You go to the doctor to check out a persistent hack, so why not assess the risk of not doing something about training? Luckily, the doctor is in the house with the My Learning Space L&D Health check.
It’s a free service and by filling in an online form you’ll find out the following:
- Your organisation’s commitment to Learning and Development
- Your ability to deliver an L&D package that meets your budget
- Your current status in implementing L&D
After filling in the form, which should take you about ten minutes, you’ll receive a personalised L&D health check report emailed to you that assesses your L&D program from six areas: Management, Strategy, Program, People, Technology and Culture.
Once you get the questionnaire results back, one of the key questions you’ll have to ask yourself is: How am I going to pay for this? Most companies undervalue ongoing training and those companies on tight budgets look at investing in training and learning as a nice-to-have, not a must-have component of their operations.
This is where you can further your argument with having the right metrics in place. And that means making a convincing ROI argument. Companies will knock back budget requests unless a case is clearly made about how investing in learning will increase sales performance, for example. So a good rule of thumb is to pluck the low hanging fruit—okay, it’s a cliché, but in the case of budget requests that really means a statement like: A mini-module comparing our product with the competitor’s and pricing objection handling can conservatively lead to sales increases of at least five percent in the first month and that will translate into $150,000 gross.
Then follow that up with the opportunity cost argument: If we don’t train our staff and get the budget we’ve outlined to do so, then we might run the risk of a customer stuff-up that would cost x-dollars in lost productivity with outdated training.
Compliance and regulation training are two very big areas of concern, particularly for organisations with government contracts. A breach of compliance could lead to punitive penalties because of poorly trained workers.
If you put together a risk assessment report that analyses knowledge and skills gaps in current training and liabilities that will result from inaction, then you can make a very convincing argument to make your L&D budget a healthy one.
MLS can help you make your case even more convincing with our suite of products and consultancy services.