Workplace Training and ROI
A significant return on investment has been established for employers spending wisely on workplace learning. Many employers capitalizing on skill development benefit from the increased productivity of competent staff. In the U.K., studies showed that the biggest investors in training enjoyed 47% greater productivity than firms that neglected it (Business Link, Enablers of Productivity). In other words, given the same time on a task, two well-trained employees will be as efficient as three poorly trained workers. In this scenario, a third employee is no longer needed.
How do you know that you are getting a good return on investment? There are many training options and providers in the marketplace. Regrettably, not everybody is offering effective learning solutions. Some training programs use a cookie-cutter approach that does not equate with significant learning for employees. For such providers, the return on investment is abysmal and the result, which aims to cultivate a competent staff, is not obtained. Too often it amounts to throwing money into a campfire under a cool night sky.
There are many factors to consider after deciding on a training program. First, the process of defining what is to be learned is crucial. Therefore, it is important to insist on a more customized approach to learning. When using an approach that identifies learning gaps within your organization, money and resources are allocated where it matters the most. On this point, a thorough needs assessment must be conducted to discover more about the specific problems, the constraints and the learner’s profile.
Once it has been entirely implemented, the evaluation of the entire training program is imperative. Adequacy of the instruction is to be determined, since it can inform a company on the appropriateness of next steps to take. The evaluation should provide sound recommendations on improving training and identify future learning opportunities for staff.
In summary, training can be a powerful means to ensure a company’s economic well-being. A caveat thought - training must be done right. The investment will always be guaranteed when learning and development initiatives are methodical and accountable.