Despite companies reinvesting in learning and development programs in the wake of the coronavirus pandemic, these programs are very outdated and wasteful. As few as 8% of learning and development teams calculate the return on investment from learning and development programs. Learning and development teams are also frequently using pre-covid statistics like attendance, travel, and webinar completion to gauge the success of these programs. Calculating the actual benefit of these courses is key to understanding and improving them.
There are several options available to businesses who are interested in improving their learning and development practices. Right now, only 10% of the money spent on traditional learning and development programs creates results for the company. Tracking an increase in revenue is crucial to being able to see if learning and development programs are functioning correctly. New microlearning platforms can help, by reducing the amount of labor learning and development teams have to do and decreasing the amount of total resources spent on learning and development.
Calculating the return on investment is the first step to understanding and improving learning and development programs, and coupled with more modern criteria for success, can make learning and development a far more effective tool for companies.
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Source: Arist
