Building employee capacity and skill is an undertaking that every employer should take very seriously. Employees are an essential part of your success and making sure that they have the right training will improve their morale and how they handle business.
In the line of luxury products, premium care needs to be taken when handling the clients or products. One way you can guarantee that proper care and delivery is met by continually training the employees and impacting the necessary skills to keep you and the business competitive. But, the question remains, just how much time and how often should you take time to train your employees?
There is no definite answer to either the frequency or the amount of time that should be taken in capacity building but, the time and rate can be determined by what the training is about.
The luxury market has stringent compliance regulations not only from regulators but also from clients who pay handsomely for services and products. You must make sure that your employees are well aware of the standards that they should maintain at all times and the acceptable practices at the place of work.
The frequency of compliance training depends on how serious you are about adhering the rules. However, every time you have a reshuffle or you have new employees coming in, compliance training should be conducted. You should also have an assessment as often as possible to make sure employees are at par with the regulations and have refresher training every once or twice a year.
Other than building the capacity of your employees, there are a lot of benefits that are associated with improving the skills of your team. To begin with, it reduces job hoping and allows them to face and solve significant problems even without management just to mention a few.
Skills training is quite essential and should be conducted every once in a while. You can have it when you have an employee overhaul, promotions or mass exists but on normal circumstances, having capacity building once in a year should be more than enough to equip your team with the knowledge they need. It is also important to mention that the frequency of the training will also depend on the technicality of the job.
Because this is an emerging trend and probably the future of your business, you might want to start integrating the workforce earlier on and have frequent training sessions on different aspects of technology. The training can include how to use various equipment all the way to how to address and offer assistance to the customer online and online safety and other factors.
This kind of training will need to be more regular, but that depends on where your business is technologically, and the technical know-how of your employees.
There are many factors that affect the rate and time that an employer should take in training employees. Some of these include the size of the business, the field of employment and the skills and experience of the workforce. However, you can use the module you intend to train them on as guidance on when training is needed.
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…