ROI FOR LEARNING AND DEVELOPMENT BY BETH PARKER, Director of Education, Utah Bankers Association The Edulogue There is no denying that training is directly proportional to business outcomes, but training isn’t cheap! Organizations must invest in learning and development wisely by measuring the return on investment (ROI) of training initiatives. The Utah Bankers Association understands the challenges of navigating a shifting economy. Your banks are constantly adjusting to new market conditions, from consumer behavior shifts to advancing technology. One of the most critical aspects of this adaptation is ensuring that employees have the skills and knowledge needed to succeed in the changing landscape. The impact of a shifting economy can be significant, with businesses experiencing changes in customer demand, supply chain disruptions and revenue and cash flow fluctuations. Businesses today need resources to respond swiftly to changes, making it crucial that they adapt with the help of a comprehensive training program. This program should include identifying skill gaps, designing targeted training and providing ongoing support to seamlessly integrate new knowledge and skills. By embracing the idea of a comprehensive training program, enterprises can foster agility and innovation as well as gain a competitive edge in these dynamic times. Now is the time to double down on your training efforts, not shy away from them. To feel assured that continuing with your training efforts and related costs is necessary and effective, measuring training ROI is of paramount importance. It offers a quantifiable understanding of the tangible value that training initiatives bring to your organization. It provides a strategic framework to evaluate the effectiveness of training programs, enabling data-driven decisions. Moreover, measuring training ROI fosters a culture of continuous improvement, encouraging organizations to evolve their training methodologies based on concrete evidence of impact. By showcasing how training contributes to improved employee performance, increased productivity and overall organizational success, ROI measurement offers a compelling case for continued investment in learning and development initiatives. When calculating ROI, remember to also consider the intangible benefits — these include improved employee morale, increased engagement, enhanced teamwork and reduced turnover. These benefits contribute to the overall success of the training program and ultimately the business. Need help in understanding how to build a more successful training program, finding targeted training programs or learning how to calculate learning and development ROI? Let us know, and we can help! Email me at beth@ utah.bank. The Utah Bankers Association understands the challenges of navigating a shifting economy. Utah Banker 9
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