fbpx
WIN ProgramsWIN Programs
Privacy/Cookie Policy & User Agreement

This website uses cookies. Cookies enable us to understand how visitors use our website so that we can improve it and provide the best experience possible. By browsing our website, you agree to our use of cookies. Cookies policy.

27
Jan, 2023

By winhrsolutions

Calculate the ROI of Training Programs

How to Calculate the ROI of Training Initiatives for L&D Directors

As a learning and development director, you have a responsibility to ensure that your organization is getting the most out of its training initiatives. One of the most important metrics that you can use to measure the success of your training programs is the return on investment.

Return on Investment for Training Programs

Return on Investment (ROI) is an important metric for any business. For training programs, it is especially important to measure the ROI, as training programs can represent a large financial investment. As a result, it is important to review the effectiveness of the training program and adjust it to maximize the return on the company’s investment.

Calculating the ROI of Your Training Program

Calculating the ROI of a training program is not a straightforward process. You will need to consider a number of factors, such as the cost of the training materials, the cost of staff time, and the cost of implementation. You will also need to consider the intangible benefits of the training program, such as improved efficiency, increased productivity, and improved morale.

In order to accurately calculate the ROI of your training program, you will need to collect data on a variety of metrics, such as staff productivity, customer satisfaction, and sales figures. This data can be used to calculate the cost of the training program as well as the benefits it has brought to your organization.

Measuring ROI

Measuring the ROI of a training program is a complex process. There are many factors that need to be considered, such as:

  • The cost of the training program
  • The number of participants in the program
  • The effectiveness of the program
  • The impact of the program on the company’s bottom line

These factors can be difficult to measure and quantify, but if you  use the right technology you will be able to easily determine the ROI of any of your training programs . Once these factors are taken into account, it is possible to calculate the ROI of the program.

Conclusion

Return on Investment (ROI) is an important metric that can help you measure the success of your training initiatives. By collecting data on a variety of metrics, you can accurately calculate the ROI of your training program and determine whether it is worth the investment.

By taking the time to calculate the ROI of your training program, you can ensure that your organization is getting the most out of its training initiatives.

  Read more

0
27
Jan, 2023

By winhrsolutions

The Challenges of Being a Learning and Development Director

The Challenges of Being a Learning and Development Director

The role of a Learning and Development Director is an important, yet challenging job. In this role, you are responsible for ensuring the success of the employees and the company by providing training and development opportunities. But how do you know if the investment in these programs is having a real impact? As a Learning and Development Director, quantifying the return on investment (ROI) of your training initiatives is an essential part of your job.

Measuring Impact: Intangible vs Tangible Benefits

When trying to measure the impact of your training initiatives, it is important to differentiate between tangible and intangible benefits. Tangible benefits are those that can be easily measured, such as increased sales or improved customer satisfaction. Intangible benefits are those that are more difficult to measure, such as improved employee morale or increased engagement. Both types of benefits are important, but they require different methods of measurement.

Quantifying Intangible Benefits

The classical way of qualifying intangible benefits is highly time consuming. It consists in measuring the impact of your training initiatives using pre and post assessments, surveys, and interviews to collect data from employees. You can ask questions about their satisfaction with the training, their understanding of the material, and their overall attitude towards their job. The insights you gain from surveys and interviews can help you make informed decisions about which training programs are having the most impact.

Use Technology

The second way involves technology and is therefore quicker and more powerful. Using an online tool to help you monitor and measure the performance of candidates after each training at any time of the year is crucial. Building a strong collaboration between the L&D department and managers is key to ensure competencies are implemented on the job. This way the pressure is distributed between knowledge acquisition and implementation. Senior leaders, managers, and team leaders’ duty is to help their employees implement what they have learned through communication and feedback. It is a proven way to measure the impact of your training initiatives using real metrics.

Ensure that your training initiatives are having a positive impact

As a Learning and Development Director, it is your job to ensure that your training initiatives are having a positive impact on the company’s bottom line. Measuring the ROI of your training programs is essential, but it can be a challenge. By using an automated tool that tracks performance and relevant metrics both to date and over time, you can quantify the impact of your training initiatives and ensure that they are having a real impact on the success of the company.

  Read more

0
25
Apr, 2018

By winhrsolutions

3 Trends That Have Emerged in the HR Transformation

The HR department has come a long way during the last couple of years, and this year has been no different. This transformation in the HR department has been hallmarked by a few distinct trends and features.
To understand this HR transformation and to be a part of it, you need to understand the trends that relate to it. These trends we will mention here relate to how perfectly the HR department has embraced the use of technology for record keeping and analysis. We all know how unkempt data previously was within HR, which is why this recent transformation has revolutionized the department and has made HR a more data-oriented field.

    1- Trends Defining the 2018 HR Transformation

Here we have 3 of the most vital trends that power the HR transformation forward during the year 2018. These trends are based on the changing forms of technology, because technology has had a big role to play in how work is done within the department off late.

    2- Technology Will Do What You Tell It to Do

Technology sits at the forefront of the HR transformation and what we know by now is that technology will only do what you tell it to. Your HR profile will only be as good as the system behind it. You can set up your technology and design it according to what you want to achieve, but if you aren’t able to do that, then you need to reassess your whole transformation.
It is important for the technology you have to be aligned with the goals of your organization. Only if they’re aligned together will you be able to keep track of the progress.

   3- Virtual Agents in HR
Virtual agents exist in HR, and they power this transformation forward in 2018. This concept was at an early adoption stage back in 2017, but 2018 has seen a much better push towards achieving it. One of the most prominent examples of a virtual agent is that of Watson. Watson’s virtual agent can be used for purposes including communication with customers or to manage employees within a business. This agent can perform clerical, administrative and human resource services almost virtually.

    4-Big Data and AI
Big Data and AI have made a strong entry into the HR department. Instead of humans designing career paths, programs and competencies, machines will now effortlessly and effectively measure the metrics of employee success. This method holds a lot of potential in the modern day workforce, where Big Data can team up with Machine Learning to provide data regarding what creates success within an organization. The data is basically derived through the use of different algorithms measuring performance. This game changer will disrupt organizational development and will create room for better career paths and employee success.

Conclusion
As of now, 2018 has proved to be extremely fruitful for the HR revolution. The transformation was at a nascent stage in the previous years, but it is very much in the implementation stage now as we see organizations looking to be part of this bandwagon that leads towards increased efficiency in HR.

 

WIN Human Resource Solutions is specialized in increasing organizational productivity, facilitating change, building leadership skills, hiring selection assessment and harmonize your workforce.
Savings of 29% in staff expenses, 70% decrease in Staff turnover in some cases.
We cover the EMEA Region

0
13
Dec, 2016

By winhrsolutions

6 ways to retain key talents

How can you retain key talent to your business?

The competitive marketplace makes it harder for companies to find and retain long-term real sales talent. It’s often encountered that leaders are looking to find the top performing people with very high expectations, that sometimes are unrealistic. When the bar is set too high, finding and retaining the competitive employees, who will become an integrated part of the team, is often set to fail.

 

  1. First and foremost, define talent

Have you taken a step back to consider what profile among the various talented people available in the market is suitable to your company and your culture? Have you considered aspects that are not necessarily mentioned in a CV? Have you decided if you would rather go for a loner genius or a fantastic team player with less raw talent? It is important to take your organization’s culture and working environment into consideration before making any recruitment decision. Opting for a decision that goes against your existing culture may trigger unexpected reactions and changes that might culminate in a complete and very expensive cultural transformation.

This is not an exaggeration. One person can influence a whole system, either positively or negatively. Consider a newly recruited superstar. It would only be normal for management to cocoon and praise that person. Other employees will end up either resenting the preferential treatment (even if it well deserved), or copying the behavior of the star employee hoping they will receive a similar treatment. The disruptions that will follow may take the form of a tidal wave that will seriously shake your existing culture.

 

  1. Provide effective leadership

You need to create a working environment where you don’t become unrealistically demanding of your employees, while still keeping them motivated. It’s easy for your team to relate to a winner mentality, so make sure that you share your leadership vision with them. Encourage a healthy competition between your salespeople by focusing on strategic business goals that the whole team has to meet. This way, their natural competitiveness will be motivated in a fun, positive way and they will also relate to you as their leader.

 

  1. Provide opportunities for development

Talented salespeople are usually motivated and striving for growth. They will stay involved if their achievements are acknowledged and are offered possibilities to develop professionally. What training opportunities are your offering your salespeople? Do they have the chance to be mentored? Are they updated with the latest sales technology? How good are their negotiation skills? Do you have a budget for conference and seminars where your employees will not only grow professionally, but also have the chance to network?

In such a competitive economy, trained employees equals performance and higher profits for your business.

 

  1. Create a work environment that is employee-centered

It is a fact that the new generation is looking for recognition and good work environment. Now, more than ever, work-life balance and flexibility are important to keep your top employees interested in working with you.

A way to send a clear message to your employees that you trust them and that the work environment is employee-centered is to offer them certain benefits that also fit your operational needs. For example, find out if they would be interested in a more flexible hour policy or flexible work schedule.

 

  1. Know your employees

How can you create a positive work environment if you don’t know your employees? Especially when the creation of integrated sales teams is in question, you will need to be aware of the strengths, weaknesses and skills of each one of your team mates. Instead of blindly following other companies’ best practices, you need to focus on creation an open communication and find out what your employees are looking for in their work environment.

 

  1. Reward and recognize top performers

Talent has become fleeting. Hiring costs are higher than retention costs. Each employee should receive a fair compensation of their work and benefits package. At the same time, your top performers should be recognized and rewarded to keep them competitive and engaged at their workplace. Setting aside the mandatory commissions and benefits packages, show your best  employees that you value them by asking for their input when it comes to decision, work processes and business directions.

 

0
14
Nov, 2016

By winhrsolutions

Can Resource Optimization Reduce Costs and Drive Revenue?

Can Resource Optimization reduce Costs and drive Revenue?

We are drawing close to the end of the year, a good time to look back and figure out if there is a need to remove unnecessary cost in your business.  Remove unnecessary cost in a company always implies a good management of resources and a healthier operation. Especially in times of economic uncertainty, it’s recommended to carefully spend only on strategic areas and optimizing the cost all over the operation.

 

How can you spend fewer assets more efficiently?

Looking into your operational needs, in term of human resource and time spent on each task, enables you to quantify the needed resources for the whole organization.

4 Critical Elements of Resource Optimization:

The first significant change that you will notice after eliminating unnecessary cost is the degree of organizational disruption. However the positive 4 elements that will impact your actions are as follows:

  1. Increase your company’s productivity and competitiveness by improving the internal processes. By aligning your internal processes, you will offer value to your employees and customers alike.
  2. Coordinate parallel activities between departments. If it’s your company’s case that more than one department is performing the same tasks or purchasing the same items that they could share, you might be experiencing unplanned/unnecessary costs.
  3. Eliminate low-value meetings, especially in the case where your employees are proficient in their tasks and know what is expected of them.
  4. Work on improving your top manager’s leadership and sense of productivity. Make them margin freaks v cost increasing your team’s productivity.

Shifting mind-set of employees from a growth economy trend to a more challenging or in a recession mode will need a medium to long process transformation, while consistently focusing on important and clear objectives set by the CEO and the board of directors.

 

If what you were doing yesterday was working fine, what about tomorrow?

A successful company is the one that works on operational optimization, through the implementation of strategic planning and simplicity. Your human resource should be a central part of your strategic plan because it is your most expensive resource and you need to take care of it to beat the competition.

In a business environment where 55% of employee lack basic skills, and where today education has become very expensive i.e. an example of an increase in cost in the UK Universities from 0 -GBP12,000 over the last 2 years, will make companies face shortage in talent and organisations will be forced to invest internally in their adult learning.  Companies must have a long-term consistent strategy of building capabilities, which means long term and more work.

 

Will you be able to cut costs in other areas while investing into the essentials?

  • Better customer centric organization
  • Better leadership at the C level management
  • Increased inefficiency and sales
  • Improved skills when up-selling and cross-selling to other of your products and services

When it comes to the choice of removing unnecessary cost and driving revenue, a good management vision and a clear understanding of medium to long term organization objective is a success factor in itself.  Smart companies should be focusing in maintain their margin, and their positioning as a leader while removing unnecessary cost.  This will definitely lower the risk of losing business to the competition and making sure to give long life to their organization.

 

How does it work in your business? And what are the elements that will challenge you to reduce cost and drive revenue.  Send us an email.

, 0

Recent Posts

Categories

Calculate the ROI of Training Programs
The Challenges of Being a Learning and Development Director
3 Trends That Have Emerged in the HR Transformation
6 ways to retain key talents
Can Resource Optimization Reduce Costs and Drive Revenue?