If
You Need a Million Bucks...
You Gotta Know Your ROI
by
Brandon Hall, Ph.D.Excerpted from:
March 1997
Inside Technology Training
At first glance it sounded like a pricey
proposition: First Union Corp. training execs wanted the company to build 48 new
training centers. Bricks, mortar, construction labor, new computers: it could
seem like quite a blow to the bottom line. But the Charolotte, N.C. bank
built all 48 centers, constructing them up and down the East Coast. Despite the
expense, today First Union saves more than $700 training every one of its 10,000
tellers. How? It made the gains by replacing two-week stand-up training
courses with 20- to 24-hour CBT-based courses. Multimedia can save you money
over the long haul. That’s a fact, plain and simple. And what’s more,
you can even calculate the hard dollar return on investment. You keep the bean
counter happy and the students learning. Cheaper Over the Long Haul
- Computer-based training can reduce total training costs when compared with
instructor-led training.
- Computer-based training may require less time
than instructor-led training. The amount of reduction ranges from 20 to 80 percent
with 40 to 60 percent being the most common.
Get That Elusive Exec
Support Multimedia does cost more up front than instructor-led training.
Winning company executives over to your side requires organizational savvy just
like any other initiative. How do you get management to buy into multimedia
training? Lance Dublin, CEO of The Dublin Group in San Francisco, offers three
suggestions: - Link your project to the company strategy.
- Develop
the business case, then ask for what you need. Show it with your ROI.
- Provide
measures of success; business measures not just learning.
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