If you can’t prove a return on your training program, you run the risk of having it cut back or cancelled. ESI International, a global project-focused training company, offers the following tips to help you prove ROI.
- Don’t go overboard. You only need to prove beyond a reasonable doubt that your program is cost justified.
- Shift your thinking. While quality is important, it doesn’t go nearly far enough in proving that training positively impacts the business.
- Calculate ROI continuously. There are two ways to waste training dollars – training people who don’t need it and training people who don’t use it.
- Build your case. Present ROI like a court case, with arguments supported by facts.
- The more data points, the better. Validate your findings with as much data from as many different perspectives as possible.
- ROI isn’t just about money. Analyze results that lead to ROI across the following four levels of learning measurement: quality, effectiveness, job impact, and business results.
- Be conservative. Self-reported scores should be factored down to compensate for bias.
- Know the investment outlay. Since ROI by definition is a return on investment, it stands to reason that it can’t be calculated without knowing the investment itself.
- Communicate the story behind the numbers. Clearly state the goals of your program as you first envisioned it and how you overcame challenges.
- Don’t be discouraged. Low ROI can be improved by taking a proactive stance and a comprehensive view of job support and other adoption practices.