If you’re in charge of a learning program, you know it can be difficult to get budget and buy-in for your initiatives. When it comes to developing and expanding learning programs, one of the most important things you can do is to prove the ROI.
Let’s explore six reasons why metrics and ROI are essential for learning programs:
1. Gain credibility for your ideas and programs
Without metrics, your program is just another cost. If you want to gain credibility for your ideas and programs, you need to be able to show that they are effective. Metrics and ROI can help demonstrate how your programs have positively impacted the bottom line.
Formal learning takes people away from their typical daily tasks. You can help leadership feel secure that they are not wasting time having their direct reports participate.
2. To prevent your program from being canceled
No one wants their learning program canceled, but it is a risk if you cannot demonstrate its value. Programs are generally only cut when ineffective or considered a waste of time and resources. But, sometimes, they are cut because you cannot prove they are an effective and valuable use of time.
One of the biggest tragedies is a successful program getting canceled because of failure to prove value. If your program is not meeting its goals, it is at risk of being canceled. By understanding and tracking metrics, you can identify issues early on and make changes to prevent the termination of your program.
3. Gain more resources for maintenance and expansion
If you can show that your program is effective, you are more likely to get additional help for maintaining and expanding it. Metrics and ROI can demonstrate the value of your program to decision-makers and build trust that you know what is needed to create success and alignment to business goals.
4. Become confident to make improvements
If you want to make improvements to your program, you need to be able to measure its effectiveness. Metrics and ROI can help you do this by providing data that you can use to identify areas of improvement.
Once you have identified the baseline for your success data, you can iterate on your program to improve it. Then, identify what is working and lean in. Likewise, determine what is not working so you can pivot quickly to minimize negative impacts.
5. Learners depend on your program more than you think
Your learners depend on you to create a program that meets their needs. They rely on your program to help them improve their skills and knowledge. If your program is ineffective, it can harm their career
6. Metrics and ROI give you a complete picture
Metrics and ROI provide a complete picture of your program’s effectiveness, and when aligned to organizational key results—Magic! By understanding the metrics and ROI, you can make sound decisions about how to improve and expand your program.
When metrics and ROI are ignored, decisions about learning programs become ambiguous. This could lead to poor decision-making that could impact the success of your program.
In conclusion
Metrics and ROI are essential for learning programs because they help you gain credibility, prevent cancellation, get more resources, and provide value for your learners. Focusing on metrics and ROI can make your learning program more effective and impactful. So, go out there and prove your program is worth the investment.
