Return on Investment
The options for learning have evolved dramatically within recent times. Alongside Youtube and Google, we also have access to podcasts, wikis and a range of other interactive options. Yet still we face a situation where executives struggle to quantify the benefit of investing in learning for their companies. The above quote from the ROI Institute was formed through surveys. The surveys were petitioned to a variety of customers with questions specifically designed to identify how much information is measured now and how much should be measured in the future. Thus Illustrating the need for improvement in the learning process for both large, medium and small companies.
Corporate messaging emphasizes that people are the most important assets of a company, thus reinforcing the concept of training and learning for business leaders as an obvious advantageous investment, with potential to increase employee morale and productivity. This is further illustrated by the focus from managers on the following areas:
A means of maintaining loyalty with existing staff
Creating a culture of learning should be an ideal investment to enable the process of upskilling new staff as well as maintaining the interests and loyalty of existing workers. Paradoxically, even though business leaders are committed to the process of learning, they are sceptical about the value of training programs.
The business impact or ROI of training programs is difficult to quantify in hard dollar terms as many of the benefits are not based directly on costs and returns. Job satisfaction is a classic example of a training benefit which does not link to an obvious financial measurement. Instead it represents a very real impact on employee turnover, absenteeism and general productivity.
Read 'Delivering On the Promise of Blended Learning' Whitepaper to find out more