Many companies spend a good fortune on training to increase productivity, enhance employee retention and reduce waste. Of course, they want to make sure that the return on investment on training pays off. Training should be measurable in order to determine effective ROI. Companies offer training to their CNFN superiors, employees, clients and even suppliers. This can be conducted through outside training firms, an in-house training department or a combination of both. Training costs include payment of trainers, payment of participants for off-work time and expenses for travel and accommodation. Managers and employees must drop their work hours to attend training sessions. The company is not only paying them even without rendering work, but it can also lose productivity or sales in the absence of their personnel. Moreover, the company may have to shoulder travel and lodging costs for off-site training. When measuring training ROI, the company must measure the estimated productivity loss, hourly rate, training costs and other expenses related to the activity. An important factor in measuring training ROI is defining training goals. To measure training ROI, measure the amount of money made before and after the training, in which such an improvement should be compared with the training […]
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