Almost everyone with a few years of experience and who shares a comparable profession to mine – speaking for corporate conferences and consulting and training in sales and customer experience – will have a similar story.
Somewhere along the way, we encountered the executive who told us, “We had to make some serious budget cuts this year. Therefore, there’s no alternative, and we must slash our expenditures on training and corporate events – particularly outside speakers.”
While I acknowledge considerable prejudice around this topic, I believe this approach is flawed and terrifically short-sighted.
And while this commitment to ongoing education and inspiration for your entire team is essential, the impact of training and development on Millennial and Gen Z workers is particularly significant, as these generations have distinct expectations and values regarding their careers and workplace environments.
Deloitte’s Millennial Survey found that 44% of Millennials and 49% of Gen Zs believe continuous learning is the key to a successful career. This demonstrates their keen interest in continuously acquiring new skills and knowledge.
A study by ManpowerGroup shows that Millennials prioritize learning over other benefits in a job. 93% want lifelong learning and are willing to spend their own time and money on further training.
Investing in training and outside perspectives is not just an expense; it’s a critical component for driving revenue growth and ensuring long-term business success.
Here are five reasons why:
1. Enhancing Employee Skills and Productivity
Investing in employee training is vital for any organization aiming to stay competitive. An Association for Talent Development report found that companies offering comprehensive training programs have 218% higher income per employee than those with less comprehensive training. Moreover, these companies enjoy a 24% higher profit margin than those who spend less on training. This data underscores the direct correlation between employee training and an organization’s financial performance.
The impact of training and development on Millennial and Gen Z workers is particularly significant, as these generations have distinct expectations and values regarding their careers and workplace environments. Investing in their growth is not just a perk; it’s a crucial factor in attracting and retaining these younger talents.
A LinkedIn Workplace Learning Report revealed that 94% of employees would stay at a company longer if it invested in their career development. This sentiment is even stronger among Millennials and Gen Z, who prioritize personal growth and career development.
According to a Gallup report, 87% of Millennials rate “professional or career growth and development opportunities” as important to them in a job, far higher than the 69% of non-Millennials who say the same.
2. Fostering Innovation and Adaptability
In a world where change is the only constant, organizations must be agile and innovative to create distinction and stand out in their marketplace.
Selecting the right outside speakers, consultants, and training programs brings fresh perspectives and ideas that can spark innovation within a company. They can challenge conventional thinking and encourage employees to think outside the box, leading to new processes and approaches that drive revenue growth.
3. Enhancing Employee Engagement and Retention
It just makes sense that engaged employees create higher customer satisfaction and are more productive — which in turn boosts revenue. A Gallup study revealed that highly engaged teams show 21% greater profitability.
In my experience, delivering educational programs of quality not only enhances employee skills but also means employees feel the organization cares about their growth – making them more engaged. In a recent series of programs I delivered in the healthcare industry, one of the main comments from participants was that they loved the series of programs because it displayed that their company was willing to invest in them with high-quality and custom educational content.
4. Building a Strong Corporate Culture
Training and events featuring outside speakers can significantly contribute to building a strong, positive corporate culture. They provide opportunities for team building and shared learning experiences, reinforcing the company’s values and vision. A strong corporate culture is not just about employee satisfaction; it’s a business strategy.
Research by Deloitte found that organizations with a strong culture have a 4X higher revenue growth compared to those with a weaker culture.
A study by TINYpulse found that professional growth opportunities are the top factor in employee happiness for Millennials. This is a significant shift from previous generations, who placed higher value on salaries and job security.
The 2021 Deloitte Global Millennial and Gen Z Survey reported that during the COVID-19 pandemic, Millennials and Gen Zs showed a strong preference for employers who offered skills training, especially those that could be done remotely.
5. Enhancing Customer Satisfaction and Loyalty
Finally, well-trained employees are better equipped to meet and exceed customer expectations, increasing customer satisfaction and loyalty. This is particularly true in service-oriented industries where the customer experience is paramount. According to a study by the Institute of Customer Service, there is a clear link between employee engagement, customer satisfaction, and revenue growth. The study found that a 1% increase in employee commitment (a proxy for engagement) can lead to a monthly increase of 9% in sales.
Think about it…
Cutting budgets for training and outside perspectives might seem like a quick fix for financial challenges, but it’s a counterproductive strategy in the long run.
The evidence is clear: investing in training and external insights is not just beneficial; it’s essential for driving revenue growth and ensuring the sustainable success of an organization.
Leaders who recognize and act on this will position their companies to thrive in an ever-changing business environment.
If you and your organization would like to join the long list of distinctive companies of all sizes that have benefited from our programs – from keynote speeches to in-depth training – on distinctive sales strategies and delivering the Ultimate Customer Experience®, please connect with us here! We would love to help you, too, grow revenue and profitability!
Imagine a world where businesses not only understand their customers’ current needs but anticipate their future ones. This isn’t just a dream—it’s the key to distinction in a crowded market. Your challenge in creating distinction and standing out from the competition lies, in part, in your ability to not only think like your customer – but to also be equipped to think AHEAD of your customer.
Here’s an example of this that can work for any and every business, yet it’s from higher education and my friends at High Point University.
Have you defined specifically who your customers are? They have at High Point University – and obviously, two of those customer groups are students and parents. Just a few weeks ago, the fall semester ended, and students were traveling home for the holidays.
Thinking like the customer in this field means you prepare for their departure. Thinking ahead of the customer means you consider how you help students get home safely to their parents.
So, HPU created a “car check-up” program. Students could drive through and have mechanics check their tire pressure, oil level, and other major points to help ensure that no parent would receive a call from a distraught student broken down on the side of the road.
The President of the University, my friend Dr. Nido Qubein, even walked the line of cars waiting for inspection, asking the students about their holiday plans. Can you imagine other University Presidents doing this? It would not have happened where I went to college…but it’s part of High Point University’s total commitment to creating distinction and delivering an ultimate experience for all of its customer groups.
You start by thinking like your customer – not thinking as a business leader, entrepreneur, or manager in your specific field. The greater challenge is to have such a deep customer mindset that you can identify problems or obstacles your customers may be experiencing before they do – or ones that aren’t specifically related to your product or service.
A properly functioning automobile is not integral to academic achievement. However, Dr. Qubein and HPU know that caring about the student is a meaningful component of the total college experience and provides a critical point where their university can differentiate itself from other institutions.
But wait, as they say, there’s more.
A major winter storm is hitting many parts of the country – so what did HPU do for returning students? They added more of their complimentary shuttles to airports to accommodate families who want to get their student back to campus ahead of the storms. (By the way – how many universities offer complimentary shuttles from multiple airports back to campus for students?)
And they opened the dorms early so students could beat the weather. They even opened the café up early to accommodate students arriving and dining before the originally planned return. And here’s the kicker, they did all of this at no cost to the students.
Imagine parents talking with friends who have their kids at another college, talking about the steps HPU takes to ensure safety and deliver an ultimate experience. The point here is that distinction is a primary marketing tool. It creates referrals that are impossible to beat.
Studies cited in the Journal of Service Research underscores the power of thinking ahead of the customer. Companies that anticipate and address future needs not only achieve higher customer satisfaction but they also enjoy a distinct competitive advantage. This forward-thinking approach leads to increased customer loyalty and a stronger reputation through positive word-of-mouth – crucial assets in today’s market no matter your industry.
It’s a great privilege for me to be HPU’s “In Residence Expert on Distinction and Relevance” – but I must tell you that I feel that I’m constantly learning more from them than I have to share with the students, faculty, and staff.
Your business likely doesn’t involve opening dorms or testing the cars of young drivers – but your strategy should be the same. You do better when you think like your customer…something few businesses or leaders do. However, you become distinctive when you think ahead of your customer…and High Point University is a perfect case study of how this is done to perfection.
It’s time to shift from merely meeting customer needs to proactively anticipating them. The question is: how will your business rise to this challenge?
In my whirlwind of a career as a professional speaker and author, constantly navigating through airports, speaking on stages across the globe, and engaging with diverse audiences, the concept of a prolonged pause seemed unfathomable to me. However, life, as it often does, has presented an unexpected twist. Following my recent rotator cuff surgery, I find myself in a unique situation: a mandatory six-week hiatus from my usual bustling schedule.
For the first time in my decades-long career, my calendar is blocked for recovery, a change that initially felt more confining than liberating. Yet, I’m beginning to reframe this period not as a setback but as an unanticipated opportunity for growth and reflection. This experience is teaching me the profound value of patience and the importance of embracing change, even when it arrives in the most unexpected forms.
The Power of Patience
Patience, often overlooked in the fast-paced world of business and speaking, will become a vital skill during my recovery. It’s not just about waiting for my shoulder to heal; it’s about understanding and respecting the natural process of recovery. Patience is teaching me to slow down, to appreciate the smaller, quieter moments, and to listen more attentively to my own needs and those around me. (And to constantly express the appreciation I have for Tammy taking such good care of me!) This enforced slowdown is a reminder that sometimes, stepping back is just as important as moving forward.
Being stationary has opened a treasure trove of time for study and planning. It’s a chance to delve into the latest research, trends, and insights in the fields of organizational distinction and customer experience. This period is allowing me to absorb new information, think deeply about future projects, and strategize how to integrate these learnings into my future presentations and writings. The stillness of recovery is proving to be a surprisingly fertile ground for intellectual growth and creativity.
Reflection is another unexpected gift of this period. It’s an opportunity to look back on my career to evaluate what has been successful and what can be improved. It’s a time to ponder over the feedback from past audiences and clients and to consider how their insights can shape my future work. Reflection is also deeply personal. It’s a time for me to assess my own journey, to recognize my strengths, and to identify areas for personal and professional development.
Challenges as Opportunities
Perhaps the most significant lesson from this experience is to re-learn that challenges often present opportunities. This temporary pause is not just a break from work; it’s an opening to approach my career with renewed vigor and perspective. It’s a testament to the fact that often, the most profound growth occurs not during the times of constant motion, but in the moments of quiet stillness.
As I begin this path of recovery and discovery, I am reminded of the resilience and adaptability that define not just my career, but every achievement for us all. This experience reaffirms my belief that every challenge, no matter how daunting, holds within it the seeds of opportunity. It’s up to us to nurture these seeds and watch them flourish into something even more remarkable than we could have imagined.
While I eagerly await the day I can return to the stage and engage with my audiences in January, I am grateful for this unexpected journey of patience, study, reflection, and growth. The next six weeks are not just a break from my routine; they are a crucial chapter in my ongoing story of personal and professional evolution.
While I wouldn’t wish a forced time of recovery on anyone, I am left to wonder what could a bit of planned pauses to accomplish these important aspects do for your personal and professional life?
In our fast-paced world, where challenges abound, and gratitude often takes a backseat, embracing the concept of “ThanksLiving” is more vital than ever.
My mentor, Grady Nutt, introduced me to this idea through his chapter “ThanksLiving” in a book of verse. The essence of ThanksLiving is not just about expressing gratitude on special occasions but living a life steeped in thankfulness every day.
Grady’s description of ThanksLiving as “an attitude that finds treasure in the plowed field of routine” resonates deeply — especially in current times.
We’re living in an era marked by significant challenges: political divisions, global pandemics, economic uncertainties, and social unrest. Amidst this turbulence, it’s easy to overlook the beauty of our daily routines, the quiet moments that bring us peace and stability. Yet, it’s in these routine aspects of life where we spend most of our time and where the seeds of gratitude can grow most abundantly.
In the United States, as we approach the Thanksgiving holiday, it’s customary to pause and reflect on our blessings. This tradition is more important than ever in our politically divided landscape. However, as Grady often reminded me, true gratitude extends beyond a single day. He encouraged me to slow down and savor life’s journey, emphasizing that the small moments often give the larger ones their meaning. This wisdom holds true in all aspects of life, particularly in times of loss and grief.
The value of a single day or a fleeting moment becomes starkly clear when we lose someone dear to us. Warren Zevon, while battling cancer, poignantly advised David Letterman to “Enjoy every sandwich.” When my wife, Sheri, was dealing with the effects of terminal ovarian cancer, it was the quiet moments on our deck sipping coffee that brought more meaning to us than when we saw the Mona Lisa in the Louvre or strolled the beaches of Maui. This sentiment echoes in the lyrics of the hit song from my great friends, Diamond Rio, in “One More Day,” underscoring the importance of cherishing every moment.
These reflections remind us that every day, every experience, no matter how mundane, has inherent value and is worthy of our appreciation.
As we celebrate Thanksgiving this week, let’s do so with the spirit of ThanksLiving. Let’s make gratitude a daily practice, not just a yearly ritual. In challenging times, adopting a ThanksLiving mindset can be transformative. It encourages us to find joy and meaning in our everyday lives, to appreciate the small things that often go unnoticed, and to maintain a sense of hope and positivity despite the difficulties we may face.
Grady Nutt beautifully encapsulated this sentiment when he wrote that ThanksLiving is about holding “a cup to the water of life…and drinking the mystery of ‘being’ with zest.”
This approach is more than just a philosophy; it’s a way of life that can help us navigate the complexities of our modern world. By embracing ThanksLiving, we open ourselves to a deeper appreciation of life’s simple pleasures, the resilience to face its challenges, and the ability to find joy and meaning in every moment.
Let’s not limit our gratitude to this single day. Let’s strive to live in a state of constant thankfulness, embracing the everyday miracles that surround us. By doing so, we can transform not only our own lives but also positively impact those around us, fostering a more empathetic, understanding, and connected world.
ThanksLiving is not just a concept; it’s a journey towards a more appreciative and distinctive life, one that we can all embark on, today and every day.
Last week, I had the privilege of both attending and addressing the Trusted Leader Summit, sponsored by Trust Edge, the incredible training and content organization led by my friend, renowned trust expert David Horsager.
In my decades of experience as a professional speaker and author specializing in organizational distinction and customer experience, one enduring truth has consistently stood out: trust is the linchpin upon which distinction is built.
As David wisely asserts, “Trust is the most valuable commodity in the world.”
Let’s explore the pivotal role of trust in creating organizational distinction and why it serves as the driving force behind the success of any business. At the core of every iconic brand and successful organization lies a deep and unwavering trust with their customers, employees, and stakeholders.
It’s not enough to simply be different; you must be trusted to be distinct.
Apple, a company I’ve had the privilege to work with, exemplifies this principle. Their unwavering commitment to quality and innovation has built trust over the years. Customers trust that they will receive a reliable and cutting-edge device when they purchase an Apple product. This trust is the cornerstone of Apple’s distinction in the tech industry.
David Horsager underscores its critical importance in the business world. He accurately states, “Trust is not a soft skill; it’s the hard currency of business.” This perspective aligns seamlessly with my beliefs in creating organizational distinction because trust isn’t just a vague concept; it’s measurable and profoundly impacts the bottom line.
Horsager’s research and insights provide a robust foundation for understanding the significance of trust. When customers trust a brand, they are more likely to become loyal advocates, make repeat purchases, and refer others. Trust is a powerful driver of customer loyalty and, consequently, revenue growth.
Trust knows no borders; it’s a universal currency. My experience speaking internationally has exposed me to diverse business environments. In today’s globalized world, understanding and building trust in a cross-cultural context is essential for creating a distinction that resonates worldwide. Trust-building strategies that prove effective in one part of the world may require adaptation elsewhere. This recognition underscores the universal importance of trust, regardless of cultural nuances.
Trust is not static; it evolves over time and requires ongoing efforts to maintain and strengthen. Embracing a mindset of continuous learning and development perfectly aligns with the idea that trust is a dynamic force that demands attention and investment.
Trust is undeniably the linchpin of creating organizational distinction in today’s competitive business landscape. David Horsager’s wisdom underscores the critical role of trust in achieving success.
Trust isn’t merely a desirable attribute; it’s the ultimate currency of distinction.
In today’s hyper-competitive landscape, it’s an unavoidable reality that everything you desire—be it for your organization, your career, or your personal life—is within the control of someone else.
Whether it’s landing a coveted job, sealing a business deal, or achieving personal goals, someone else holds the key. This makes the pursuit of distinction not merely a lofty ideal but a practical necessity.
As I’ve written extensively, my research and experience clearly show that creating distinction is your golden ticket to ensuring you’re the choice that stands out.
In a study published in the Harvard Business Review, researchers found that companies with a distinctive brand message were twice as likely to attract consumer attention compared to those with generic messaging. This distinctiveness cuts through the noise and positions your company as the go-to source in its industry.
Similarly, a LinkedIn study reveals that recruiters spend an average of just seven seconds reviewing a resume. In those crucial moments, resumes that showcased distinctive skills and experiences were more likely to be.
For organizations, creating distinction often starts with a unique value proposition. According to a study by Bain & Company, companies with a strong value proposition experienced 4-8% higher revenue growth compared to their counterparts. But distinction doesn’t end there. Emphasizing a culture of innovation, providing exceptional customer service, or adopting sustainability practices can also set companies apart.
On the individual front, professionals who continually invest in skill development are more likely to stand out. A survey by PwC indicates that 74% of CEOs are concerned about the availability of key skills among employees. By homing in on these ‘gap’ skills – the “life skills” taught at High Point University that I’ve spoken and written about — one significantly boosts their chances of being indispensable to an organization.
Having a distinctive profile—whether as an organization or as an individual—adds a layer of resilience during tough times. For instance, research shows that during economic downturns, companies with strong brand equity recover nine times faster than their generic competitors.
Moreover, distinction paves the way for sustainable growth. The Edelman Trust Barometer revealed that 81% of consumers must be able to trust a brand to do what is right before making a purchase. (I’ll be a featured speaker at the Trusted Leader Summit in early November. As my friend, David Horsager, CEO of TrustEdge, says, “Your biggest expense as an organization is a lack of trust.” For registration information, go to: https://trustedge.com/summit/ )
Distinction is the lever you can pull to swing doors wide open in your favor. By offering something uniquely valuable and continuously striving for excellence, you tilt the odds in your direction.
And in a world where someone else holds the key to what you desire, distinction ensures that you are too good to be overlooked.
