5 Steps to Maximize Training ROI
In this post I have summarized an article that was recently published in Plant Engineering magazine about how to maximize maintenance and reliability training ROI. This 5 step process provides a framework to improve your approach to identifying training needs, selecting training providers and maximizing your ROI,
Making a strong case for training during fiscally frugal times is a challenge; finding the budget and time can be even harder. With downsizing common and turnover regular, many managers and supervisors are faced with filling roles, skill gaps or training needs. In a time when every dollar matters, you must ensure maximum return on investment. You have the responsibility to provide direction and develop your people.
Follow these five steps to ensure your employees get the right training and, in turn, the best results:
1. Align training with organizational goals and strategy
At the end of the day everything has to align with the organization’s value and direction. If you present your business case to leadership in terms of company goals and training benefits then gaining the needed funding for training should have an easier time gaining support.
2. Scope needs and define objectives
Determine where the employee is currently, where he/she needs to be, and how you plan to fill the gap. You can start by reviewing his/her standard job profile. Individuals who have a vested interest in the outcome of the training need to be involved. For instance, if a supervisor notices a training need for a member of their team, he/she should be involved in planning.
3. Establish training format and select provider
Finding the appropriate training format depends on your budget and the benefits provided by the format. Select a training provider by looking at credibility, proven results and alignment with the learning objectives you identified in step 2. Determine what the training includes; i.e. follow up training, reference manuals, books, CD’s etc.
4. Ensure Supervisors attends training
It is beneficial to train the managers and supervisors of the affected areas so that everyone is aligned to execute the deliverables. This ensures a consistent message is delivered to key personnel to gain buy-in and support.
5. Meet before training and follow up afterwards
Supervisors should meet with employees prior to attending training to review learning objectives and expectations. Likewise, after the training is completed Supervisors should again meet with the attendees to ensure lessons and deliverables are implemented. Ask, “How will you apply what you’ve learned?”
Initial training investment must comply with your current budget. However, try to look at the big picture and ask yourself, “What do I get in return?” Following this process will ensure maximum return on your investment, and you should view it as such – an investment – not a cost. Validate the monetary value and time spent on the training by implementing quality results within your department, and possibly throughout the organization.