COVID-19 pandemic has not gone yet! Business owners and training providers are under constant pressure and challenge to upgrade their strategies and improve the situation of their business.
This makes it necessary to update your training evaluation strategy in 2021. If you are part of the L&D and Human Resource industry most probably you will come across these situations.
The pressure to curtail or eliminate the value of projects, and programs
Executives will ask about the value of projects and programs, and in most executive’s minds, the value is the impact it is having on the organization.
Organizations will have to create solid strategies with a lesser budget
With limited budgets and fewer resources, organizations have to put more effort into their projects.
Therefore, for positive results organizations must have to create efficient and effective program strategies so that they can deliver value with minimum investment.
There will be pressure to connect major projects with important measures
Whether you are part of the Human Resource industry, or the L& D industry your clients, sponsors, and supporters will expect your programs to be relevant and successful.
Using ROI which is a key performance indicator will help you to connect your projects and programs to important measures, easily.
Soft projects are more at risk
Those connected directly to production, quality, sales, logistics, and Information Technology are “hard projects,”. These types of projects linked to production have less risk. The value of these products can be easily recognized through sales.
On the contrary, soft projects like training, onboarding programs, projects involving culture, change management, leadership, communications, empowerment, customer service, and branding are considered as “Soft Projects”.
Soft projects will be in a more precarious position as the final result is not in itself a tangible asset. Since their values are not clear, project owners must take steps to show the business value very clearly.
Creating proper initial analysis and setting objectives for the projects from the beginning is recommended.
Forecasting ROI before implementation is a must
ROI experts suggest that “the best way to obtain approval for a new project is to show the ROI forecast, showing the expected monetary benefits compared to the projected costs. The challenge is to make sure that this analysis is very credible and conservative.
In an ideal setting, the ROI forecast will be less than the actual ROI in a follow-up evaluation.”-Training Industry
Business success involvement of the entire team is of utmost importance
When it comes to Measurement and Evaluation of the entire project participation of the entire team is very important.
Measurement means uncovering weaknesses in programs and processes, and this is only possible when 100% presence is seen during the evaluation.
Team effort can help you lay down the best measures for the project or program, and help you to successfully create positive goals.
Virtual learning must be promoted in all organizations
Though many companies are running Work From Home due to the pandemic. Providing online or onboarding training for employees can promote employee efficiency.
Virtual learning can be measured at the application level (using what was learned) and the impact level (the improvements in business measures connected to the application of the learning).
But will more precision, learning, and pieces of training can be at the application, impact, and even ROI levels.
Future programs must be designed using Initial Analysis and setting SMART objectives
If you are planning to launch new programs make ROI Initial analysis a must for your projects. The “why” is a business measure, and it helps you to question facts like “Why you want this program?” “What benefits does this program bring to your business?”
Once you figure out the Why of your program, go on to set proper objectives. Objectives must be set at every level, reaction, learning, application, and impact as well.
The ROI Methodology® will guide the team to deliver (and measure) business results for major programs easily. Business strategies must be reviewed periodically and chance whenever necessary.
Therefore, if you haven’t changed your Training Evaluation Strategy in 2021, make sure you do it now!