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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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