28 Nov Securing return on investment from a management training programme
We all know how valuable it is to invest in training your staff and developing their skills, especially when it comes to preparing them for management positions – but how can you ensure you see a return on that investment?
The benefits that management training brings can sometimes seem so intangible that it’s hard to really see the impact the training programme has had, but it doesn’t have to be that way?
By thinking in a more long term way about the training programmes you implement and measuring the return on your investment more effectively, you can not only improve your business currently, but can see methods that will enable it to continue to succeed in the future too.
Whilst it’s hard to actually measure the increase in confidence, morale and motivation that management training can bring, improvements in these things always lead to a boost in the business overall, which can be tracked through financial metrics and other ones too.
According to this blog, using an ROI approach of measuring how training has affected positive change in your business can be done by building a chain of impact which creates a link between the management training and the ultimate uplift in your business by previously agreed metrics.
There are several different layers of impact that you can examine to make sure you can secure return on your investment in management training:
- Engagement – you need to make sure that the training is effective by actually asking those who participated whether they enjoyed it, if they felt it was worthwhile and relevant, and if it has inspired them in any way in their role. You also want to ensure that they’re committed to putting what they’ve learnt into action.
- Learning – another way of checking the impact of the training is if the participants have actually retained the knowledge that the training should have given them. You can test this by conducting audits both before and after the training, and this will give you a good indication if the training has worked by leaving a lasting impression after the actual sessions.
- Application and Implementation – One of the biggest ways to secure a return on your investment in training is to keep a close eye on how effectively the practices learnt are actually implemented into everyday life in your business. Are those you’re training to become managers actually demonstrating the changes in behaviour needed to progress? Make time for giving feedback and performance reviews regularly to track the long term impact of their management training.
- Overall Business Impact – Over time, all of these will eventually have an effect on the business as a whole – and what you’re looking for is the impact it has on KPIs that your business already measures, and that are agreed before the training programme is undertaken based on what you believe is linked to what can be learned from the training.
The departments that could be most affected by valuable management training could be HR (better staff morale, more effective management, higher staff retention) and finance (lower recruitment costs thanks to promoting more from within, or a boost to your bottom line due to increases in productivity).
This is just one way of tracking the causality from training, to learning, to implementation, to a better business, which can enable you to more clearly see the impact of management training and therefore determine whether you’ve seen a return on your investment.
The most important thing to remember is not to see any kind of training in isolation – to get an expert in for one day, go through the motions and then never follow it up. You could be wasting money and investing in something that isn’t actually helping your business. Instead, see training more holistically; think about the whole process from start to finish, what you want out of it, and how you can track it. Putting all of that together will give you a sure fire way to secure a return on your investment in management training for your business.
Are you looking to develop a management development programme to support the talent within your organisation? Download our 5 step guide that’s full of strategies and techniques to ensure your programme is high impacting!
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