“To earn more, you must learn more.” ~Brian Tracy
Training programs are costly in both financial output and productivity time. Yet year over year the most successful organizations make a significant investment in training. In fact, US corporations spend over $70 Billion a year on training programs. Because, when training is done right the rewards far surpass the training investment.
Forbes reports: Spending on Corporate Training Soars: Employee Capabilities Now a Priority. Since 2010 the corporate training investment has steadily increased. An investment in training will benefit your organization by driving performance and productivity, attracting and retaining quality talent, fostering diversity, inspiring innovation, and ultimately raising customer service levels. Too often the full benefit of a training investment is not realized. This shortfall can be improved with a little pre-training forethought and post training action.
Answer these 3 questions to improve training ROI.
Question #1: How does the training program align with the organization’s mission and values?
Look for how the program will drive strategic position, promote the desired culture, or motivate forward thinking.
Question #2: Does the program support the participants’ key performance or development goals?
Training investments are to help participants gain skills, knowledge, and abilities that will positively impact current performance or help them to grow into new responsibilities. Keep in mind, training to boost participants’ strengths rather than fixing weaknesses will produce greater rewards.
Question #3: What is the expected impact of the training program; what will the participants do that is new or different as a result of program participation?
The frequently used adage “knowledge is power”, only holds true when knowledge is applied. A worthwhile investment in training involves setting expectations related to how the new knowledge will be demonstrated and/or shared with others.
Discuss these three questions with participants before and after any training program and watch your training ROI grow.