Are You Measuring the Value of Company Training?
Company training – it's an expense that rivals many others including advertising and recruitment, yet few companies measure the return on investment on training as they do other expenses. Sure, they keep track of how much a class cost and the number of trainees. They even break it down to the cost per trainee. But how does the cost translate into results? That's the missing puzzle piece and few companies are even looking for it.
Why measure the value of company training? By doing so, you can improve your training programs, focusing in on those that deliver results and discarding those that don't. As you measure results, you'll see how valuable an effective training program is along with how that program impacts the bottom line.
Company training can deliver many important benefits including:
- Transfer of knowledge
- Skills acquisition
- Improved employee retention rates
- Improved workplace moral
- Increased sales
Many of these benefits and many others can be measured. Among the ways to measure the value and effectiveness on training include:
- Choosing one or two items and measuring their before and after numbers
- Creating and tracking two groups, a control group and a group of trainees, and then measuring their performance
- Monitoring performance on key areas related to the training
- Require detailed post-training reports documenting specific actions taken and their results
For example, after holding a sales training workshop, monitor the sales performance of those who attended the training compared to those who did not. Did the control group perform as well as the training group or did those who received the training close more sales and bring in more revenue than those who didn't? If the control group performed as well as or better than the trainees, then the training didn't add value. On the other hand, if the trainees outperformed the control group, the training was effective. By looking at the increased revenue and comparing it to the cost of the training, you can measure the return on investment and see the value of company training.
About K Alliance:
K Alliance, a leading content provider specializing in corporate online computer training, offers a large selection of courseware including enterprise e-learning, online training videos, IT certification training, and more. Whether you need to provide your team with business soft skills or proficiency in a business productivity application, K Alliance offers courses to match.
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