Whether just starting out or seasoned, perfecting the SWOT analysis has become an art. Understanding your territory is the only way to achieve sales success. This is why we wanted to tackle the SWOT analysis as the first installment of our new blog series, Sales Success.

What is the SWOT Analysis?

A SWOT analysis is a tool that you can use to better understand the territory in which you are working. Using the four quadrant chart pictured below will help you to organize all the information. Where do you get this information you make be asking. Start with your managers and the senior sales reps in your office. They will no doubt have valuable information that you can use to get started. 

It may seem incredibly silly to put together a chart like this. After all, isn’t it more important to go out and visit offices than to sit around making charts? Yes, selling is important, but what if making a chart could help you sell more effectively, especially with new accounts. I can assure you that is a tactic that many of the most successful reps utilize. By taking all the information you receive and compiling it into a chart, you are better able to understand the ins and outs of your territory. By better knowing your territory, you will have more intelligent and structured conversations with not only your accounts, but your managers and other reps as well.

Strengths

The first part of the analysis we complete is strengths, which have a fairly simple explanation. They are any specific things that your company does better than its competitors. This can be anything, but I’ll give you a few examples of what I might put as a rep for my fictional company, ABC Medical.

Something that ABC Medical does better than competitors is our report turnaround time. Compared to our others, we are able to run tests on patients and send their results to their physician in a much shorter time span. This is a strength to bring up to a doctor. Turnaround time may be a major pain-point for that office, and could therefore be a deciding factor in where a patient goes for a test.

Weaknesses

Weaknesses are the opposite of strengths. Here you’ll write down anything that your company fails to do as well as a competitor. Remember to be objective and specific!

Let’s go back to ABC Medical. I know that we have recently experienced shipping delays when it comes to getting patients their medical equipment. Therefore, I would consider that a weakness compared to my competition, who rarely experiences shipping delays. Though this is not something I would want to bring up in an office, this information does have a purpose. I might come up with a way to respond to such information should questions arise about said weakness. 

Opportunities

Opportunities are anything you have yet to take advantage of within the business. Again, be object. This is the time to brainstorm any opportunities that you can utilize to further your business and sales success. 

An example of this would be regional contracts. The more regional contracts with insurance providers I can get, the more patients ABC Medical will be able to see. This ultimately means more accounts I will be able to gather. The amount of regional contracts your company has will also be a great point of discussion in an office. If you have the ability to match an account on an insurance level, you will be more likely to gain their business.

Threats

Threats are going to be anything that has the potential to harm your business. This is important to take note of; the better idea you have of the threats to your business, the better you will be able to combat them should they arise.

So, for ABC Medical, one of the threats could be medical equipment sold at a local pharmacy. If customers can go to a pharmacy and pick up tests, kits, and the like on their own, they have no need for the doctor to assign them to ABC Medical. This could spell disaster for the business as the pharmacy version of a product may be cheaper, in addition to easier accessibility. Keeping this in mind will help you to find ways around this issue.

Conclusion

Hopefully this has provided you some insight into how to conduct a SWOT analysis. Like I’ve said, this is an extremely important task to complete, especially when starting a new territory. Knowing what is going on internally with your business, as well as externally within your territory, is going to aid you immensely in your sales career.

Have you used the SWOT analysis? Let us know!

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The post Sales Success: Inside the SWOT Analysis appeared first on HealthCare U.

The more information you can gather about your new accounts, the more efficiently and thoroughly you will be able to serve them.

Competitors

One of the first things you’ll want to research, before you even set foot in the door of a new account, are your competitors. This is an essential step when it comes to selling. If you don’t know who your competition is, how will you know how you are better?

When doing this research, there are three things you want to take into account: quality, access, and cost. These are going to be your stable data points with which you will be able to compare your product or service. Does your product or service have something the competitor lacks? Write it down. Do you cater to a wider demographic? Write it down. Is your cost much lower? WRITE. IT. DOWN. This is all information that you will then be able to utilize when you see an account.

Once you have made note of your strengths and weaknesses, you will be able to drive the conversation when you visit accounts. If you know that your product or service is considerably cheaper than a competitor’s, that’s an important point to bring up as it will influence an office’s decision to select your company.

That being said, don’t discount your ability to sell. I’ve seen reps show an inferior product, but the sales pitch was so convincing and the rep so personable that the office chose them. Likewise, I’ve seen reps with amazing products be turned down because they just couldn’t sell. Take the information you gather, and use it to your advantage.

Doctors’ Schedules

This is a little nugget of information that I wish people had told me when I was first starting out as a healthcare sales rep. When you get to an account, ask about the doctor’s schedule. When do they see new patients? Existing patients? When are the most prescriptions written? Does the doctor make hospital rounds? What this information will do is allow you to make the most of your territory schedule.

Let me give you an example. The office tells you that the doctor sees new patients on Wednesday. So when would be the best time for you to visit? Tuesday. Most prescriptions are written for new patients as they typically require more tests to be done. Therefore, visiting your account on Tuesday allows you to be top of mind for that doctor when he or she sees new patients.

Patient Demographics

The patient demographics of the office are important to your selling strategy. What are the average ages, health profiles, or common ailments experienced by patients? What this will allow you to do is figure out how your product or service could be of use to the account.

For example, if you sell a product to help people with type 2 diabetes, but the office tells you that most of their patients are fit and don’t have any form of diabetes, then your product may not be a good fit. This information is crucial so as to not waste yours and the office’s valuable time.

Ask Questions

As I’m sure you’ve noticed so far, being a great and efficient rep means asking plenty of questions. Though we’ve covered some so far, I wanted to touch on a few more that can help give you more information to better inform your selling choices. Check out this video on the top 5 questions you need to ask your new account.

Conclusion

Overall, what’s going to make or break your selling experience is your level of service. The more questions and research you do, the better you can provide to new accounts, and ultimately, patients in need. I hope this gives you a framework with which to begin creating your own new account protocol. Click here read about how training can can be the key to your success and check out our Sales 101 course, designed for healthcare reps, by healthcare reps.

What was your favorite tip? Leave a comment below!

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The post Account Management: Make the Most of a New Account appeared first on HealthCare U.

If you have that mindset, you will do things that others in the same position won’t do.  For example, in your new job, you’ll want to get as much training as you can to ensure top performance and success in your new role.  Why not apply the same mindset in your job search?

Getting a job can be stressful…but it doesn’t have to be.

The Interview

One of the key elements of any job search is the interview.  So what are you doing to train for that interview?   How are you preparing in advance to maximize your opportunity when you get in front of the hiring manager?

Think about it from the company’s perspective.  If you take the time to prepare for the interview – research the company, know the players, understand the lingo, prepare great questions, practice likely responses, etc – what does that say about what you will likely do when put in front of their clients?  And what does it say if you haven’t prepared appropriately?

As a hiring manager, you want to see that someone cares enough to be prepared for the interview.  You also want to see that the person is resourceful enough to figure out how to be prepared.  And you want to know that they have the necessary foundation to succeed.

How can training help?

At HealthCare U, we put together a Sales 101 training course for new reps that want to develop the fundamentals of selling and communications as they begin their career.  But we realized that someone taking this course could really set themselves apart from their competition when trying to get the sales position in the first place.  This is particularly true when you lack experience in your desired field.

By taking our course, a person can walk into any interview, experience or not, and talk the talk.  More importantly, they can walk the walk.  This applies to any person trying to break into any industry.  Walking into an interview and tell the hiring manager that you took the time and expense to advance your knowledge in their field and they will certainly appreciate that effort and take you more seriously.

Expressing the knowledge you gained will put you on the fast path when you on-board in the new role. You will also be up to speed and productive faster than any of your new hire counterparts.  Finally, communicating that your initiative in training before you got the job is an example of the attitude of resourcefulness that you will bring to their organization.  You may or may not get the position, but your consideration will have increased 10 fold.

Conclusion

Once you impress the hell out of the hiring manager and land the job, you will in fact be ahead of the game.  You will be ready to get off to a fast start and feel more confident in your new role.  The thing is, everything you told the hiring manager should be the truth… not a good story to get you hired.  Prepare for your job before you get the job so you land the job.  But also do it so you can be very successful once you get the position.

Oh, and if you want to stay out front, you should embrace a life of learning and training so you are the one constantly ahead of your competition.  Remember, training isn’t something you did, its something you do.

Do you see training as a good investment for landing a job? Let us know in the comments!

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I would argue that each and everyone of us are sales people. Every day we try to convince someone to do something. Mostly it’s just trying to get our kids to do the right thing, but we also ‘sell’ at work, with our friends, at stores, and in almost every facet of life. In order to succeed though, we must communicate effectively. And when sales is your actual job, it is critical to become an expert
communicator.

All of that is pretty obvious, but that then begs the question:

“how do you become an expert communicator?”

The answer to this question has many layers and can get a bit complicated. People have been trying to address that question through books, seminars, classes, and every other media imaginable for hundreds, if not thousands of years. At HealthCare U, we have also addressed in our coursework for our healthcare sales rep customers by starting with the first layer – the most fundamental aspects of communications.

Appearance

It is truly shocking how many people don’t get the fundamentals of communications right, much less the more intricate and advanced aspects of communication. For instance, we fail to remember that our appearance is our first communication point. It says something to someone before you even open
your mouth. If two people are standing in front of you and one is in a suit and tie and the other is wearing a tie die shirt and Birkenstocks, both have communicated something very definitively different to you, the observer.

We hear so much about profiling and not judging people by their appearance. What that really means is “don’t judge me negatively by my appearance” versus “don’t judge me at all by my appearance.”

We all intend to communicate something when we decide what to wear and how to groom each day. And until our innate human nature of evaluating what we see completely changes, everyone will
judge you positively or negatively based on what your appearance is communicating. So, whether you’re going in for an interview or are in a position of selling, you should be prepared to adjust your appearance accordingly. Specifically, you should consider your appearance based on the terms of your audience, not your own terms… at least if you want to have the best chance of convincing them to do something.

Mode of Communication

This leads to another critical aspect of communicating. We must be prepared to communicate on our audience’s terms, particularly when it comes to the communication channel they like to use.

Long gone are the days of mail, phone, or in person. Technology has expanded our communication channels to the point that a phone call seems absurd to many people. If I’m one of those people, you will have a very hard time selling to if you just continue to call me all the time.

But how will you know what channel to use? Easy! Find out the channel I prefer by seeing how I always reply to you and start utilizing that channel. Whether its texting, calling, in person, or smoke signals, analyze your audience!

Also, find out when they want to communicate. Are mornings better or afternoon? We all have a better time of day when we are more open to talk and therefore more receptive to communication. Ultimately, this adds a level of complexity to selling because every person has their own preference on how, where, and when they want to communicate. But the overriding communication principle is simple, speak on their terms and communicate in their preferred manner if you want to maximize your selling success.

At its core, effective communication is very behavioral in nature. We want what we want. If I’m the audience, I want you to dress a certain way and contact me in a certain way. I also really want you to listen to me. How can you possibly convince me of something if you don’t know what I care about, what I need, or what I want? So yes, this is where often uttered holy grail of communication is
introduced – active listening!

Communication is by far the most important aspect of selling. The better your communication, the easier the sale.

Active Listening

We have all heard about it in some version, but this goes back to the shocking part, precious few actually practice it!

Ask yourself about the last sales situation you were in. Did you ask really good questions to uncover important information you didn’t know, but really needed? Or did you ask leading questions to drive the conversation to a specific destination because you already knew the answers? Did you provide positive verbal and non-verbal cues that let your audience know that you were engaged and hearing what they were saying? Did you reconfirm what they told you to verify that you, in fact, did understand what they were trying to communicate with you?

Most of us pay some initial homage to listening with a planned question or two, but then jump right to ‘selling’ when we get our first immediate chance to let our audience know how fantastic we are, our product is, our solution could be, etc. The truth is, we can’t possibly communicate with our audience very well until we have done two vital things, both accomplished by listening. First, we must uncover what really motivates them. Second, they must feel heard, before they will listen themselves.

Conclusion

All of this seems quite simple on the surface and it is. It’s also why these are part of the fundamentals steps of good communication skills. But without the fundamentals, you will never be truly good at anything, communications or otherwise. So take heed if you ever want to sell your 5 year old on the benefit of good oral hygiene.

What communication basics do you use to sell? Let us know in the comments!

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The post 3 Keys to Effective Communication appeared first on HealthCare U.

Interview Tip #1: Adding Value

One of the most important questions that I ask sales reps during an interview is “how do you add value?” Quite often I find that reps are unprepared for this question. We tend to think in terms of “I”. “What will I get out of this?” “How will I benefit?” What we need to remember is to think from a company perspective. Yes, you may benefit greatly from the experiences you’ll have, but what do you bring to the table that can benefit the company.

How do you determine your value? Simply discover and play to the needs and wants of the company.

For example, you learn through talking to the interviewer that ABC Company needs reps that are can build a rapport with their offices; the reps need to form real relationships with the offices in order to facilitate sales. So, when the interviewer asks, “How do you add value?”, you could explain how you are very personable and would be able to build rapport with doctors and staff.

While it can take some sleuthing to figure out the needs of the company you want to work for, you can use that information to help inform your answers.

Interview Tip #2: Selling Yourself

This is one of the most basic tips I could give you: SELL YOURSELF. You are applying and interviewing for a sales position. This is the perfect time to put those skills to use. Through my years of interviewing, I’ve come up with a three step process to complete in order to help sell yourself.

Step 1: Dress the Part

The way that you dress is vitally important. Make sure everything you wear is clean, wrinkle-free, and reflects the environment in which you are trying to enter. Remember, you’re trying to infiltrate an existing environment. Proof of adaptation is key to the success of your interview.

Step 2: Researching the Part

This step happens both before and during the interview. Not only should you research the company, the key players of the company, and the position you want, but you should also make an effort to learn the hiring manager’s expectations. Use those expectations to your advantage. For instance, the hiring manager may like candidates to bring in references. Taking that extra step will make you feel more prepared and make a good impression with the interviewer.

Your research doesn’t stop once the interview starts. As I’ll explain later, listening closely to what the interviewer is saying will help you inform your responses in a more intelligent and impactful way.

Step 3: Act the Part

This is it. You got the interview. Now how do you sell yourself. What I suggest, and what can go a long way is to bring something for the office. Whether cookies, doughnuts, or bagels, bring a small offering to your interview. This goes a long way in terms of selling yourself. You’ll bring a smile to someone’s face, as well as demonstrate that you care about the job you’re seeking.

Interview Tip #3: Interesting vs. Interested

Again, this is one of the pitfalls that I see happen time and time again to reps that I have interviewed. Let me explain the difference between being interesting vs. interested and why this interview tip is so important.

Interesting

Being interesting means that you are acting out in order to garner attention. It may be in your dress, way of talking, or topics of discussion. While discussing your skills, your life, and what you hope to get out of the job is all fine to touch on, your focus should be on the interviewer, not yourself.

Interested

Being interested means listening to your interviewer. Actively engage in what he or she is saying by focusing on what is being said, instead of what you will say next. Your ability to actively listen will enable you to learn what is important to the interviewer and respond in a thoughtful way.  

Conclusion

Like I said before, I’ve been interviewing reps for many years and I can tell you there are certain things that owners and executives look for in interviewees. These interview tips are some of the important factors that I look for when interviewing a new rep. The quicker you can discover what the interviewer considers a good employee, the quicker you can become that employee.

If you’re interested in learning more about how to land a job in healthcare sales, check out our Sales 101 course, now available!

What was your favorite interview tip? Leave a comment and let us know! 

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Yes, we have personality traits and natural abilities that can help us in a specific area, but is that enough to make us great?  In sales, you may be an outgoing person, helping your likeability, but that doesn’t mean you are a great salesperson. While natural ability helps, greatness and success only come with hard work.

In the book Outliers, Malcolm Gladwell famously introduced the 10,000-Hour Rule. This suggested you needed to practice at something for at least 10,000 hours in order to master it.  This concept speaks to two very important points. The first is that to achieve great success at something, you need to practice and work hard. Which then leads to the second important conclusion…. greatness is made not born.

Michael Jordan is arguably the best basketball player ever to play the game.  He clearly has natural ability. However he didn’t make his varsity basketball team when he got to high school.  He had to work hard and fail many times before becoming great. And those close to him said that despite all of his natural talents, he still worked harder than anyone else on the court.

Though we are all born with special skills, we hone those and other skills with practice. Greatness is a process.

In some instances, you need to combine natural ability with practice in order to become truly great.  Singing coaches would tell you that even if you don’t have a natural singing voice, you could become a good singer with enough training, but you won’t become a great singer.  However, most skills can be taught. We can become great at most things we pursue if we practice hard enough.

We often talk about becoming great at our hobbies and interests, but do we think that way about our professions?  Do we want to become great sales people? Are we willing to put in the 10,000 hours to get there? Any sales person that wants to be successful should strive to be great.  That means countless hours of practice and hard work. And the client call is not practice or training – that is the game.

After Gladwell released Outliers, numerous scientists tried to break down the 10,000-Hour Rule.  What they found was that the amount of time practicing was important. But equally, or more important was how you practiced.  To become great, you had to be training in a highly focused, short, intense way. Researchers called this deliberate practice.

To go back to our sales reps, this is a particularly important point in becoming great in the art of sales and communication.  Most sales people get their training and practice in classrooms or seminars that make it nearly impossible to have short, intense, and highly focused practice sessions. This is precisely why HealthCare U put their sales training program for medical sales reps into a virtual environment. The training videos can be watched in short bursts and then applied immediately.

Technology now offers fantastic solutions for those that want to engage in deliberate practice via online training.  Highly focused subject matter that you can watch where you want, when you want, and as many times as you need, provides the opportunity to train in the most effective way possible.

If potential for greatness means the desire to work and train hard, combined with the tools to make that training deliberate and successful, then yes, we all have the opportunity to make ourselves great in our professions. Resist buying into the notion that great sales reps are born… they are, in fact, made through effort and determination.

Do you think that great reps are made by their training or is it due to the skills that they inherently posses? Comment below and let us know!

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If you look back on that experience now, how would you see practice or training?  Would you tell your kids it’s just a necessary expense to get to the fun stuff? I’m guessing you would probably tell them that their growth was happening at practice.  That they were getting better and that training is where they developed and honed their skills to excel in the games.

Practicing sports as a child is similar to training as an adult. The more you put in, the more you get out!

As adults, we now see practice and training as an investing in ourselves, versus an expense necessary to be allowed to play the game.  But do we apply that same thinking to our self and our career path? We should. We should think of training as the best investment we could make; it is investing in ourselves.

We’ve talked previously about why you should train, but what kind of investment would you be making? If we look at training as an investment, we would naturally evaluate the returns we are getting against the actual investment that we are making.  And there are really two forms of investment that you will make with training. The first is your money. How much do you have to pay to get access to the training program?  The second, and likely bigger investment, is that of your time. How much of your precious time will you devote to the training? Once you know those two things, then you need to decide if you will get the returns necessary to make those investments pay off.

Investing Your Money

Lets think about investing from the financial side first.  Is your compensation dependent on performance? I would argue that the answer is yes for every single person.  If you agree, then it becomes a simple formula to analyze your financial investment. For example, if you believe an investment of $500 in a training program will improve your performance and help you secure a 5% increase to your $50,000 a year salary, then you know your $500 investment would yield $2,500.  That is a 500% ROI… pretty good. What if it landed you a promotion to a $60,000 a year position? Its difficult to put an exact number on this analysis, but it is pretty safe to say that if you aren’t getting better, you won’t reap the financial benefits. Your employer won’t pay you more for standing still!

Investing Your Time

Now, lets look at it from the time side. If you spent 15 minutes investing in your training and improving your skills, it would equate to about 3% of your overall work time.  But that 3% of time investment would help you improve your performance on the other 97% of your time. Better performance, higher confidence, more motivation, and increased job fulfillment – all for investing 3% of your time seems like a worthwhile return.

At HealthCare U, we focus on training medical device and pharmaceutical sales reps whose compensation is largely determined by their sales success.  Doing the above analysis for commission driven professionals seems like a no brainer. However, we would argue that investing in yourself is going to yield huge returns no matter what your chosen profession may be.

Have you ever invested in training? What were the benefits of investing your time and money? Comment below!

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There are so many options when it comes to training, allowing you to complete it anywhere, at any time.

Why Should You Train?

While this sentiment is completely understandable, it may not be the best approach to your sales. Without training, sales can become stagnant, and results lackluster. In order to get the most out of the time spent on sales, time must be spent on training. While the benefits of training are endless, there are three main components that stand out. With training, good habits are built, actions become more effective, and a sense of fulfillment is reached. 

1. Good Habits

The fundamental tool for success in the healthcare sales industry is creating good habits. Training teaches, step-by-step, the best procedures for selling. For instance, a bad habit that plagues many reps is neglecting to perform any post-call procedures, such as storing business cards and writing any additional notes. With training, reps can learn the best way to organize in order to get the most out of their calls. With practice, this good habit can become second nature, replacing the detrimental bad habit. Bad habits lead to mistakes, costing time and money, two things that cannot afford to be lost.

2. Increase Effectiveness

The second benefit to training is an increase in effectiveness. One of the biggest downsides to training is the lack of effectiveness as most training sessions try to provide every piece of information at once. Therefore, the information that could be of benefit becomes lost. Now imagine watching a short training video in the car right before going into a doctor’s office. By applying the lessons immediately after watching, there is sure to be better retention of the information. Retaining that information will lead to better results, more sales, and ultimately, more money.

3. Feeling of Fulfillment

The last benefit to training is a feeling of fulfillment. The difference between a good rep and a great rep is training. A good rep often feels frustration as their progress stagnates. Yes, they can make a sale, but they aren’t conquering their territory the way that they thought they would. A great rep has a sense of fulfillment in knowing that they are continually learning the tools for success. Their confidence in their abilities not only reflects in their attitude and motivation, but also in their sales. By having digestible, consistent training, good reps become great reps.    

Conclusion

Training isn’t a one-and-done activity, but an ongoing process. Great reps understand the importance of continuing to hone their craft in the drive to achieve better results. No matter the industry, training can form good habits, increase effectiveness, and lead to a sense of personal fulfillment.

What benefits have you seen from training? Comment below!

The post Invest in Yourself: Why Training is the Key to Your Success appeared first on HealthCare U.

Tony (left) and Vick (right) founded HealthCare U with the goal of delivering comprehensive healthcare sales training to medical device and pharmaceutical reps across the nation.

Traditional training, aka ‘live’ training, is good, but has its challenges: expensive, time consuming, inconvenient, too much information at once, etc.  Virtual training provides a better solution by solving many of those challenges. Its on-demand, self paced, and spread out in smaller digestible chunks.  Technology helps make virtual training more effective, more efficient, and less expensive. Which is clearly an improvement. But we thought it could be even better. The delivery mechanism is critical, so we utilized a virtual platform for the reasons just outlined.  However, we chose to innovate the content itself in order to accelerate the training value proposition.

We believe the best training content is the most relevant content to the audience.  Our audience is healthcare sales professionals like medical device and pharmaceutical reps.  So instead of good, but generic sales training content, we chose to create and deliver content specific to our healthcare audience. We believe that industry focused training content will be the next evolution of the training space.  The more specific you can be with your content, the more valuable it will be. After all, the selling dynamics of a doctors office are far different than those of a corporate office. Thus, HealthCare U was born.

But why?  Why did we chose training as our focus?  Why try to build a company like HealthCare U?  The answer lies in one of our core values: Strive for More.  People are at their happiest and best when they are moving forward.  When they are growing and getting better. No one wants to stand still, especially in their career.  And its the striving that is the critical part. Getting the more is great, but its the process of striving where we grow, transform, and find the true fulfillment of being better today than we were yesterday.

For all the grief the millennial generation gets, their single biggest motivator in a job is that of professional growth and development.  Great training provides that growth and development and its transformative effect on employees will make training one of the most important factors in our workforce over the next couple of decades.

Training seems to be a lost art in corporate America.  We think of it as something you did. A box you check and move on from.  But self improvement is about something you do, something you always do. Training shouldn’t be something you did once.  Don’t we expect soldiers, athletes, and musicians to constantly train? No matter how good LeBron James is, we expect him to be in the gym everyday getting better.  But why don’t we think that way about our employees or ourselves? Somehow we expect the getting better part through experience, but not through training and practice.

Today’s employees are demanding more and HealthCare U will passionately deliver more with our mission to radically improve the communication and sales skills of the modern healthcare sales professional.  And we expect our company to be better tomorrow than it is today.

We’re excited to you the Sales 101 training course in November. What aspect of sales training are you most excited to learn?

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Nothing could be farther from the truth. In a recent study done by PWS Research, where they asked millennials what attracts them to employers, they ranked training third, above benefits, flexible schedules, and employer values. The study also shows increased retention among employees who are encouraged about their prospects for advancement and they feel obligated to employers who invest in them.

In another study by Harvard Business Review, Gen Y ranked growth and development as their top priority in a job, far ahead of compensation. 

This is a huge opportunity for companies to fan the flame of advancement for Millennials. Retention of the best talent is at stake, which means nothing less than success of the company itself is at stake. Even states such Connecticut, Georgia, Kentucky, Mississippi, Rhode Island and Virginia are recognizing the importance of employee training programs and stepping up to incentivize employers with tax credits of 5-50% for training related expenses.    

As virtual platforms that make training programs far more efficient and effective at the same time, the idea of who can participate moves out of just the domain of the Fortune 500 companies. Technology is evening the playing field and training is no longer just for established companies, as young, entrepreneurial companies can now offer growth and development programs that have them competing for the best young talent in the market.

Smart employers are quickly recognizing that training has moved from the realm of a necessary expense to a crucial investment. They should also recognize that the current generation of employees do, in fact, want to get better and are demanding pathways to get there. Deny them training at your own peril.

What are your thoughts on the need for employers to provide millennial employees with training? Comment below!

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