Regardless of numerous benefits of training, managers are being pushed to do more with less money and fewer resources. In this article, we will look at how to prove the value of learning initiatives over its costs, as well as different ways to ensure that you can get more bang for your buck when it comes to training.
When assessing the value and measuring the impact of your training initiatives, you have a few metrics to help you. In fact, we have written about the training metrics your CEO cares about in the past. That said, your return on investment is still the most impactful metric and the one you’ll want to move the needle on.
In order to properly measure your training ROI, remember that you can use our nifty ROI calculators. It is important to make sure that you have an accurate measurement of both your baseline and your goals: having a purpose and a way to measure your success is absolutely key. You have to understand what you’re getting from your learning initiatives, quantitative and qualitatively. For instance, if you are measuring your sales performance, you have to make sure your KPIs are well defined and that you can actually compare a before and after scenario. You also have to be organised: following a training ROI measurement plan is the best way to ensure you don’t go off-track. Finally, when creating your plan, do not forget to account for all the resources you will need - people, time and money - to ensure you don’t get any nasty surprises.
There are two ways in which you can maximise your training ROI:
1. reduce your training costs,
2. increase your training efficiency and effectiveness.
Here is how you can reduce training costs by moving to digital training
1. Choose a scalable and replicable model
Online training will allow you to reduce costs in venues, trainers, materials, travel, and so on that you would have with in-person training.
If you create video training courses to share in your online academy, you will only spend your money once, and you can use the same training content for an unlimited number of people. Also, you can keep your training content available at all time: all your new or repeat learners have to do is to access your learning portal.
2. Invest in the right training tool
You don’t have to buy a Ferrari if all you need is a Volkswagen. There are plenty of training tools to choose from, so make sure you choose the right training platform for your company. Make a list of the features you actually need and analyse the different pricing options and subscription models.
Here’s how you can increase training efficiency and effectiveness
1. Create an effective training programme
Developing a training programme just for the sake of having one is a waste of resources. You need to make sure your training is relevant to your audience and that will actually have a positive impact in the goals you want to achieve. This means, your training programme should promote change through knowledge retention and practical application.
2. Use instructional design to ensure effectiveness
An instructional design team is very helpful when it comes to effectiveness: they can create learning content using specific techniques to ensure higher a retention rate and that your learners will be able to turn what they learned into action once the training is completed.
3. Don’t compromise on your training tool
When selecting the right training tool for you, take into consideration not just its cost, but also what it allows you to do, and how agile it allows you to be. Agility is key to efficiency so, choose a platform that allows you to easily add, update and manage your training, and that you don’t need to have special technical skills to use or create content for.
Also, on the side of effectiveness, make sure technology is not a barrier for the student or the trainers – an easy to use tool is always a safe choice. Also, it’s well documented that video is a format that promotes retention and engagement.
There is always the matter of easy access. Make sure your learners can use your tool at any time, from anywhere, and from any device.
4. Reporting is key
If we are focusing on ROI, you’ll a need a way to measure it so, make sure you have full access to detailed training reporting, so you can use that data with your business data to measure the impact of the training and, of course, its ROI.
In summary, being diligent and smart to avoid unnecessary costs while implementing efficiency gains will result in great training ROI. When it is well thought out, a successful training programme will contribute to the achievement of business goals and a better performance of your training audience.
You may also find interesting:
How to create a video training course: the step by step guide (eBook)
12 tips to choose the right Training Platform (article)
What is instructional design and why you should care about it (article)
Why online video training is the smart choice for your business (article)
Free tools for low-cost professional looking video production (article)
Would you like to learn more about how bugle can help you improve your training programme?