As a society, we spend hundreds of billions of dollars measuring the return on our financial assets. Yet, at the same time, we still haven’t found convincing ways of measuring the return on our investments in developing people.
In a world where skills beat capital, the winners and losers of the next 30 years will be determined by their ability to attract and develop great talent.
Fortunately, corporate learning & development (L&D), like most business functions, is evolving quickly. We can embrace some level of ambiguity and have rigor when measuring the ROI of learning.
- Measuring learning & development (L&D) Impact
Rolling out enterprise-wide online learning is foundational to successful L&D, but, wherever they start, companies really need to strive toward creating true learning cultures. That means establishing structures and conditions so continuous learning can thrive, including giving everyone time and space to engage with learning resources whenever they need them. It also requires creating an environment where it’s safe for people to talk about making mistakes, which is crucial for growth and self-improvement. It’s also worth pointing out that corporate leaders can’t just sign the contract with a training provider and consider their work done.
- Learning Culture Delivers Maximum ROI
All of this depends on having the right content available when people need it. There’s not much ROI from sitting through mind-numbing training sessions where half of the content is irrelevant or so dull that attendees simply tune out. We can’t keep pace with technological change if our learning content is outdated.
As with any digital transformation initiative, L&D can’t follow a “set it and forget it” approach, it’s going to deliver ROI. To become a strategic asset, learning needs to be woven into the fabric of daily working life. Then, companies will see results that really add up.
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