As you spend the remainder of your budget and begin planning for the upcoming year, it’s important to get the most value. It takes a lot of effort to explore the solutions available and really understand what to look for as you make the best choices to enhance your learning programs.
To help you get the most value out of your investment, leverage this set of best practices to drive an optimal program.
Start where you are
Define your three key efficiency metrics:
- Delivery mix: Distribution of your training delivery through classroom, virtual classroom, elearning technology/self-paced or other.
- Learner reach: How many employees are participating in your learning offerings?
- Cost per hour: Calculate your average investment per learning hour.
Use what you have
Be proactive- Unplanned events always arise, but the vast majority of budget allocation should be planned out in advance of the fiscal year’s onset.
Prioritize –Allocation of funds within the L&D budget should mirror your organization’s strategic business plan for the coming year.
Follow 5 steps to strategic alignment:
- Review the strategic plan
- Meet with the initiative stakeholders
- Shortlist the initiatives
- Assess organizational capability
- Define the most efficient learning solution