In a world where every dollar spent is scrutinized, learning and development can no longer be seen as a low-value expenditure. In this episode, host Joe White shares why demonstrating a clear return on investment is an essential part of the learning and development strategic planning process.
Transcript
Announcer:
The SOS podcast is a production of AEU LEAD, an organization redefining how mid and frontline managers are developed.
Joe White:
Hello, and thank you for joining us. I'm Joe White, and this is the Supervisor Skills: Secrets of Success podcast. Today's recording is the final episode in a four-part series we're releasing in Season 5. Emphasis with this set is on creating a learning and development strategy needed to better prepare mid and frontline managers for the transitioning workforce. Whereas the SOS podcast has historically shared content intended for frontline supervision, that's not the case for our current initiative. For this season and the four-part series, we're sharing content to help those responsible for developing the next generation of frontline leaders.
In our first episode, I covered steps that can be taken to identify developmental needs frontline resources now have. In episode two, I outlined a process for pulling together a comprehensive training strategy based on your needs assessment. For episode three, I offered thoughts and suggestions for successfully implementing your learning and development strategy. Today I'm going to discuss the importance of holding the gains and demonstrating your return on investment, an important but often overlooked part of the learning and development strategy. If you're joining today having not heard the previous episodes, I would encourage you to pause and do so before diving into this installment. The four-part series is sequential in nature, and each one builds on the previous one. Listening to them in order will help with process flow and understanding, and as a recommendation to get the most from this particular season. Having said all that, let's jump right into our topic of discussion.
The unfortunate reality of most learning and development efforts is that they seldom make a noticeable difference on the job. On average, companies typically see 10 to 20% of formal training transferred to workplace practice. In part, this is due to what is described as the forgetting curve, in addition to a lack of on-the-job support to reinforce learning objectives. In terms of our memory, we know that 80 to 90% of information shared in a training session is lost within the first three months. Equally is important, where training lacks integration and support, employees typically default to past practices. This is largely based on the presence of deeply ingrained habits formed over periods of time. The purpose in sharing these details isn't to discourage you. It's actually just the opposite. By sharing this information, it better prepares you for the challenges you must overcome to realize a desired shift in performance.
As previously stated, the four-part series covered this season provides a summary of recommendations for those wanting to develop and implement a new revised learning development strategy. A critical part of the design involves setting yourself up for success. No different than safety, quality, or customer satisfaction. Efforts to improve operational outcomes require more than good intentions and wishful thinking. It requires discipline, action, and accountability. The purpose of this fourth and final episode is to help instill the mechanisms required for learning and development efforts to succeed. For that to happen, you need measurable results that demonstrate growth and a positive return on investment.
To achieve this objective, I would like to offer the following recommendations for your consideration:
1. Design and implement an assessment process.
To demonstrate growth and improvement, you must have objective data, pulling the information used to drive the planning process whereby recognized needs were established on the front end. Put in place metrics that can be used to assess progress, and position them among other business critical outcomes reviewed in staff-level meetings. Transparency throughout the transition phase is essential to realize desired shifts. It also helps drive accountability, which is the active ingredient to change.
2. Verify learning occurred from developmental efforts.
To effectively assess developmental outcomes, start with an understanding of what was learned. From the context of demonstrating value to decision-makers, this requires more than administering post-workshop test designed to measure short-term recall. Engage with learners and ask them to share two or three takeaways from their learning experience. This helps you understand what left a lasting impression and what adjustments might be needed to better reflect desired outcomes.
3. Identify specific actions taken to improve.
A follow-up to the previous step, which is about the transformational experience, this step is about the transactional response. In other words, what did learners actually do with the information they received? A recommended best practice is to reinforce learning objectives on the job and to have learners document changes they made based on the training received. Set this expectation upfront and hold employees accountable for growing from the learning experience provided. A key to success for all is adopting and encouraging a progress-over-perfection mindset.
4. Document performance improvements.
At the end of the day, training must translate to improved performance outcomes. As it specifically relates to the previous step, what are the results or consequences of actions taken? In many instances, growth will occur the way slight and not a substantial shift in performance. Having to send fewer reminders, seeing more consistency in results, or even getting more questions are all examples of shifts you might see from a change in behaviors. Document them no matter how subtle and build a case for the long-term benefits the organization receive because of them.
5. Prepare a return of investment summary.
Taking on a comprehensive initiative to improve operational performance outcomes through targeted learning and development is a significant undertaking. From an organizational perspective, it requires a commitment of resources involving time, money, and effort. In return, decision makers deserve and should be provided with a summary of results. In preparing an ROI document, it's important to capture traditional measures involving projected returns compared to investment cost. It's also important to share qualitative returns that have both direct and indirect impact on the bottom line. The importance of an ROI summary cannot be overemphasized. While it's an accounting of what has taken place, it's also a tool that gives you credibility and opens the door for any future needs you might have. Give it the attention it deserves and share the story of success you worked hard to create.
A comprehensive learning and development strategy requires more than a summary of training topics and delivery dates. It's designed for the purpose of improving operational performance outcomes, and its success hinges on achieving this objective. Anyone preparing and implementing a learning and development strategy needs to build into their approach a means to verify learning has occurred. In addition, they must be able to show a change in behaviors on the job. Most importantly, they must be able to articulate performance improvement resulting from it. If you haven't built this into your strategy, it will be difficult to achieve success without it. For those that have or do, the likelihood of failure is greatly reduced.
Thank you for joining us. It's my sincere hope you found benefit in our topic today. I also hope you found value in this particular series of discussions. In wrapping up Season 5, we'll begin plans for upcoming season over the next few months. If there are any specific topics you would like for us to cover, please reach out with suggestions you might have. Should you have any questions or need additional information regarding today's topic or any we've covered in the past, just let me know. My contact information is provided in the show notes accompanying this episode. That's it for now. Stay safe, and thanks for listening.
