Diversification of product or service offerings
What is product diversification?
Product diversification is the practice of expanding the original market for a product. This strategy is used to increase the sales associated with an existing product line, which is especially useful for a business that has been experiencing stagnant or declining sales.
Remote work and online sales
The number of people working remotely had been seeing a steady rise since 2008 until the global pandemic happened and made it an enforced trend. To job seekers, remote work provides greater control over their private lives, careers and overall well-being. At the same time, businesses still hesitate to allow remote working after the pandemic is over.
In this article, we’d like to list the key remote work benefits for businesses and employees and supply them with statistical evidence. Here’s a list of items that we are going to cover below
BENEFITS OF REMOTE WORK
| Employees | Businesses |
|---|---|
|
Money saving |
Resuced cost |
|
Less commuting |
Larger talent pool |
|
Flexibility and freedom |
Reduced payrolls |
|
Improved work-life balance |
Increased productivity |
Customer experience and retention
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Cross-training employees
What is cross-training ?
Cross-training is the process of teaching an employee another set of skills to perform in a job they didn’t initially qualify for. Many business owners will cross-train to cover for a sick or on-leave employee, but cross-training goes beyond a temporary compliance measure.
When done right, cross-training identifies the skills and tasks needed in your business and works to fill in the gaps. A crossed-trained employee can simply hop in and keep the company running without the employer having to crisis train or outsource work at a moment’s notice.
What is benefits of cross-training ?
1. Produces more collaborative employees
When someone has a wider skill set, they’re able to work with more employees on different projects. However, a hyper-focused individual may have a more difficult time collaborating. Teamwork is more easily forged through a broad, working knowledge of other company aspects.
2. Brings significant return on investment
Outsourcing employment or hiring another employee to staff a position is a waste of money if you already have a skilled staff willing to take on the work. Done well, cross-training does a lot to empower employees to share their knowledge, which removes the need to bring on costly, additional hires.
3. Creates workforce sustainability
What would happen if your payroll expert suddenly quit or had to take a mandatory leave? If your business would fall apart without them, that’s a sign that your company isn’t sustainable. Cross-training allows your employees to hold up your business in a time of need.
4. Increases employee engagement
The perception of a dead-end job will kill your employees’ motivation, even if they’re staffed in their current career field. There are numerous studies that show that top employees tend to stay in the jobs with great employee benefits such as health insurance, work-life balance and further skill training. It’s also important that they know they are valued. When employees see no possibility of movement, they’ll start looking elsewhere, but cross-training provides an opportunity for personal and professional growth.
5. Improves productivity and efficiency
Each department should have a valuable skill set that they can pass to another employee. More skilled employees increase productivity and efficiency across departments. Honing the skills your employees require through cross-training will streamline all aspects of your business.
6. Makes companies more agile
We often hire employees based on a particular skill set, but cross-training can bring out hidden talents that could be utilized across your business. With an increased skill set, all of your employees can more easily advance the goals and objectives of your business.
7. Establishes scheduling flexibility
It can be frustrating to find someone to fill in for a last-minute call-in or for a vacation request, especially if you only have one person per department. With cross-training, employees can work across different roles, increasing flexibility in cases of increased workload or staff shortages.
8. Facilitates succession planning
Hiring within your company is easier than hiring outside it. Through cross-training, managers can equip employees with a skill set that would be beneficial to have once someone leaves. Even if training doesn’t lead to a promotion, employers can see who has the initiative to learn.