10 Stats Why Everyone Needs Coaching and Training
So, are both coaching and training really that important? YES!
So often people think that coaching and training are a luxury and are quick to cut this out of their budget when profits start to wane. When asked many managers and companies see it training and coaching as necessary evils. Yet, when you ask these same managers and companies their pain points they complain about employee turnover, company culture, and profits which influence earnings.
The same goes for individuals too! They complain about how their company doesn’t provide the adequate type or amount of training and coaching. These are the same people that complain about everything. These folks don’t take any personal responsibility for their own development. They are waiting for the company handout and then criticize their company when it is not their standard.
This is equivalent to a homeless person complaining about the hot meal they just had or like a teenager who just received $20 from their parent and complaining that it is not enough.
So let’s take a look at the facts. Here are 10 eye-opening stats on the power of coaching and training.
Training + Coaching led to an increase of 88% in productivity, vs. 23% from training alone. Source: Centre for Management and Organizational Effectiveness
Takeaway: Increase productivity and your bottom line by providing coaching and training for your employees.
Over 50% of sales managers are too busy to train and develop their sales teams. Source: Interesting Sales Facts, Outbound Excellence
Takeaway: Save talent and money by making a sensible investment in recruiting and developing real sales talent by producing amazing returns and decreases hiring costs.
43% of respondents rated “follow-up training classes” as one of the most effective ways for reinforcing new sales skills. Source: Sales Performance International
Takeaway: Improve knowledge and skills retention by giving your employees follow training to reinforce learnings.
Coaching can produce a 529% return on investment and significant subtle benefits to the business. Source: International Coaching Federation
Takeaway: Providing coaching to your employees can produce a huge return on investment for your team and company.
98.5% of coaching clients said the money they spent working with a coach was well worth the investment. Source: International Coach Federation
Takeaway: All coaching is worth the investment. It can be the difference in success and failure for all involved.
The average company spends $10,000 to $15,000 hiring an individual and only $2,000 a year in sales training. Source: The Bridge Group
Takeaway: The average company spends only $5.49 a day in training and coaching their people yet wonder why they are not hitting quota. Each company needs to invest in training and coaching.
65% of employees say the quality of training and learning opportunities positively influences their engagement. Source: ASTD
Takeaway: Each company should provide coaching and training to their employees to improve morale and culture. This will also save the cost of recruiting and hiring.
Only 58% of sales reps made quota last year. Source: 2015 CSO Insights Sales Management Optimization
Takeaway: Employees are not taking the initiative to get the help they need nor are the companies they work for providing the coaching and training they need to succeed. Individuals and companies need to invest more in improving their skill sets and sales abilities to succeed in today’s marketplace.
70% of the reps say they don’t have the knowledge and tools to add value to their sales conversations. Source: 2015 CSO Insights Sales Management Optimization
Takeaway: You need to bring in help right away. Your employees need new ideas and strategies to help them succeed. Never forget the Zig Ziglar quote, “If you help enough people get what they want, you’ll get what you want.”
Sales managers only spend 20.8% of their time coaching. Source: 2015 CSO Insights Sales Management Optimization
Takeaway: You need to bring in outside help for your organization to achieve its objectives and quotas. Stop being naive in that you can do this on your own. Hire a professional coach and trainer.