How to Build a Business Case to Maximize Training and Workforce Development ROI

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“Training and Development are the #1 concerns for millennials.”

How to Build a Business Case to Maximize Training and Workforce Development ROIIt seems that the need for education and training is more of a platitude than a meaningful pursuit worthy of the investment. This is particularly true in these times of lean and agile, and all budgets are subject to constant pruning.

One of the first considerations is the cost-benefits of making the financial and time sacrifices to justify a return-a return that is measurable. First, there are the actual costs of the actual instruction delivery and materials. Second, there are the costs in potential disruption to operations and those opportunity costs. Third, there is the potential loss of the training investment when an employee leaves the company; particularly before there has been enough time for the payback for improved productivity.

Training starts with identifying the need. Why is training needed? What are the effects of not having the training? Can the potential impact of training be measured and what would be the measurable goals that would define a successful ROI? Once the need is established, the improvements needed has been defined; it’s time to investigate what the best methods for achieving the defined desired measurable outcomes.

Of course, the nature of the training will dictate how the training can be done. For example, administrative and less technical tasks can be easily presented by means of digital media and the internet, which can provide for flexibility and “off the clock” learning. However, hands-on technical training may require real-time training that may pose a problem if it requires training during the course of normal production. Often, this concern can be overcome through the use of simulations and simulators. However, smaller companies may not have the resources to develop quality simulations or credible simulators. Of course, there is a growing simulation outsource industry specializing in technical training support. But whatever the training paradigm may be, there can be a loss of staff productivity with the expectation of increased efficiencies and quality as an outcome of the training. However, the “investment recovery period” can vary depending on the effectiveness of the program as well as the trainees. It is reasonable to expect professional training organizations to have statistics on training effectiveness metrics as well as what would define measurable “training success,” as well as variations related to the data results.

Many companies require some specific ROI measures as part of the investment decision process, and this should be one of the first questions asked when putting together a project case proposal. However, there are other important KPIs that should also be taken into account and measured:

  • Improved business results
  • Increased productivity and quality of work
  • Employee retention
  • Higher morale
  • Customer satisfaction index

In summary, an investment in training and education is not just a luxury or some form of public relations…it is key to the success of any business. Indeed, we live in an age of rapid change and the need for agile adaptations to the changing workplace and the growing importance of the underlying technology. More importantly-from a motivational point of view-human beings crave personal evolution and learning new things. In fact, corporate culture should include employee growth and development.

Learn more about this important topic at the Free Webinar on August 22nd at noon Eastern time.

MetaExperts, a sister company of MetaOps, will be presenting another in the series of its Panel of Experts free webinars this coming August 22 at noon Eastern time. Appropriately for this article, the subject will be How to Build a Business Case to Maximize Training and Workforce Development ROI.”

About the Free Webinar

How to Build a Business Case to Maximize Training and Workforce Development ROI

The Webinar is sponsored by Chiefofstaff.com software and Hosted by the well-known author and consultant, Ron Crabtree, and a panel of three top Metaexperts™ present this live 45-minute webinar. Attendees will get valuable insights and actual steps for developing a compelling proposal for training programs.  In addition, the panel will take questions from online attendees.

It’s free information from experts who normally charge triple-digit hourly feesand you will get their insights for free.

To reserve your spot, Click Here

Chiefofstaff.com provides a C-Suite technology for strategy implementation in complex organizations,  

 

 

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