Studio98, Creator of Rethink Training, Cites Lack of Employee Training Among Leading Causes of Business Failure

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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

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When you don’t have to continuously replace employees, you can focus your resources on building your business

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.

“We wanted an LMS that would enable staff to complete training in a matter of hours or days – not weeks or months – so that new employees could get up to speed quickly. We also wanted the flexibility to customize training modules for specific job functions; for example, our sales team has different training needs than our tech support staff. And we wanted an online training platform that is simple to update, so new courses could be built and rolled out to our international workforce anytime we upgrade our products or launch new ones,” said Pendery. “It’s important for everyone to have access to the latest materials and documentation; so we ruled out download-based systems, which often result in employees referencing outdated information. Finally, we left out a lot of unnecessary ‘features’ that tend to bog down training platforms and make them more difficult and time-consuming to use and update.”

Rethink Training proved to be so successful for Studio98’s employee education that the company offered the online training platform to its clients through a closed beta test in March 2011. After implementing additional enhancements based on user feedback, Studio98 introduced Rethink Training to the public in September. The company offers multiple pricing plans to make training affordable for organizations of every size. In addition, new users can sign up for a free trial of Rethink Training.

“I believe that providing employees with ongoing, relevant training contributes to a knowledgeable and productive workforce – ultimately helping companies gain a competitive advantage,” stated Pendery. “No matter how adept your management team, you have to recognize that your employees play an equally important role in your organization’s success. If your staff doesn’t have the knowledge and tools to excel in their jobs, you risk business failure. Why take that gamble? With Rethink Training, we’ve proven that company-wide training can be easy, fast and affordable.”

For more information on Rethink Training – including a product tour, FAQs, plan details and pricing – or to sign up for a free trial, visit http://www.RethinkTraining.com.

About Rethink Training
Rethink Training is a flexible and easy-to-use online training platform developed by Studio98 of Clearwater, Florida. Designed to meet the incremental training needs of businesses, this unique learning management system (LMS) allows companies to create and deliver customized interactive courses to every employee. A user-friendly interface makes it simple to build, update and maintain training and quizzes, while Web-hosted content ensures staff always has access to the most current information and materials. To learn more about Rethink Training, visit http://www.RethinkTraining.com.

1 Small Business Administration. “Frequently Asked Questions: What is the survival rate for new firms?” Updated January 2011. http://www.sba.gov/sites/default/files/sbfaq.pdf
2 Dun & Bradstreet. D&B U.S. Business Trends Report: 12-month period ending March 2011. June 2011. http://www.dnbgov.com/pdf/US_Business_Trends_Report_%20June_2011.pdf
3 Branham, Leigh. The 7 Hidden Reasons Employees Leave: How To Recognize the Subtle Signs and Act Before It’s Too Late. AMACOM; New York: 2005. http://www.amacombooks.org/book.cfm?isbn=9780814408513
4 Collier, William, and Francis Green, and Young-Bae Kim. Education, Training and Establishment Survival. University of Kent, Canterbury, U.K.: November 2007. cep.lse.ac.ukconference_papers/07_12_2007/collier.pdf

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