Lessons learned give one an opportunity to process and reflect on learnings to really grasp the most significant takeaways. In the past semester I have capitalized in understanding return on investment (ROI) and calculating training quality. Frankly, this was never a strength of mine, as human resources tends to have very subjective and quantifying metrics. The ROI methodologies my clients have benefited from when measuring ROI are;
- Skill development ROI = (skills % growth) x (salary)
- Needs Assessment ROI = (Benefit−Cost)/CostROI=(Benefit-Cost)/Cost
- Project Management ROI=(Project’s Financial Benefit–Project’s Cost)/Project Cost)×100%
- Payback Period=(Project Investment/Annual Net Cash Flow)×12 Months
- Training ROI: (Behavior assessment before training) – (Behavior assessment after training) / control group
The ability to measure and evaluate learning in an organization continues to challenge workforce development professionals. Obtaining this valuable skill that impacts bottom line and communicating that value in an objective way speaks volumes as a lesson learned in my professional opinion. Not only does this engage stakeholders, but resonates long term buy-in for organizational change management.
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