Determining Return on Investment Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Determining Return on Investment Assignment
Return on investment (ROI) is an important training outcome. This section discusses how to calculate ROI through a cost-benefit analysis. Cost-benefit analysis in this situation is the process of determining the economic benefits of a training program using accounting methods that look at training costs and benefits. Training cost information is important for several reasons: 46
- To understand total expenditures for training, including direct and indirect costs
- To compare the costs of alternative training programs
- To evaluate the proportion of money spent on training development, administration, and evaluation, as well as to compare monies spent on training for different groups of employees (exempt versus nonexempt, for example)
- To control costs
There is an increased interest in measuring the ROI of training and development programs because of the need to show the results of these programs to justify funding and to increase the status of the training and development function. 47 Most trainers and managers believe that there is a value provided by training and development activities, such as productivity or customer service improvements, cost reductions, time savings, and decreased employee turnover. ROI provides evidence of the economic value provided by training and development programs. However, it is important to keep in mind that ROI is not a substitute for other program outcomes that provide data regarding the success of a program based on trainees’ reactions and whether learning and transfer of training have occurred.
Typically, ROI is used to show a training program’s cost effectiveness after it has been delivered. However, ROI is also useful for forecasting the potential value of a new training program, choosing the most cost-effective training method by estimating and comparing the costs and benefits of each approach, and making decisions about whether to fund and offer training programs in the future. 48
Consider the use of ROI at LensCrafters. LensCrafters brings the eye doctor, a wide selection of frames and lenses, and the lens-making laboratory together in one location. 49 LensCrafters has convenient locations and hours of operations, and it has the ability to make eyewear on-site. Emphasizing customer service, the company offers a one-stop location and promises to make eyewear in one hour. Dave Palm, a training professional at LensCrafters, received a call from a concerned regional manager. He told Palm that although company executives knew that LensCrafters employees had to be well trained to design eyewear and that employees were satisfied with the training, the executives wanted to know whether the money that they were investing in training was providing any return. Palm decided to partner with the operations people to identify how to link training to measurable outcomes such as profitability, quality, and sales. After conversations with the operations employees, he decided to link training to waste from mistakes in quality and remakes, store performance and sales, and customer satisfaction. He chose two geographic regions for the evaluation study and compared the results from these two regions with results from one that had not yet received the training. Palm found that all stores in the two regions that received training reduced waste, increased sales, and improved customer satisfaction. As a result, LensCrafters allotted its training department more financial273resources—$10 million a year for training program development and administration—than any other optical retail competitor. Because the training department demonstrated that it does contribute to business operations, it also received money to develop a multimedia-based training system.
The process of determining ROI begins with an understanding of the objectives of the training program. 50 Plans are developed for collecting data related to measuring these objectives. The next step is to isolate, if possible, the effects of training from other factors that might influence the data. Last, the data are converted to a monetary value and ROI is calculated. Choosing evaluation outcomes and designing an evaluation that helps isolate the effects of training were explained earlier in this chapter. The following sections discuss how to determine costs and benefits and provide examples of cost-benefit analysis and ROI calculations.
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