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Stretch your training budget with ROI measurements

by on
in Leaders & Managers,People Management

Small businesses spend a lot of time and money on employee training, but they rarely measure their return on investment (ROI). And while it's not easy to measure your training ROI, it's important to make sure the money you're spending actually boosts the bottom line. Here are some free online tools to help (some require you to register first):

• The Human Capital ROI Worksheet (www.imperialcorp.com/roi.html) estimates financial returns before and after training.

• The ROI calculator at www.mediapro.com compares the training costs by factors such as time, facility costs and number of students. Figure out payback and break-even points.

• The ROI calculator at www.mentergy.com/roi provides a basic starting point to assess the ROI from online learning.

• A site created by the Conference Board offers free measurement tools and advice to improve employee skills. Go to www.workplacebasicskills.com/begin.htm and click on "Free Tools."

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