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Growing the Bottom Line: How Training and Development Creates Long-Lasting ROI

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Summary

This article discusses how investing in recruitment and training can lead to long-term ROI for businesses. It outlines a recruitment and training strategy used by an experiential marketing firm based in New York City that has proven to be successful. This strategy includes investing in a deep recruitment effort, finding areas of common ground when it comes to remote and hybrid work, and not playing hardball with wages. The article also discusses mixing old school with new school training methods, such as using physical tools and software like Zoom to mimic in-store/on-street interactions. Finally, the article states that the strategy used by this firm has resulted in the recruitment of 900 people in 2022 and growing their book of business to 25 brands.

Q&As

What are some of the strategies used to grow the bottom line through training and development?
Strategies used to grow the bottom line through training and development include sharp analysis of tools made available in the pandemic, honing business acumen, recruiting a strong team, investing in a deep recruitment effort, compensating people well, taking time to book interviews, mixing the old school with the new school, and updating physical tools.

How can HR teams ensure that the right hires are made to maximize the investment in training?
HR teams can ensure that the right hires are made to maximize the investment in training by working as a leadership team to find areas of common ground, allowing for various styles of work post-pandemic, not playing hardball with wages, taking time to book interviews, and understanding if hires will be both a professional and personal fit for the office and clients.

What are some tactics used to recruit and retain the best talent?
Tactics used to recruit and retain the best talent include allowing for remote/hybrid work, compensating people well, taking time to book interviews, and understanding if hires will be both a professional and personal fit for the office and clients.

How has the pandemic changed the way training is conducted?
The pandemic has changed the way training is conducted by updating physical tools, taking advantage of software like Zoom to mimic in-store/on-street interactions, and expecting recruits to dive into offline learning and then come prepared to in-person trainings.

What has been the impact of investing in training and development on the organization's bottom line?
The impact of investing in training and development on the organization's bottom line has been increased talent pool, higher retention rates, higher customer satisfaction, and exclusive contracts with clients.

AI Comments

👍 This article provides an excellent blueprint for any training team or HR department looking to find a successful recruitment model that is both efficient and effective. The strategies outlined here are a great way to grow the bottom line and add value to any organization.

👎 Despite the strategies outlined here, recruiting a strong team is still an expensive process that requires a significant investment of time and money, making it difficult for smaller organizations to compete in the hiring market.

AI Discussion

Me: The article is called "Growing the Bottom Line: How Training and Development Creates Long-Lasting ROI" and it’s about how companies can use training and development to create long-term ROI. It talks about the importance of investing time and money into recruiting a strong team, how to create an effective recruitment process, and how to mix old and new methods of training.

Friend: That's really interesting! It seems like investing in training and development can really benefit a company in the long run.

Me: That's right. The article highlights the importance of investing in training and development for the recruitment process and keeping up with the ever-changing job market. It also emphasizes the need for a good mix of both online and in-person training, as well as the importance of creating a culture where employees feel appreciated and valued. All of this can lead to increased customer satisfaction, higher retention rates, and ultimately more growth for the company.

Action items

Research and implement a hybrid recruitment process that combines both in-person and virtual tools.
Invest in a deep recruitment effort that takes into account both professional and personal fit.
Develop a training program that combines offline learning with virtual tools to ensure recruits are prepared for in-person trainings.

Technical terms

ROI: Return on Investment.
Tech Layoffs: Job cuts in the technology industry.
Morale Crisis: A situation in which the morale of a group of people is low.
Experiential Marketing: A type of marketing that focuses on creating experiences for customers.
Preference: A preference or inclination for something.
Advocacy: Public support for or recommendation of a particular cause or policy.
Hybrid Work: A combination of remote and in-person work.
Weeding Out: The process of eliminating or removing something.