Has your budget for training and development increased in 2015?
Over 40% said their training budgets increased in 2014, according to the 2014 Training Industry Report from Training Magazine.
The respondents participating in that report stated the additional budgets went toward:
- Increasing the scope of training programs (65% v. 61% the previous year)
- Adding training staff and serving more learners (51% for both v. 49% and 40% respectively)
- Purchasing new technologies/equipment (30% v. 38% last year)
Are you getting more out of your training budget to justify any changes to the overall expenditures? How are you measuring that? What are you doing to ensure you are getting the most bang for your training dollar?
Below is an infographic highlighting some important points to optimize your training efforts:
One very important item to note is the return potential for the investment in training and development of employees. Getting products and processes implemented faster is critical for businesses to compete today. Also, keeping good employees by nurturing their career path is another important benefit to justify all of the good work that goes into your training program.
Related Reading: Hold On to your Employees with a Social LMS
A solid investment for any growing business is in a full featured learning management system (LMS). The old training programs just don't cut it anymore. Take a look at the social learning features of TOPYX LMS to see exactly how such an online platform can help you get the most out of your training budget. With no user fees, bandwidth fees, or implementation fees, TOPYX is a popular choice to keep costs down while proving out a return for your training investment.