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By Harland Educational Services
Continue to Show Training Dollars as an Investment
Last month's article, Training…Is
It Worth It?, discussed the importance of solid numbers for return on investment
(ROI). Information was provided on how to calculate an ROI percentage according
to the training project needing to show value. However, it's important to note
that single consideration to ROI at the inception stages of an education or
training initiative to justify its value is not enough.
Think about a smart investor. That investor doesn't do all the research, make
the investment, and then never check the investment portfolio for success. Neither
should those in charge of staff training. It doesn't matter if the training
dollars are coming from a large or small budget. Ways to continuously look at
maximizing the return on the dollars spent must become a priority also.
Some items to take into consideration when trying to increase the ROI numbers
Avoid putting your staff in a situation where their newly acquired skills aren't
being reinforced. A staff member's training and practical application is not
the sole responsibility of the trainer. It takes the help of managers, supervisors,
or other experienced colleagues to make sure this happens. It is not acceptable
to hear the following…"We don't have time, so just get the work done."
or "That's alright for the classroom, but we do it this way." Make
sure that your organization doesn't become part of the statistic that estimates
20-30% of training received isn't being used on the job a month later.
Give training time to materialize its benefits. Often times ROI may not be
measurable and evident in a month or two. Know what you are looking for and
be patient with your expectations. Once you understand the factors that influence
training cost and its effectiveness, then you can raise your ROI.
MyDAS, Inc., a Liberty company, is a full service consultation firm providing
solutions for staff and member education, MySTERY Shopping and other research
and survey solutions, as well as full marketing agency services. Serving the
industry for over 20 years, find out why the best and the brightest select MyDAS
for results. For more information, visit www.mydas.com,
or call us at 800-291-6117.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
March 7, 2005
7/26/2012 04:12 PM
Give us an example of how to detrmine an ROI on a specific training program.
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