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“One important key to success is self confidence. An important key to self confidence is preparation”. - Arthur Ashe
Return on Investment in Training Outline
During economic downturns more often than not companies will examine the training programmes being offered to employees and the value and results that they actually bring to the business. During this process 6-7 out of ten courses are axed or put on hold .Training has always been considered as a benefit to the employee, a method of staff retention or as a marketing or public relations ploy for the organization. In order for the benefits of training and coaching programmes to be fully appreciated and deemed worthwhile they need to be mapped to the bottom line. Our ROI on Training course has been designed to facilitate this process and a means of measuring the success of a training program.
Although the decisions of whether to axe or go ahead with training is also dependent upon external factors this course will make that decision process much easier as it will help to clarify the end goal that the organization hopes to achieve.
WHAT TO PUT IN PLACE FIRST
The approach to a training from the outset should be that training should be considered as an investment and be result based rather than an expense and the focus be on results.
To successfully measure the benefits of any training or coaching the ROI process should be in place pre-fact it has to be planned for so that all information is available and all the required technical facts can be collected as and when it happens.
ROI cannot be calculated after the fact because information gets lost.
Setting Targets and Outcomes
Key Business Results to be obtained
Recording the costs
Identifying the costs for each training course to be recorded. Typically would include:
- Development costs
- Course materials
- Facilitator costs
- Stationery and printing costs
- Equipment costs
- Venue costs
RETURN ON INVESTMENT PROCESS
Planning and recording the 4-level evaluation
- Reaction (during the course)
- Learning (during the course)
- Application (back at work)
- Business impact (after application in the work environment)
Recording the “hard” data
“Hard” data is objective and it is easy to measure and easy to assign a monetary value to it. The relevant “hard” data is identified in the target setting process.
Recording the “soft” data
“Soft” data is subjective and it is difficult to measure and difficult to assign a monetary value to it. “Soft’ data is usually behaviourally based and has a definite impact on performance. The relevant “soft” data is identified in the target setting process.
Measuring Return on Investment
Collect and analyse the data for each training course Calculating the ROI Reporting on the ROI Course Method. A combination of Lecture and Class Exercises will be provided.
Please fill out the form to inquire about a course
Senior Executives and HR Staff who understand that training is one of many actions an organization can take to improve its performance and profitability and would like to review the methods for properly evaluating it in order to compare training against the other actions in order to select and use training in preference to or in combination with other methods.
The attendees should have a good working knowledge of English.