Joy Global Inc. Launches New Financial Acumen Training
New blended training course shows how employees can make a positive impact on company financial performance.
MILWAUKEE (October 4, 2011) — Joy Global Inc., a leader in high-productivity mining equipment, has launched a new financial training course that aims to reduce costs and increase profitability by educating employees on key financial measures, and the practical steps that each employee can take to optimize the company’s performance.
P&H Mining Equipment, a division of Joy Global Inc., identified the need for their sales force to have a working knowledge of the financial operations of the company, and to recognize the financial implications of everyday business decisions. P&H Mining Equipment recognized that this understanding would make the sales force more effective at reducing operational costs and defining solutions that address customer needs while enhancing Joy Global’s financial results.
Using external custom training specialists, including Allen Communication Learning Services, Joy Global Inc. developed a blended training solution that will make their employees proficient in six key business measures, including operating profit percentage and trade working capital.
“We needed to set a baseline level of financial knowledge for our employees, and we knew that would be a daunting design challenge,” said Scott Farley, Global Leadership Development Manager of P&H Mining Equipment Inc. “The team from Allen Communications provided an analysis framework and design process that exceeded my expectations, and the result was a course that brings complex concepts to life in a way that is relevant, professional, and easily understood.”
The training will be utilized to provide consistent messages about P&H’s key financial drivers across multiple learning audiences, including sales professionals, mid-level managers, and engineering and product support teams.
“P&H mining is utilizing training as an impactful means of employee communication, that surpasses simple memos, emails or company meetings,” said Ron Zamir, CEO of Allen. “By using the training as a baseline of information for employees across the company, employees will have a better comprehension of financial report results and how those results apply within their spheres.”
The training campaign is comprised of web-based courses, instructor-led modules, and an experiential learning simulation, as well has homework elements that work in correlation to bridge the gap between learning and on-the-job execution. The modules engage employees by featuring topical scenarios and interactive tasks that reinforce behavior and key messages around financial decision-making. Cumulative scores are given through each activity to gauge information retention and behavior changes.
This training coursework will increase employees’ understanding of the company’s finances, and also improve their overall business acumen. By taking a proactive approach with this training campaign, Joy Global Inc. is establishing linkages between customer needs and financial impact, so that financial impact becomes a key factor when decisions are made.
About Joy Global
Joy Global Inc. is a worldwide leader in high-productivity mining solutions. Through its market-leading businesses – P&H Mining Equipment and Joy Mining Machinery – the Company manufactures and markets original equipment and aftermarket parts and services for both the underground and above-ground mining industries and certain industrial applications. Joy Global’s products and related services are used extensively for the mining of coal, copper, iron ore, oil sands, gold and other mineral resources.
For three decades, the learning and development experts at Allen Communication Learning Services () have helped many of the world’s largest companies sharpen their organizational performance. Allen expands their client’s capabilities by using progressive approaches in custom training, e-learning, and blended learning development, as well as learning portal development and technologies. This bold approach results in highly-customized organizational training solutions that help departments scale and achieve more, while improving ROI. Follow Allen on Twitter @Allencomm, on LinkedIn, and on Facebook.