We are all convinced that new technologies make learning more accessible, less expensive and more interesting. As a consequence, digital learning continues to grow year after year. We see that this madness goes beyond training and allows companies to face broader training challenges.
Many leaders are convinced that e-learning offers tangible benefits: gains in productivity and time, practices and more uniform cost reduction.
However, these benefits are sometimes difficult to quantify and many companies do not define the framework to measure the effect that training has on their business.
The question of return on investment (ROI) in distance training does not have to be taboo.
In fact, an adequate measure of the return on investment helps answer the question: How does each euro invested in online training, once the initial investment is recovered?
Although ROI calculation does not take into account all the potential benefits and nuances of e-learning training programs. The return on investment is more significant if other performance indicators are taken into account.
- Reactions and planned actions: evaluates the reactions of the participants with the training and satisfaction program vis-à-vis the last one, and their action plans.
- Learning: quantifies what the participants have learned and what skills were acquired.
- Application and implementation: assess how participants apply their new knowledge and skills as part of their function.
- Impact on the business: determines the change in the impact on the business after the training.
- Return on investment (ROI), compare the monetary value of the costs of the results of the business training program.
How does each euro invested in online training, once the initial investment is recovered?
Each level of evaluation, of the collection of important data, used independently to measure the effectiveness of distance education. Taken together, these data, however, provide a more complete and accurate ROI assessment. This allows managers to justify the investments made to improve programs and to eliminate those that do not produce the desired results and thus define several strategic priorities of the company.
That is why we want to propose five keys that you can apply to improve the return on your investment:
- Create a learning management system that registers critical data and adapts to changes in your needs.
- Identify your business objectives and develop your training programs based on them.
- Include an agile and dynamic content to maintain the interest of the students.
- Try to maintain a balanced content for quality learning.
- Increase the scope of your training with innovative solutions.