Perhaps your organization would like to offer employee training as one of its benefits, but you’re not sure if you can afford it. Or maybe you’re just not sure it’s worth it. After all, how can you quantify learning?
There are several ways in which you can assess the costs and benefits of training. Each organization is different. Some organizations place a premium on innovation and advancements, others on value longevity and company knowledge. Both can be enhanced by a comprehensive training program.
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If you’re thinking about launching a training program in your company, here’s how to weigh the costs versus the benefits.
ROI is the difference between the cost of the investment and the profits achieved. A positive number means you’ve benefited more than you’ve spent. Your training ROI will result in both qualitative and quantitative benefits.
If you’re evaluating a training program, running estimated figures of both qualitative and quantitative achievements, while also mapping outcomes to KPIs, offers a compelling argument for the positive benefits of training.
Adults learn differently than children. Adults need hands-on, experiential learning. Some of your training time should be devoted to job shadowing, or having less experienced employees follow and learn from senior employees. Managers should be willing to invest time in their junior staff, teaching them through real-life scenarios how to improve their management and on-the-job skills.
At BAASS Business Solutions, we understand the skills and talents of HR professionals and the important role they play in a company’s success. We can help you find great solutions for your HR needs that improve engagement, monitor learning, and reduce turnover. To find out more, contact us today or call 1-888-650-5544 for a consultation and more information about BAASS Business Solutions.