Putting your
organization's money into an
e-learning course may seem more
like a frivolous expense than
an investment. "Soft skills"
training seems to have an invisible
and immeasurable ROI. However,
it is possible to put a monetary
value on "soft skills"
training to demonstrate its
financial value to your company.
Here are 5 steps to follow
to determine the ROI of your
training program:
1.
Measure the initial reaction
to the training
Ask the trainees what they
thought of the course. Have
them fill out a post-assessment
survey to see how much they
feel they learned from the
program.
2.
Analyze the learning
Test the trainees on the material
at hand to find out how much
of it they actually absorbed.
All KnowledgeStart courses
provide a test within the
program that will send results
to the course administrator
for review, as well as printable
take-aways outlining course
material. Poor results on
the testing often lead to
a poor or disappointing ROI.
3.
Analyze the skills gained
over the long term
Assess whether on-the-job
behavior has changed. Collect
data over a long period of
time, say a year, and compare
it to the same statistics
before the course was implemented.
KnowledgeStart courses have
been proven to reduce turnover,
conflict, discrimination claims,
and lawsuits.
4.
Measure the business impact
Determine how much money has
been saved or gained due to
the results discovered from
Step 3. How much money has
been saved in training costs
by reducing turnover? How
much money has been gained
by increasing productivity?
You may be surprised at the
numbers you see.
5.
Analyze the actual ROI
See how the "purchase"
of your e-learning program
has become an "investment."
Subtract the cost of the program
from the benefits found in
Step 4, and divide the difference
by the total cost of the program:
Benefits
- Cost
-----------------------
Total Cost
The resulting percentage will
determine how many cents on
the dollar you have saved
directly by investing in your
training program.
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