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Maximizing L&D Spend in the New Year

As you spend the remainder of your budget and begin planning for the upcoming year, it’s important to get the most value.  It takes a lot of effort to explore the solutions available and really understand what to look for as you make the best choices to enhance your learning programs.

To help you get the most value out of your investment, leverage this set of best practices to drive an optimal program.

Start where you are

Define your three key efficiency metrics:

  1. Delivery mix: Distribution of your training delivery through classroom, virtual classroom, elearning technology/self-paced or other.
  2. Learner reach: How many employees are participating in your learning offerings?
  3. Cost per hour: Calculate your average investment per learning hour.

Use what you have

Be proactive– Unplanned events always arise, but the vast majority of budget allocation should be planned out in advance of the fiscal year’s onset.

Prioritize –Allocation of funds within the L&D budget should mirror your organization’s strategic business plan for the coming year.

Follow 5 steps to strategic alignment:[1]

  1. Review the strategic plan
  2. Meet with the initiative stakeholders
  3. Shortlist the initiatives
  4. Assess organizational capability
  5. Define the most efficient learning solution

 


Do what you can

Provide value –Make sure your programs make money or save money. If your programs are not performing well, use that information to make a case for change.

Leverage a learning partner – Collaborate with a trusted, experienced learning provider to help you determine content, programs and technologies.

Set goals – Bravely set efficiency targets for the next 3 years.

More information

Are you looking for ideas on how to make your learning programs more cost effective without compromising business impact? Take advantage of the Skillsoft L&D Optimization Analysis, a complimentary service for all Skillsoft clients. Recently a Skillsoft client experienced an 87% cost reduction in their leadership development program while receiving a benefit to cost ratio of 16:1.  That means that for every dollar invested in their Skillsoft program, they received $16 in impact!

Click here to download a complimentary copy of an industry white paper that describes how Skillsoft efficiently delivers proven business impact. Click here to download this blog post as a PDF.

 


[1] The Business of Elearning, by Dave Vance, 2010.

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