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Online Business Solutions Provider agrees with latest U.S Business Trends Report that proper employee training can provide businesses with a competitive edge
(CLEARWATER, Fla.) – Studio98, the online business solutions provider behind Rethink Training, emphasizes that lack of employee training is a common cause of business failure; and proposes that better training can provide a competitive advantage that empowers companies to succeed.
Rafferty Pendery, CEO of Studio98, cited Small Business Administration statistics indicating only half of new businesses survive five years.(1) He also noted that Dun & Bradstreet’s latest U.S. Business Trends Report estimates 89,675 businesses failed between April 1, 2010, and March 31, 2011.(2) “While the reasons for those failures vary by company, many experts believe lack of training is a key factor,” he said.
Pendery pointed to Saratoga Institute findings from exit interview surveys: when departing employees were asked what their company did poorly, “lack of training” was among the top 10 issues reported.(3) He also referenced a U.K. hospitality industry study that analyzed hotel and restaurant closures, and found 28% of businesses that didn’t provide training closed down, compared to only 3% of those that provided relevant training.(4)
“The research supports what we’ve found through our own experience, and that of our clients. Well-trained employees are able to do their jobs more effectively and efficiently, and therefore have greater confidence and job satisfaction – which helps minimize turnover,” stated Pendery. “When you don’t have to continuously replace employees, you can focus your resources on building your business. In addition, satisfied employees are more likely to feel invested in and committed to your organization’s success.”
Studio98 originally developed Rethink Training to fulfill the company’s own training requirements. “Our goal was to provide all of our employees worldwide with access to timely, relevant training. However, none of the available training platforms suited our needs,” explained Pendery. He noted that most platforms were either designed for schools – and therefore intended to deliver training over a quarter or semester – or custom-built solutions that often prove difficult to update and maintain over time. So the company set out to create a flexible, easy-to-use learning management system (LMS) that would meet the unique needs of businesses.