Budgeting post-training is just as important as budgeting before the training takes place. After the training, you can assess what worked, what didn't and how you can improve moving forward. In this path, you will learn about different metrics for measuring the effectiveness of your training, how to calculate ROI, and cost reduction techniques if you need to minimize costs within your budget.
The first thing you and your L&D team should do post-training is measure the overall effectiveness and efficiency of the program. There are multiple metrics to utilize. For example, you could ask for feedback from your program participants through a survey or questionnaire. The exercises below help you to figure out the best method for your needs.
Return on investment (ROI) is one of the most important metrics for any business and training is no different. One basic formula for calculating ROI is: change in profits related to training divided by the cost of the training. The exercises below take a deeper dive into the several different ways ROI can be assessed.
After measuring your training effectiveness and calculating the training ROI, you may find that you need to reduce costs in certain aspects of your L&D program. However, reducing costs doesn't mean reducing effectiveness. The exercises below provide a few tactics to assist you in lowering expenses without compromising quality.