Reports and Analytics Measuring Return on Investment

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In today’s world, where innovation and change are happening faster than ever before, it is vital for corporations to ensure their employees’ skillsets are at high levels. This means that organizations have to invest both time and money in learning and development, and provide training packages to achieve their goals. Efficient training is as valuable, if not more, to the employees themselves as it is to the company. Given that acquired skills have an average life of five years, having training options that develop existing skills, and teach new ones, is an asset to employees.

Studies have shown that efficient training programs are tremendously beneficial to organizations. In terms of company culture, they ensure that every individual within the company is aligned with its goals and values. This creates a great work environment, one in which team members are motivated and productivity is encouraged. Given this friendly work environment, and guaranteed growth for employees, it comes as no surprise that optimal training programs lead to high rates of employee retention and return on investment. The tremendous value that these packages have makes it essential for companies to evaluate and measure the effectiveness of their training programs. So, how can they do this?

The initial step in a company’s evaluation of its training effectiveness is to understand the goals for introducing the training program, and identify what exactly it plans to measure. Although it may seem intuitive, knowing the exact purpose of training tremendously affects the interpretation of its evaluation. Training does have positive effects on every aspect of a business; however, it is important for companies to specify their primary goals. For some companies it can be to get a higher return on investment, for others, to improve employee satisfaction. Clarifying the main objective of training evaluation allows a company to know what types of data to collect, and what method to use in order to interpret the data most effectively.

The next step is choosing an evaluation method, which depends on the primary purpose of the evaluation. Qualitative data can be collected with methods such as questionnaires, interviews, focus groups and observations; quantitative data can be obtained through auditing finances within a certain period in time. Of course, companies should use multiple methods simultaneously to get an overall understanding of their training’s effectiveness.

Throughout the training evaluation process, it is essential to keep in mind the duration of the training program’s implementation, as well as its primary goals. This allows companies to set appropriate expectations for their evaluation results. Companies can start by analyzing their employees’ reaction to the program, then measure its effectiveness by measuring the growth of employee productivity. Finally, companies should understand the effect that the program has on its overall financial performance.

Of course, evaluation is not a one-time measurement, and should be an ongoing process within the company’s culture. After companies understand the results of their evaluations, they can recognize shortcomings and make changes accordingly. The key to the optimal method for measuring the return on investment of training programs is constant re-evaluation.

At CoreAxis, we value the significance of employee training, and are confident that investing in efficient L&D programs yields great returns on investment. Therefore, we design effective training programs that ensure organizations’ growth, and imbed methods to analyze this growth within the programs. Our training packages provide and measure success simultaneously, encouraging constant improvements.

About CoreAxis

CoreAxis is a business performance consulting company that offers training solutions to businesses in a variety of industries, such as financial, life sciences, retail and technology. Each of these solutions can be fully customized to meet the needs of the individual client. We build collaborative relationships, becoming a trusted resource and ensuring our clients’ organizational success.

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