Training Evaluation and Training Return on Investment are critical components when creating a new training program.
Training Evaluation involves determining how a training programme will be monitored for effectiveness and can also be used for identifying areas where the training programme can be improved.
Determine how the effectiveness of the training programme will be monitored:
- Reaction and satisfaction of the employees
- Knowledge retention of the employees
- Application and implementation of the knowledge, skills, and attitudes gained by the employees upon completion of the training
- Business impact the training has on the business
Monitor the impact the training has based on the indicators defined
Identify areas where the training can be improved
Implement improvements to the training
Re-evaluate the effectiveness of the training
Training ROI involves identifying the return (benefits minus the training costs for running the programme) and dividing them by the programme costs.
Determine the costs of the training programme (trainer costs, room hire, employee costs, travel, etc)
The training return can calculated by quantifying an increase in efficiency or a reduction in costs in the workplace due to the training or by calculating the benefits for both the employee (employee satisfaction) and the company (employee retention).
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