In this week, weekly wisdom we will tackle training. How to bridge the gap between the cost of training and the Return on Investment of training. Training is important in an organization for various reasons. It allows employees to acquire new skills, sharpen existing ones, perform better, increase productivity and become better leaders. With those advantages, it is really wise to invest in good training.
Since a company is the sum total of what employees achieve individually, organizations should do everything in their power to ensure that employees perform at their peak. This is where interventions such as good training take to play. Getting the proper training that your company needs are crucial.
The traditional ROI formula for training is the program benefits (net profit) minus the training costs and then divided by the program costs. This indicates the dollar amount returned as a benefit for every dollar spent on a program. This can also be converted to a percentage by multiplying by 100. This is why it is imperative to choose the training program that your company will undertake and it should be tailored-fit for your unique organization.
Let us help you, bridge the gap between the cost of your training and the ROI of the training.