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Organizations invest in professional training and development to further the growth of their team members but also to continuously improve the organization and achieve the results required for success. The organization must realize a return on their investment and a focus on results must be an integral part of any training initiative.
The return on investment for training can be calculated in a number of different ways depending on the nature of the training and of the organization. In business, return on investment is a measure of monetary benefit. With respect to training, return on investment is the extent to which the benefits of the training exceed the costs of delivery. Delivery costs may include curriculum development, marketing, materials and staff time to name a few. Benefits may be measured by increased productivity, reduced errors or reduced turnover and should be aligned with the strategic priorities of the organization.
Regardless of how the training benefit is quantified, it is important that the benefits can be measured. It allows for evaluation of the training program to determine whether or not it was effective and supports further investment in training.
When considering a training solution for your business, consider the following:
Whether selecting from already developed training programs or having a custom training solution designed, answering these questions will help you ensure that your investment is strategic, can be evaluated and results can be communicated.
For more information on MNP’s customized training approach, please contact your local MNP Consultant.
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