Is the Marketing Budget Still the Rich Cousin to the L&D Budget?

Some of you may have heard me use this line in conference talks. This year, I’m hoping we’re seeing a shift in the industry. The reality is, as a learning community, we need to push for that shift. How? Great question!

Firstly, we need to truly understand how the Learning and Development (L&D) programs we deliver make a difference to the strategy, the plan on the page, the people focus, or as some CEOs say, the 'bottom line'. Understanding the impact is key, especially when we're looking to build a solid case for more budget.

Secondly, if you can measure ROI (Return on Investment), you can clearly show the value these initiatives bring to the business and the people. But how?

How to Measure ROI Effectively

1. Set Clear Goals: Start with specific objectives that match our business needs. What skills or behaviours are we aiming to boost?
2. Gather Data: Track important metrics like course completion rates, test scores, and feedback from participants.
3. Evaluate Performance: Look at how performance changes before and after training to see the real impact.
4. Link to Business Results: Connect what we’re seeing in the data to key business outcomes like increased sales, happier customers, or improved employee retention.
5. Feedback Loop: Use the insights we gather to keep refining and improving our L&D initiatives.

Thirdly, it’s crucial to Show the Business: Many organisations deliver excellent programs but don't take the time to evaluate, showcase, or even show metrics. We need to make time for this. Regularly presenting the impact and success of our L&D programs to stakeholders ensures they understand the value and are more likely to support increased investment.

By showing how our training efforts directly benefit the business, we can make a strong case for investing more in L&D. Entering awards is a great way to get you really thinking about the program goals, how you designed the program, and how you made an impact. Plus, it comes with the added benefit of celebrating being part of the industry's best in people learning programs! After all, it's all about creating a culture of continuous learning that drives both personal and organisational growth.

If you need to understand more about learning analytics, ROI, L&D strategy then reach out.

Vanessa, Nexperk Learning

#LearningAnalytics #ROI #LearningAndDevelopment #ContinuousImprovement #L&D