Millions of employees take part in learning and development programs every year, including courses on product training, onboarding, soft skills, compliance, and much more. This is because learning and development (L & D) is the most direct route to aligning capabilities to business goals. Especially in the aftermath of the COVID-19 pandemic, companies are investing in this type of training more than ever. Today, measuring the return on investment (ROI) of L & D is critical to tracking impact. Between metrics like increased sales, employee confidence, and engagement levels, the potential for valuable insight is endless.
Despite the benefits of tracking these types of metrics, only 8% of L & D teams currently calculate their ROI. The reasoning behind this may be the complexity, as the formula itself is simple, but with each moving part can become quite complicated. The three main components are time, effort, and money, all contributing to expenses that the company incurs when taking on these tasks. There are not many cheaper alternative options to L & D either, and even the most common forms of training leave employees feeling unsatisfied and underprepared. Ineffective training costs companies millions per year, with only 10% of efforts being found to actually produce tangible results.
Fortunately, there are several services available today that are dedicated to helping businesses navigate successful L & D efforts. Saving time, money, and energy, these precious resources can be more effectively allocated to where they are most needed within the company. When the value and effectiveness of learning and development programs is increased, both the company and the employees are satisfied and feel more fulfilled in their work. Companies across the United States have the chance to boost their ROI and revenue in more ways than one, as long as they are able to successfully harness the power of professional learning and development.