What if your team could become significantly more efficient in its daily tasks? As you may have learned in one of our previous posts, they can—with the right employee-training tracking software. In fact, you can maximize efficiency across your entire business landscape. But you probably have one vital question: How can you effectively measure your return on investment? This is especially true if you want to allocate more time and budgeting toward further training for your employees, but need to ensure it's worth the investment. How can you gain insight into your employees' current progress?
The quantitative points of a well-rounded view on training ROI:
1. # of lessons completed, and by whom
With the right employee-training tracking software, you can find potential champions, as well as those who are lagging. Certain tracking systems can also help your company identify the subjects that are getting the most views, which will ultimately provide insight into the videos, webinars, classes and other content that your employees are finding the most useful. From there you can cater further training to your employees, tailored to how much they've accomplished.
2. # of overall visits to the virtual-training site
With this measurement, you can see when your employees are checking in and participating in all the site has to offer, even when they're not completing coursework. In other words, this metric gives you an overall sense of the adoption rate. If you are seeing an average of two visits per employee each month, you can decide if that's enough to reach your company's training goals or whether some promotional efforts are in order to improve employee usage of the site.
3. # of active participants
With certain tracking software, you can see whether any of your employees are slacking or hesitating, so you can reach out to them directly and address any concerns to beginning a learning series.
4. # of webinars and classes attended
This metric goes in tandem with the number of asynchronous lessons completed to give you a full picture of engagement. It helps you understand which instructional approaches are working well for your employees. If the majority seem to prefer live webinars, then you know where to get the most bang for your training bucks!
5. Productivity gains in minutes
The end goal of calling in virtual training is, of course, to get your employees working more efficiently in a short amount of time. Partner with a virtual-training platform that has averages for estimated productivity improvements. This way you have the numbers to show your higher-ups right away, and you can demonstrate the value of your investment with respect to increased productivity.
6. ROI in $
Everyone talks about making sure you're getting ROI, but it's hard to know where to start. By partnering with a training platform that can help you determine this cost, you're setting yourself up for immediate success. Look for a solution that has expert coaching and consulting options to maximize efficiency, especially for your highest-paid team members.
Request a demo of the KnowledgeWave Learning site and preview the ROI Calculator.