The return on investment (ROI) of training isn’t as difficult to calculate as you might believe. However, you will most likely need to consider it before implementing your training program. It all begins with strategy. If training is not the best answer, the goals are unclear, or it is poorly implemented, the ROI may be quite low. Learn five things to ask before establishing a training program in my previous blog post, “How to Get the Most Out of Your Training Program?”
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Employees benefit from training in a variety of ways.
We know that training helps people advance in their careers by enhancing their job abilities. However, employers benefit from training in a variety of ways.
Employees that work smarter and more efficiently benefit the company.
It aids in recruiting since potential hires value the chance for professional development.
Employees that are more satisfied are more motivated and productive.
Employees have a stronger sense of loyalty and are more likely to stay.
Employees that are well-trained make your organization more adaptable because they can fill in the gaps left by others’ temporary absences or during protracted talent searches.
Regardless of these excellent outcomes, your company’s leadership may request that you quantify the financial benefits or ROI of training. This is achievable because you launched your program with explicit goals, the correct delivery mechanism, and clearly stated measurements.
If you’re utilizing metrics that are already being tracked, make sure you measure them before and after the training program to document the difference. Then, at regular intervals, continue to monitor and quantify the change to document the long-term advantages of training.
To calculate your ROI, use the formula below:
Benefit
Return on Investment = ----------------------- X 100%
Cost of training
The method is simple, but you’ll need to go through a few stages to collect the numbers you need.
How to Calculate Return on Investment
Use these four stages to assist you in calculating ROI.
After training, gather information. Make every effort to evaluate and quantify the results. Has it boosted output, speed, or quality; decreased downtime; or increased sales? To isolate the effects of training, compare pre-training and post-training metrics, or compare findings with a control group.
Attach a monetary value to the “soft” data. Ideally, you will attach costs to training output or results in terms of profit, cost, or savings. Consider the cost of employee and supervisor time, based on hourly rates or salaries, when allocating costs.
Assign the charges of the training program. Track and monitor all training costs, including instructor fees, facility costs, travel expenses, and food, if relevant.
Calculate the ROI. Assume your counter staff isn’t selling many smart light bulbs because they don’t understand how they work or the benefits they provide to contractors or customers. You bring in a manufacturer who discusses the technology as well as the possibility of increased commissions, income, and profit from upselling. They also train employees on how to market to consumers, emphasizing the long-term cost savings and enhanced convenience of remotely controlling lighting.
Of course, you measured sales before to the training, so you know where you stand. You may now track sales one, three, six, and twelve months following training. Assume that after six months, your sales of smart light bulbs have climbed by $5,000. The training was free of charge.
The advantages of bite-sized learning can improve your employees’ efficiency, effectiveness, and productivity.
Do you understand the benefits of microlearning?
Have you considered introducing eLearning micro-learning in your company?
Making online training content available to your staff is a fantastic first step in making training more accessible and powerful. Investing in small, bite-sized learning morsels, on the other hand, can boost the effectiveness of your training.
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I will take a look at the realm of micro-learning content. I will specifically address the topic, “What is bite-sized learning?” and provide you the top five advantages of brief, relevant training content.
What exactly is bite-sized learning?
Most organizations and businesses have employee training programs, whether it’s onboarding training, sales training, or something else. Employees are prepared for their occupations, roles, and responsibilities through these training programs.
The majority of these programs require days, weeks, or months of reading training manuals, viewing videos, attending meetings, or some mix of these activities.
Long training sessions are beneficial for new employees, but what about when you need to swiftly upskill an existing employee or provide on-the-spot refresher training?
Bites-sized learning (also known as micro-learning)!
Microlearning content for eLearning is training content that is:
Consider micro-learning content that an employee can consume in less than 5 minutes. Micro-learning content also catches attention and drives learner retention since it is easily digestible and relevant to the employee.
In contrast to prolonged, traditional training, here are some examples of bite-sized learning:
Instead of one 30-minute video, a series of six 5-minute videos about corporate values.
In lieu of a single 1-hour PowerPoint presentation, an infographic containing sales learning nuggets will be released every Monday for one month.
In place of a company-wide meeting, a brief 10-question quiz/assessment on current industry trends with a prize for the highest marks.
Finally, bite-sized learning is about putting relevant, helpful knowledge in your employees’ hands as soon as they need it.
Let’s look at some of the advantages of bite-sized learning now that you know the definition of the term.
The top five advantages of bite-sized learning
We’ve already covered some of the advantages of bite-size learning, but we’d want to dig deeper into a few of them.
Here are the top five benefits of eLearning micro-learning.
Increases employee engagement Today’s workers expect content that is: pertinent to their wants and demands, easily accessible and fit into their routine, simple to access from the workplace or remotely
Increases learner retention Learners are more likely to recall what they watch or read if they are given tiny chunks of information-rich content.
Gives employees relevant, actionable insights Bite-sized learning content equips employees with job-specific knowledge that they can immediately apply to their positions.
Quickly release “just-in-time” and refresher training With micro-learning content, you may quickly generate and share relevant training or information quickly.
Provides upskilling and reskilling opportunities Roles are becoming more flexible, and employees must swiftly master new abilities. Bite-sized learning is an excellent tool for developing workplace skills.
Micro-learning in eLearning is a method of providing employees with easily digestible pieces of information. Micro-learning, as opposed to extended training sessions, uses fast reads and short films to catch attention and drive retention.
Your go-to team for entertaining and engaging micro-learning content
Among the several advantages of bite-sized learning in the workplace are:
Increasing employee engagement through training
Enhancing learner retention
Giving staff useful, actionable information
Quickly delivering “just-in-time” training and refresher courses
Providing employees with opportunity for upskilling and reskilling
Finally, micro-learning training content gives content targeted to the current workforce’s needs and goals.
Now that you understand why you should invest in bite-sized learning, here are our top five ideas for creating effective microlearning products.
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1) Concentrate on one issue at a time
Because you have a limited time period in which to present the material in bite-sized chunks, you must decide what topic matter is specific to the learners’ needs. It is critical to adhere to one subject at a time and concentrate on the main takeaways that students must know. Request that your subject matter expert (SME) explain what information is critical and should be the primary emphasis of the micro-content. Set as few objectives as possible to avoid becoming bogged down with superfluous and useless information.
2) Boost retention with a recap
Although bite-sized learning is a successful elearning strategy, there is no obvious way to assess your learners’ knowledge. Incorporating recaps into bite-sized modules can help measure their proficiency, but keep in mind that it must also be bite-sized! A quick 2-minute exam to stimulate and determine their talents will discover their strengths and weaknesses, allowing them to receive assistance with the assignment.
3) Close performance gaps
The capacity to offer learners with the knowledge they need most is perhaps the most significant benefit of bite-sized learning. Consider the type of micro-content you generate and how it will encourage learners to concentrate on certain job-related tasks. In some cases, a basic presentation will enough, while in others, a game may be more advantageous depending on the subject matter.
Learn about your learners’ performance gaps and how you can modify your microcontent to meet their needs. Which talents or tasks do they regularly employ? What talents or tasks do they rarely encounter?
4) Establish an additional resource support system.
Bite-sized learning does not preclude your students from benefiting from a full-scale learning experience. Make sure your learners have access to other content types that can support different microlearning techniques. Allow learners to access longer-form content or video content to broaden their knowledge and abilities. It is critical to ensure that various microlearning formats are accessible to augment the bite-sized learning experience in order to accommodate to diverse learning styles and keep learners interested throughout.
5) Create a learning path in bite-sized chunks.
It can be quite tough to keep track of everything if you have a vast subject area that requires a lot of bite-sized modules and additional supporting content. If you can’t find anything, your students won’t be able to either.
Implementing a roadmap that organizes all of the bite-sized learning resources would allow learners to quickly track their progress, marking completed modules and those that need to be completed. It allows students to choose whatever modules they want to work on next based on their specific needs. Consider designing a unique bite-sized learning path for each student.
