To answer Madhu’s questions:
a. Yes. ROI is a financial figure that compares the cost the investment (training program) with the financial return from the investment. In the case of training, the benefits of training first need to be converted to units money.
b. Yes. If one of the benefits of the training program is that employee attrition is reduced, then this can be converted into money saved.
Shortly, I will be releasing my new toolkit on
measuring the effectiveness of training. It will include a complete section on measuring the ROI of training. I plan on having it released within the next four weeks.
Les Allan
Author:
From Training to Enhanced Workplace Performance
www.businessperform.com