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Implementing a new way of doing things can be a difficult sell. People tend to get stuck in their ways and don’t want to take a risk on a failure that negatively affects the bottom line of the company.
e learning training programs are far from immune to this scrutiny. Before a new system is put into place, the powers that be will likely want to see some proof that it will be a financially beneficial venture. This is the reason that it’s important to do some calculating before development even begins.
Let’s look at how it’s done.
Beginning with figuring the cost, there are several factors to look at. These expenses are related to designing the eLearning training program, the development of the activity, and the distribution.
It helps to get a little more specific about individual costs.
These are the main costs that need to be considered, though there may be other small expenditures that come up along the way.
Let’s see how what we’ve figured so far stacks up against the benefits of an online training program.
While it isn’t as easy to identify the cost benefits, it’s extremely important to do so in order to show that online training programs are financially worth it.
There are two main areas to look at when determining the dollar value of the benefits.
Once those numbers are nailed down, the next step is to multiply that dollar benefit by the number of employees who will participate in the training. Next, multiply that number by a time period.
To determine the ROI, divide the benefits of the training by the costs of the training and then multiply by 100.
The ability to prove that the investment in online learning programs is financially beneficial to the company is one of the most effective ways to persuade those in charge to pull the trigger on a new way of doing things.
Contact our team today to discuss your company’s next training program.