Learning and development (L&D) programs have a problem: They are expensive, yield difficult-to-track outcomes, and typically generate a poor return on investment (ROI) for the firm. Yet L&D is critical to bringing the firm closer to that ever-elusive goal of becoming a true learning organization that is innovative and can adapt to changing competitive environments. So, how can your firm ensure it is getting the most out of its L&D investment?
Evaluating ROI on Your Company’s Learning and Development Initiatives
Five ways to ensure your L&D investments pay off.
October 16, 2023
Yaroslav Danylchenko/Stocksy
Summary.
Historically, the challenge with implementing learning and development programs has been the difficulty in quantifying the impacts on organizational performance. Leaders can use an approach called balanced benchmarking, borrowed from operations management, to conduct a needs assessment and apply training where it can be most effective. The author explains how this approach was applied at a firm in the legal services industry and offers five strategies for implementation.