are going through immense stress, add to it the pressure of the changing work environment, and it’s natural for anyone to get overwhelmed. Therefore, it's important not to be rigid at this time. The future, right now, is unpredictable, and thus, leaders and top management need to be flexible and empathetic to their workforce and keep all the channels of communication open. Building a fair and equitable workplace is also a challenge in the hybrid environment. Sales leaders need to implement certain inclusive protocols and rules that ensure that everyone is equally included in all tasks. The Different Ways that Sales Reps Have to Adapt to the Hybrid Era Change management is not the sole responsibility of the top management. Sales reps would have to make efforts to adapt to the new workplace successfully. While a hybrid work model would provide a better work-life balance to employees, they’ll also need to take certain measures to overcome the challenges it brings. According to a Salesforce report, almost 64% of sales reps expect their jobs to change forever. They would have to reskill, learn new technology, tactics, and personalize the journey for every buyer. As virtual buying often causes delays on the buyer’s part, sales reps would also have to adopt more patience and enhance their selling pitch. It is also important that sales reps learn the art of effectively managing their time at the office and home to make the most of the hybrid workplace. The hybrid way of selling is indeed going to be the way forward in the post-pandemic workplace. And if implemented in the right way, it can open doors to many incredible possibilities for both the sales leaders and employees. A collective effort and effective change management with the help of a proper hybrid plan would ensure that everyone can get the most out of this “new normal!”

Companies today invest a significant amount of money in their L&D strategies. Yet, even then, many employees remain dissatisfied with the kind of training their organization provides them with. A survey conducted on over 1,500 managers from across 50 different companies revealed that almost 75% of them were not satisfied with the kind of learning and development their company was providing. Another research project conducted on 4,300 workers by Middlesex University for Work-Based Learning discovered that 74% of them were unable to achieve their full potential and give out maximum results due to a lack of effective training and development opportunities. One more issue that came to light was that a mere 12% of the learners who received training from their companies were actually applying the newly-learned skills to their jobs in real life. These statistics make one thing very clear: even though companies are spending money on providing learning opportunities to their employees, either they are not sufficient or lack the necessary effectiveness. So, where are companies going wrong in their L&D efforts? And as a business owner or leader, how can you design an L&D program that can maximize the learning investment and make it more effective and exciting? Keep reading this article to find out everything about it and more! THE MAJOR ISSUES IN A COMPANY’S LEARNING& DEVELOPMENT TODAY Benjamin Franklin once said, “An investment in knowledge pays the best interest.” Learning, indeed, plays a vital role in the overall development of an individual, both professionally and personally. Great training and up-to-date knowledge can enable the person to reach their full potential and even achieve extraordinary feats. And modern-day organizations are smart enough to understand this. Learning & Development form a vital part of every organization’s talent and human resource management strategy. This is why companies have spent a whopping $357.7billion on providing the necessary training and development opportunities to their employees globally in 2020. However, the problem arises when companies still fall short in their effort seven after investing the money and resources. Today, most of the training that companies provide is either ineffective, outdated, or has flawed content. Many times, the timing and purpose of providing the training opportunities are not right as well. Here are the top reasons why organizations are failing at their Learning& Development efforts. 1. Learning at the wrong time One of the top reasons employees are usually unable to get the most out of their training and development sessions is that the timing is not right. Most companies have a fixed long-duration L&D schedule and uniform training topics, and the employees have to learn according to it. So naturally, this builds pressure on them to complete the program within the stipulated time. And more often than not, the topics included in the program are not relevant to every employee’s job requirements. 2. Outdated content The corporate world is evolving at lightning speed today. But unfortunately, the training content and courses are still stuck in time and are unable to keep up with the rapid changes of today’s work environment. For example, companies are still providing courses on “conflict management,” “speaking skills”, or “business writing,”etc. Such courses are neither relevant nor do they align with the advanced job needs of the present times. Moreover, this lack of effective change management plays a huge role in spoiling the employees’ learning experience. 3. The Forgetting Curve Human beings tend to quickly forget the things they’ve learned if it is not applied frequently. A German psychologist named Hermann Ebbinghaus commenced several experimental studies on memory in the late 19th Century, which led him to discover “The Forgetting Curve.” The curve explains that if the new information a person learned recently is not applied, they’ll forget close to 75% of it after just six days. So, if the training courses aren’t relevant or if the employees don't get a chance to apply their learning in their actual work, they will end up forgetting it soon. HOW TO DESIGN AN EFFECTIVE LEARNING & DEVELOPMENT PROGRAM AND MAKE LEARNING STICKY? Designing an effective L&D program that gives you the best return on investment and proves to be valuable to your employees is vital in today’s constantly evolving business environment. New technologies, methodologies, and tools are coming up every day. Therefore, to survive and stay relevant in this world of cut-throat competition, it's necessary to adapt quickly, enhance your change management strategies and fully equip your workforce with high-quality and up-to-date training lessons and courses. Here's how you can design a highly effective L&D program and help your employees reach their full potential. 1. Offer Short-term or Micro Courses A great way to make learning effective, powerful, and engaging is to offer your employees short-term, bite-sized, or micro training lessons. Smaller learning modules are more digestible and help avoid learning fatigue and keep the interest of the learners alive. 2. Encourage Peer Learning According to a study, almost 55% of employees first turn to their peers whenever they want to learn something new. They don't go on searching it on Google or immediately ask their bosses about it. Instead, they ask their colleagues for advice. Therefore, stimulating peer-to-peer learning in your L&D not only allows you to make the most of the expertise that already exists in your organization but also promotes mutual understanding and harmony amongst employees. You can activate peer learning in your organization by conducting occasional peer learning workshops, webinars, or organizing an online marketplace of employees who want to share their skills with their colleagues and those who want to learn them. 3. Provide Personalized Content To make learning more sticky and fruitful, try to provide personalized training and tailor content according to your employees’ needs, interests, and learning styles. While designing the training programs, always ensure to include topics that are highly relevant to the employee's job requirements and help them overcome challenges. 4. The Use It or Lose It Principle According to the Use It or Lose It principle, due to our innate desire for survival, our brain tries its best to conserve energy, and thus it quickly forgets all the information that we don’t use. This is a biological reality that you mustn’t overlook while designing your L&D program. So, as much as possible, try to introduce real-world projects in workshops so that the learners can apply what they’ve learned in real-time. You should also encourage your employees to frequently incorporate new skills in their work to enhance their retention and get the most out of their training. 5. Provide Continued Support and Ask for Feedback Finally, never overlook the importance of employee feedback. To enhance your L&D function and give the best training experience to your workforce, it is crucial that you extend continuous support to them. After every learning session, try to reach out to them via messaging, feedback forms, or chatbots and ask about their experience and welcome their suggestions, if they have any. This would not only make your employees feel valued but would also help you design better and more effective L&D programs and have a vibrant, skilled, and happier workforce in the future. SUMMING IT UP So there you have it- the top reasons why companies are falling short at their L&D efforts and how you can overcome these challenges by creating an effective training program. While designing a good L&D program indeed requires a lot of time, effort, and resources, it can prove to be your best investment - if done correctly. So, start by analyzing the learning requirements of your employees and then follow our tips to create a great L&D program for your workforce.

Nothing happens until a sale is made. In every organization, sales play a pivotal role in the overall success of a business. A sales department helps communicate value between the company and its customers, but most importantly, they execute the business plan and solidify cash flow — the lifeline of a business. It’s no secret that the coronavirus pandemic has put a strain on how organizations conduct sales. Many challenges arose due to companies introducing tighter budget constraints, stricter investment criteria, and digitized interactions. As a result, a sales playbook has become a vital guide to optimize onboarding and highlight defined strategies that will increase sales efficiency and conversion. Now, not all playbooks are created equal! Whether you’re looking for ways to improve your own or looking to build one yourself, we’ve highlighted 5 things that companies need to know about a winning sales playbook. 1. Playbook Should Be Developed Across Related Departments We can draw many parallels between sports and business. For instance, a star player may carry a team to victory against a weak competitor. However, when competition tightens and becomes more complex, a star player becomes increasingly reliant on their teammates to create opportunities and efficiencies to score in all areas of the game. Similarly, constructing a winning set of strategies and processes is a team effort across interrelated departments such as sales, marketing, and product development. Increased coordination and information sharing among these departments will result in more valuable insights, quicker response times, and completeness in understanding your target segments. Not only will collaboration ensure that the playbook is comprehensive and cohesive with a business’s goals and competitiveness, but it will also encourage idea generation to improve existing methodologies and ultimately improve joint performance. Start by initiating a brainstorming session with key players within interrelated departments to align on the purpose of the playbook, and identify all elements that should be included such as customer analysis, product analysis, and current sales strategies. Once the contents are finalized, a periodic meeting with these departments should be in place to review and update the playbook as new developments arise. 2. Continuously Measure and Refine Your Playbook A sales playbook should not be stagnant; it should evolve alongside changes in technology, market trends, and consumer behaviour. Encourage your team to look for ideas that help improve and adapt the playbook to current environments, and implement methods to record and measure the effectiveness of new and existing strategies within the playbook. A concrete criteria should be developed to evaluate the extent to which it has achieved the goals set. Furthermore, periodically audit your playbook to refine existing content and ensure that it includes the most relevant and up-to-date information available. 3. Incorporate Data Analytics Since data analytics has become so crucial in helping organizations optimize their performance, it is beneficial to incorporate some of these analytics into your playbook to highlight any trends or patterns within your customer base, forecast future outcomes and test various strategies before scaling them. The use of analytics helps validate and enhance the accuracy of information. For instance, past purchasing history paired with external data such as industry reports, consumer trends, and social media can be compiled to create a 360-degree view of the customer. A thorough understanding of various customer profiles and underlying drivers enables the sales force to focus their efforts on deals that create the most value, and hone in on specific characteristics that will give them an edge over competitors. 4. Include Case Examples and Outcomes in the Playbook “In theory, theory and practice are the same. In practice, they are not.” Oftentimes there is a disconnect between theory and how it will be applied in a practical context. Application of theory becomes challenging without examples or personal experience. One way to improve the effectiveness of a playbook is by including real-life examples as case studies. Instead of starting from zero, your sales team can analyze real scenarios to build and refine their own sales arsenal. Concrete examples are a great way to illustrate the underlying theory within the playbook and provide detailed guidance of what message or strategy to use among varying customer profiles. As a result, your sales force can critically examine what went right and what went wrong after the fact and reference back to it when similar situations arise. We suggest incorporating a needs assessment questionnaire to gather data on common pain points that drive customers to seek your product or service. Next, develop a survey to obtain direct feedback from your closed deals. This will help build a reliable case study that accurately breaks down the client's problem, sales tactic used, and results. 5. A Playbook is Not Enough While a playbook provides uniformity and a structured sales process to create efficiencies, it should not be treated as a “one-book-fits-all” solution. Your sales force must have the flexibility and confidence to handle situations that may not yet be addressed in the playbook. To achieve this, ensure that your sales force obtains the proper training and experience, and empowers them to personalize content within the playbook to address the current needs of their customers. People are dynamic and complex, and therefore it is important that the sales team can adjust plays and incorporate their uniqueness when communicating value to customers. With so many factors affecting the sales process, a well-developed sales playbook helps your sales team make better decisions when faced with uncertainty. By implementing these 5 best practices, your organization can create a playbook that will enhance your team’s unity, confidence, and ability to convert leads into revenue.

A strong, positive and supportive company culture is key to harbouring productive employees and generating quality work results. Managing and promoting an office-based organizational culture that is aligned with the company’s greater objectives requires time and effort to be successful. With the pandemic forcing brands globally to accept remote work arrangements, the importance of human resources and organizational behaviour management has been amplified. Businesses must continue to innovate and accept digital transformation to outlast these difficult times, and with the employees driving the key activities of any organization, ensuring their engagement and opinion of your organization is maintained. So, what does maintaining organizational culture while working from home look like in practice? Follow these 5 best practices listed below to find out: Communicate more than you think you need to In a digital space, it can be difficult to gauge the daily activities of your team members and understand when they are busy with tasks or free for a chat. By encouraging everyone to share their status throughout the day and communicating by message or video call often. Host weekly check-in meetings Holding status update meetings is great to gain a sense of what everyone is working on, and how each individuals’ efforts are contributing to the greater organizational success. To be inclusive, check-in with everyone on how they’ve adapted to new work environments and if they need any unique supports to help them stay productive and healthy. Implement weekly community building activities In order to stay connected to each other, use your team’s messaging channel to host weekly challenges focused on learning more about your teammates as unique individuals. Challenges could include listing hobbies outside of work, naming favourite activities to do while staying safe and social distancing, sharing pictures of pets, and much more! The goal is to keep employees engaged and show appreciation for them as an individual despite having to connect through digital means for now. Encourage video use in meetings When meeting digitally with team members, encourage all individuals to turn on their cameras. By doing so, the friendliness and familiarity of communicating in a face to face manner replicates the structure and stability of the normal colleague experience. Consider sharing an internal employee newsletter Internal employee newsletters share a review of current activities, celebrate achievements and successes, employee birthdays and highlights of team community building activities. Open rates for internal newsletters are very strong and help to ensure alignment throughout a team. It’s easy to feel overwhelmed and disconnected from others as remote working scenarios become the new normal for numerous organizations, however due to the convenience and safety provided by remote work setups, companies must adapt and flourish once again. By implementing these 5 best practices, you will be able to give your team a sense of structure, stability and the genuine empathy needed to drive their commitment.