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RETURN ON INVESTMENT: UNDERSTANDING WHAT ROI IS AND HOW IT’S USED TO HELP BUSINESSES IMPROVE THEMSELVES

Just how important is a return on investment (or ROI)? Well, it’s so important that many organizations are gradually more concerned in measuring the return on investment than the typically used training and organizational change programs, which can be quite costly. 

Return On Investment: What Is It and Why Is It Considered So Important 

According to Ravinder Tulsiani, an ROI is basically a calculation that looks at an organization’s gained benefits compared to the company’s expenditure.  The four key trends that dictate the ROI (accountability needs and evaluation in-training and development) include:

1. Saving money and time using ROIs over costly training programs, which often means conducting a detailed investigation of their impact to the company’s performance. 
2. More organizations are executing other measures to evaluate a company’s success and its progress. Training must be accurately gauged, watched and assessed, and should be included in the trend. 
3. Accountability is important if an organization is to meet its strategic goals. Therefore, training to meet those objectives is important.
4. Upper-level management ensures that training and development processes are looked at even closer and more in-depth, ensuring accountability for important training expenses. 

What Is The Return On Investment Method 

Ravinder said the basic idea behind the method is to figure out – in percentages – a development’s return by taking away the activity’s costs from its complete benefits. The key problem behind this is that not every benefit can be numerically measured – leadership, confidence level, etc.  There are five steps to determine what the ROI process is:

1. Gather Supportive Program Information 

Before anything else is done, it’s imperative to collect baseline and follow-up information about a company’s performance, said Ravinder. There are numerous data collection techniques available – examinations, tests, survey sheets, etc.  Questionnaires are seen as the most common method of following up, as they provide a good deal of information about how much knowledge was put forth in what they learned and the successes they attained.  

Now, the data should only be collected from folks who have been through the training experience because this ensures there is an unbiased process and there are little chances for mistakes. 

Ravinder said timing is also an issue that must be dealt with in data collection. The trick with ROI calculations is they’re typically done at random. Still the training benefits are often felt way after an event. Some programs were created so there was a long-term impact. However, identifying certain kinds of improvements from the programs can be difficult if they’re evaluated years after the completion of a program. 

Despite the existing connection between performance and training, it’s hard for employees to understand the connection between training and improvements happening months or years after training has commenced. 

2. Division Of Training Effects 

In all businesses, there are factors that affect the company’s output measures. It’s tricky to determine if training by itself was effective, as it’s just one of the multitudes of influences that drive a certain measure such as:

• Measureable decline in absences
• Rise in productivity
• Improvement in product and service quality
• Improvement in employee satisfaction
• Improvement in employee turnover
• Improvement in company’s bottom line

Some techniques that may be used in the assessment process of the training include:

• Forecasting models
• Trend lines
• Control groups

Of course, at least one strategy (more, if you want) should be used to determine the training’s effect. 

3. Calculate Your Costs

A very important step in getting the program costs to find out what the whole investment is. Every cost about the training programs needs to be taken into consideration:

• Facilities 
• Facilitator/instructor
• Intervention development
• Training needs investigation
• Evaluation
• Overhead/administrative
• Participant benefits and salaries
• Meals/travel/lodging
• Program materials 

4. Determine The ROI

The return on investment is figured out and shown as a percentage with net benefits divided by the whole investment in a training program. This ensures, Ravinder said, that the ROI formula is similar to ROI calculations for other kinds of investments, typically seen in the net earnings that is divided by the usual investment. 

The formula below is what is used to determine the precise value:

 Net Programme Benefits - Total Cost of Training Programme
---------------------------------------------------------------------------------------  x  100%  =  ROI
                                    Costs

It can be difficult to find out what a training program’s ROI is. Therefore, the precise value is never known. Still, the above formula is widely used for gauging training programs. 

5. Recognize The Incorporeal Remunerations 

Incorporeal remunerations, which are benefits that have no monetary value attached to them or where there is a questionable assigned value, are extremely important; however, they’re not turned into monetary values for the company’s profits.

The ROI calculation does not use them; but, when it comes to the organization’s goal, they are extremely important and much more relevant than performance.  Ravinder said some incorporeal remunerations include:

1. Less stress
2. Reduction in customer complaints due to better customer service
3. Improvement in teamwork
4. Rise in the commitment to the organization
5. Rise in the fulfillment of the profession
6. Fewer to no conflicts

4 Useful Concepts To Attain A Better Return On Investment

According to Ravinder, there are four useful concepts business can apply to get a better ROI for their company. These concepts include:

1. Improve the end of course sheets so that it includes questions like what can the company do different because of the training.
2. Carry out additional training with the company to learn what was implemented and how the performance was bettered because of the information.
3. Send out samples to people questioning them about previous incidents and the skills used to handle them and how they got them.
4. Talk with the company before and after the training, taking a look at the people’s behaviors that were before the training and what they were after the training. 

Source: http://training-edge.ca/training-resources.html

You May Have More Influence Than You Think

Rebecca Morgan, CSP, CMC Oct 30, 2012 | Comments (0) Sometimes we go about our business and don't think about if others are paying attention or not. Generally, not many people notice us or our behaviors. But sometimes we're being observed and, unbeknownst to us, admired. We are unwitting role models. Or even held to a higher status than we believe we have.This became apparent from a brief conversation I had during my recent speaking tour in Turkey. In between engagements, I hung out at my friend Tamer Ozdemir's English Test School in Eskisehir. I got to know the English teachers there, including a young Turkish man named Aykuk. After a week of visiting with him and his students and his hearing of my speaking engagements in Turkey and beyond, we had this exchange:Aykuk: This week I've met one of my goals.Me: Congratulations! What is the goal?I almost fell off my chair laughing. "Aykuk, I'm not a celebrity so you need to keep that on your goal list."But I was to him. He'd never met an author, nor someone who'd been on Oprah, 60 Minutes and in the national Turkish newspaper. These amounted to celebrity status to him.So while I don't consider myself a celebrity, I was in his eyes.I believe that optimally we should behave as if we are a role model, even when we know no one is looking. When we encounter a problem with someone, choosing our response by asking ouselves how we'd react if a special child were watching us. We want to be someone s/he looks up to and admires, which then shapes our behavior.But even in non-confrontational situations, our behavior telegraphs our character to others we have no idea are paying attention. We have influence on their future behavior by being a role model. And yet we may never know.Have you experienced watching someone you admire to determine how you'd behave in future situations? Have you ever been surprised to learn you were a role model? Tell us your story.Rebecca Morgan, CSP, CMC, is a bestselling author of 25 books, speaker and consultant on workplace effectiveness. For more information on her services go to RebeccaMorgan.com. Send your suggested issues to cover or questions to Rebecca@RebeccaMorgan.com. If you want to discuss working with Rebecca, give her a call at 408/998-7977 (Pacific).

Her most recent books are:

Remarkable Customer Service ... and Disservice: Case Studies and Discussions to Increase Your Customers' Delight

Grow Your Key Talent: Thought-Provoking Essays for Business Owners, Executives and Managers on Developing Star Staff

Want to read more from Rebecca Morgan, CSP, CMC? Check out the blog archive. Keyword Tags:  MAnagement development   leadership   communication Disclaimer: Blog contents express the viewpoints of their independent authors and are not reviewed for correctness or accuracy by Toolbox for HR. Any opinions, comments, solutions or other commentary expressed by blog authors are not endorsed or recommended by Toolbox for HR or any vendor. If you feel a blog entry is inappropriate, click here to notify Toolbox for HR.

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Training Future Macau Casino Bosses

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(From the New York Times)--MACAU — Natalie Chan collected bets, dealt cards and calculated payoffs. She was not a croupier working in a casino — in fact, at 20, she was not even old enough to be on the gambling floor at the glitzy casinos just a short walk from campus.

But she is learning the tricks of the trade through a program meant to train Macauresidents to run the hotels and casinos that have made this city Asia’s answer to Las Vegas.

Last summer, Ms. Chan completed a dealer training course on a mock casino floor, in a room equipped with roulette wheels, blackjack tables and slot machines run by the Macao Polytechnic Institute’s Gaming Teaching and Research Center.

“It wasn’t as easy as I expected it to be,” said Ms. Chan, who learned how to play blackjack and baccarat. “At the end of the training, we had an assessment and I had to perform several calculations while dealing the cards. It was challenging.”

Ms. Chan is a third-year student at theUniversity of Macau’s Hospitality and Gaming Management program, which grooms students for managerial and executive positions in the booming gambling and hospitality industry. Casino floor training is just one part of the course.

“Besides learning about the games, the training allowed me to experience what the dealers go through, the stressful environment that they have to work in, as well as what makes them tired,” Ms. Chan explained. “It gave me an idea of the things I need to be aware of when managing dealers in future.”

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Training Future Macau Casino Bosses ASTD Staff 2013-07-24

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Learning Video For Learning Professionals (Series)

Learning Video For Learning Professionals (Series, Post 1) The world's largest professional association dedicated to the training and development field Login | International | My Profile |Contact Us | Join or Renew .ui-autocomplete { max-height: 400px; width: 295px; overflow-y: auto; /* prevent horizontal scrollbar */ overflow-x: hidden; } .astd_autocomplete a { border: none!important; font-weight: normal !important; background: #fff!important; color: #333; font-size: 11px; } ul.astd_autocomplete a, .astd_autocomplete ul.astd_autocomplete a:hover { color: #333 !important; } .astd_autocomplete li.category { font-size: 11px; font-weight: bold; padding: 7px 0; margin-bottom: 5px; display: block; text-align: right; margin-top: 10px; } .astd_autocomplete div.inner-border { border-bottom: solid 1px #dedede; } .astd_autocomplete div.inner-label { background: #fff; padding-right: 9px; margin-top: 10px; } .astd_autocomplete a:hover { background: #ededed!important; } Members Publications Conferences Education CPLP Certification Communities of Practice Enterprise Solutions Professional Resources Store Home > Publications > Blogs at ASTD > ASTD Blog > Learning Video For Learning Professionals (Series, Post 1) Learning Video For Learning Professionals (Series)

Friday, April 19, 2013 - by Jonathan Halls

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Thinking about picking up a video camera and shooting some content for your online courses or to show in your education programs? If so, you’re not alone.  

Video is a hot topic in the learning profession right now. It offers loads of benefits for learning professionals and organizations. Plus it is now very affordable to make. The latest technology makes it easier than ever to capture video that won’t embarrass you in front of your peers, learners, or clients.  

EVERYONE IS MAKING VIDEO

Of course, it’s not just in the learning profession where video is hot. Every minute, people from all over the world upload 72 hours of video to YouTube. Every month, people from all over the world watch 4 billion hours of YouTube video.

It’s easy to get caught up in all the excitement that YouTube and other video-sharing sites have to offer.

NOT ALL VIDEO IS CREATED EQUAL

However, very few YouTube videos “go viral,” meaning that they are viewed by millions—or billions—of people all over the world. A lot of the video that’s made for YouTube is not very good. I guess we could say not all video is created equal.  

Unfortunately, the same goes for a lot of video created in organizations for training purposes. Clunky and unprofessional, poorly-made video can distract learners from the training content.

QUALITY HAS TO BE OUR GOAL

If we want to take advantage of all that video has to offer the learning industry, we have to make sure our video is of good quality.

By good quality, I mean content that is properly structured to aid learning. Video that employs techniques designed to enhance learning retention. Content that is shot well, is well lit, and properly edited.

Good-quality video will accomplish learning program objectives; poorly-made video will leave clients, peers, and learning executives wondering why they invested in video in the first place.

In coming posts, I’ll share some thoughts on how you can make quality video that gives you the greatest return on your investment of time, money, and resources. And I’ll give some fresh examples when I speak at ASTD’s International Conference & Exposition at the pre-conference Multimedia for Learning Professionals Certificate Program – May 17-18, 2013. Hope to see you there! Learning Video For Learning Professionals (Series) Jonathan Halls 2013-04-19

Jonathan Halls has taught media and learning for more than 20 years. He was a learning executive at the BBC where he ran the corporation’s prestigious production training department. Jonathan has taught thousands of media professionals around the globe who work in newspapers, radio, and television. Today he is principal of Jonathan Halls & Associates and is an adjunct professor at George Washington University. He is active in the ASTD community. Jonathan divides his time between teaching media for nonmedia professionals and running workshops on leadership and change.

Communities of Practice:   Learning & Development
Tags:   Conferences , Membership , Videos

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Authored By: Jonathan Halls Jonathan Halls has taught media and learning for more than 20 years. He was a learning executive at the BBC where he ran the corporation’s prestigious production training department. Jonathan has taught thousands of media professionals around the globe who work in newspapers, radio, and television. Today he is principal of Jonathan Halls & Associates and is an adjunct professor at George Washington University. He is active in the ASTD community. Jonathan divides his time between teaching media for nonmedia professionals and running workshops on leadership and change.

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New trainer in Kenya joins Speak First

Speak First has been busily recruiting experienced, dynamic trainers to support our clients with their global projects. We’re now involved in projects that span anything from 22 countries to 45, delivering globally consistent training with localised differences.

As part of our recruitment in 2013 we ran our first ever Trainer Assessment Event in Nairobi. Steve Bavister met, interviewed and participated in training sessions delivered by selected trainers from across Kenya. As part of this process we would like to welcome Bikundo Onyari who has joined the 120 associate trainers we now have based across 50 countries.

He is now embarking on our development process to learn the key models we deliver as part of our training and we’re really happy to have him on board. He’s an engaging trainer with an impressive background and a facilitative style, delivering training in the areas of presentation skills, communication and impact.

We will be running some more of these events this year across countries in Europe, America and Asia and we’ll keep you posted with some of our new trainers in 2013.

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Download the ASTD 2013 Conference App

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The ASTD Events app is your mobile event guide to the ASTD 2013 International Conference & Exposition. The free app has numerous features that will keep you up-to-date and streamline your conference experience, all from the convenience of your mobile device. The app will allow you to:

Build your personal daily schedule—Plan your day by selecting sessions from the visual schedule, categories, or search function. You also can add custom personal events and meetings. To build your personal schedule go to the conference site, www.astdconference.org/attendee, and follow the instructions there.Receive reminders and updates—Keep an eye on the NOW screen to see important messages, upcoming events, or sessions about to start.Engage and network—Contact speakers or attendees, find exhibitors, tweet, or exchange a digital business card.Find what you are looking for—Use the search, filters, and maps to find sessions and exhibitors.Personalize the event program—Manage content in the app via keyword filters or bookmark any item with a star to, for example, see a list of all the exhibitors you want to visit or liked.Take notes—Jot down notes during sessions or when talking to a speaker or exhibitor. If PowerPoint slides are available for a session, simply write your notes on the slides. At the end of the conference, you can export all notes and starred items via email.Access the Conference Daily—The conference newspaper will give you the latest news, updates, events, and session coverage.

New this year is the ability to use filters to only see items that are pertinent to you. You have the option to filter conference programming by session type (specialty programming and featured speakers) or learning approach (program focus of greater depth within each track). Simply click on the filter icon in the top right corner to turn the filter on, and then turn off the filter to return to the full schedule view.

Make sure to click on the “More” icon on the bottom of your screen to take advantage of all the available features.

To get started, search “ASTD Events” in your app store, then click on the ASTD 2013 banner within the app.

The app is sponsored by GP Strategies.

Download the ASTD 2013 Conference App Kristen Fyfe 2013-05-14

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