The majority of companies turn to learning and development programs as the main method of training employees to meet company goals. Millions of employees participate in learning and development every year, with programs ranging from soft skills, product training, compliance, and much more.
One would think learning and development programs would be extremely prevalent given their prevalence. Unfortunately, this is not the case, with many learning and development programs weighing heavily on company funds without producing significant benefits. In fact, only 10% of the money spent on traditional training programs produces measurable results.
To determine whether or not training programs are effective, companies can use ROI calculators. ROI calculators measure and attach values to metrics such as increased sales as a result of training, higher employee engagement, and other KPIs.
Using ROI calculators can save companies time, energy, and money. For example, ROI calculators are estimated to cost around $96,000 per 1,000 visitors, which results in average annual savings of $480,000 when compared to the cost of unevaluated training programs.
In order to boost ROI and employee satisfaction, companies may want to consider evaluating their learning and development programs with ROI calculators; it might be just the thing the company needs to take its success to the next level.