Training ROI critical to ensuring it boosts the bottom line

 
CANBERRA, Australia - Nov. 23, 2021 - PRLog -- For organisations where training budgets break into the tens of thousands, calculating each program's return on investment (ROI) becomes critical to ensure they're having a positive effect on the bottom line. But calculating the ROI of training programs is a finnicky process. Evidence for return is more intangible than what is invested. That's why the Acorn subject matter experts have taken a deep dive and delivered a succinct guide on how to best determine training ROI.

Online learning systems, such as the humble LMS, can be a large investment. If the value of that investment can't be shown, training budgets may get slashed. Every organisation will (or – if they don't already – should) have an end goal that ensures training delivers some kind of economic benefit.

"Determining your training ROI makes for smarter and potentially smaller investments in future," said Blake Proberts (Co-Founder & Managing Director). "If you determine high learning efficacy for your current courses, then you can safely build out programs around other capabilities or business outcomes. This also gives you a baseline to determine the ROI for the next year, so you can continue to strengthen and expand training programs."

Once you've defined the metrics that will deliver quantifiable data and determined who will observe change, you then need to determine the impact of training on performance. This is achieved through three key measures: learning effectiveness, skills application and business outcomes.

Once the outcomes have been expressed in exemplary terms, the final step to calculate ROI is to convert these outcomes into monetary values. This can involve measuring effects, comparing historical data, measuring productivity for capped teams, considering industry standards and consulting internal or external experts.

You can find the Acorn experts' guide to measuring training ROI on their Acorn Labs blog:  https://bit.ly/3EPqv34

Pursuit Technology is a software development company which seeks to streamline systems through innovative solutions and unlock the potential of the workforce. Pursuit is all about putting the customer at the centre of everything we create. Since the inception of our Acorn LMS seven years ago, we've worked with everyone from local businesses to federal government agencies. In that time, we've maintained a 100% retention rate. Acorn LMS contains all the tools needed to support workforces – from onboarding and inductions through to compliance and ongoing development.

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Tags:Training Roi
Industry:Business
Location:Canberra - New South Wales - Australia
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