“Not everything that can be counted, counts; and not everything that counts, can be counted.” Einstein’s philosophy applies as much to business as it does to life.
You may not be able to measure the immediate impact of corporate training by conventional methods but you can’t deny its importance. Corporate training results in certified employees, fewer mistakes and an uptick in long term ROI. Apart from these obvious benefits, here are some interesting ways to evaluate intangibles associated with corporate training.
Employee Job Satisfaction
Corporate training gives employees an opportunity for personal and professional growth. Training and development adds to their skills and studies show that it makes them happier in the workplace.
Measure It: You can measure employee job satisfaction by using conventional methods such as year over year surveys, suggestion boxes, online comment forms, employee committees and individual discussions. Emerging standards like eNPS, TINYpulse and MoodApp may also be used to keep tabs on employee morale and satisfaction.
Like the stock market, when done right investments in your team pay major dividends in employee loyalty. Retaining long-term employees is essential, especially since the cost of hiring and training new employees is sky high. A recent estimate states the cost of hiring a new employee is almost 18% to 26% more than the employee’s base salary.
Measure It: Customer loyalty is measured by using many of the same tools used to measure employee job satisfaction. In addition, employee turnover rates can give valuable insight to the level of customer loyalty.
People want to do business with others who share the same level of vigor. Corporate training makes for engaged, helpful and skilled employees who are able to connect with customers in a far more effective way. Simply put, there is a direct correlation between well-tuned employees and repeat customers.
Measure It: A standard client NPS score can be used to measure customer satisfaction
Feel free to browse through our blog to learn more about the benefits of corporate training.
The ROI of training can be found in a variety of ways beyond the direct impact of this month’s bottom line. For more information or a demo of how LearnCore can help fine-tune your training, please contact email@example.com.