How do businesses align employee skills and capabilities with their overall goals and needs? Many businesses implement learning and development (L&D) programs to achieve synergy between capabilities and outcomes. While L&D programs are common, they are often ineffective, and require careful analysis to determine their success.
Traditional L&D programs cover a variety of topics, such as product training, onboarding, compliance, and soft skills. Millions of employees engage with these programs every year, and companies are investing more in training post-COVID. This investment comes in the form of time, energy, and money.
Unfortunately, L&D programs often end up doing more harm than good. The average in-person L&D training can cost as much as $40,000, and creating 20 minute programs requires between 55 and 177 hours of preparation. Additionally, most employees are not happy with the outcomes of L&D programs; 25% of employees forget what they learned almost immediately, and 21% say that their training content is out of date.
To deal with ineffective L&D programs, companies may want to consider calculating the ROI of their programs. Measuring ROI is vital to tracking impact, and involves the examination of several new metrics, such as increased sales due to training, greater employee confidence in role, and lower employee churn. In general, when calculating ROI, companies should weigh and quantify the benefits and costs of L&D programs.
Luckily, there are companies that can help with ROI calculations. These companies, offering its ROI calculator to companies looking to approach corporate training more intentionally. Many of the world’s largest Fortune 500 companies use these programs, cutting time, energy, and monetary costs.
Identifying ROI and finding ways to boost it through L&D services can yield significant benefits. For example, employees feel 30% more confident in performing their roles. These programs also increase the adoption of learning by 90%.
If companies want to elevate productivity, taking a closer look at L&D programs can go a long way. Examining the ROI can pinpoint areas where a company can cut costs and increase employee retention, therefore helping the company reach its goals.
