U.S. corporations (including healthcare) spent $94 billion on training last year. The investment is significant, but are they getting their money’s worth and seeing an ROI on training? The ones that are getting the biggest bang for their buck are those that have clear metrics.
The Case for ROI
My husband and I just converted our home to solar. We want to decrease our carbon footprint, but we also want to cut back on our outrageous electric bills. Before taking the plunge, we spent time weighing our options, selecting the best contractor, and calculating ROI. We wouldn’t consider that type of investment without all the information. I’m excited because I can measure in real-time, how much energy is created, used, and, best of all, sold back to the electric company.
What has this got to do with training? Training is a big investment, so doesn’t it make sense to plan KPIs and set the organization up for success?
When you invest in training, it’s important to be clear about how you will measure success. Take customer service training, for example. While HCAHPS scores are good, they are a lagging indicator. What else can you measure? What are the interim metrics? I asked one HR leader recently how she will measure success, and she said getting all 6,000 employees trained within six months. That’s a good goal, but measuring butts in seats (BIS) won’t show you the impact. Be clear on what behaviors you are trying to change and how those changes contribute to the organization’s strategic goals.
A Holistic Approach
For several years, we have been doing what we call corporate wraparounds. Instead of coming in to do training as an event, we have created an ecosystem to build engagement in the training and additional tools to reinforce what was learned.
In April, I will be speaking at the American Society for Health Care Human Resources Association annual meeting. I will be conducting a breakout session, Think Like Marketers – Three Shifts HR Leaders Can Make to Boost Participation, Impact, and ROI.
We’ll be looking at ways to measure ROI, but equally important, we’ll address how to first listen to the voices of your stakeholders and deliver training that will have the most impact. We’ll explore communication strategies to create buzz and build curiosity before a training event, and how to make content sticky.
I’ll be sharing case examples of organizations that have gone far beyond measuring BIS and created trainings with lasting impact. I’m particularly excited because I can blend my marketing and training skills and share some practical tools for making training stick.
Drop me a note to say howdy, and let me know if you will be in Fort Worth! I’d love to see you there. And, if you can’t make it, but still want to connect and learn more about how to make your training stick, contact me today, and I’ll work with you one-on-one to create a plan for your organization.
Tags: ROI, training
