How to Significantly Decrease the Cost of Training

Decrease the Cost of Training

If you are looking for a quick way to significantly decrease the cost of training – this is the place.

If you want to lessen the bottom line “cost” of training, you need to have a laser focus on providing measurable business value and impact.

Why?  Because the majority of corporate training does not quantifiably impact the strategic priorities of the company. And therefore, can often be completely eliminated or at least reduced.

Sounds harsh, but:

  • We measured over 800 training projects, and only 1-in-5 participants changed their behavior from training alone.
  • Our latest Training Measurement poll shows that 71% of respondents find training measurement either too difficult or too confusing to know if their training is making a difference.
  • Only 10% of respondents to a recent McKinsey survey said their companies’ frontline manager training is effective in preparing managers to lead.
  • 72% of business executives, according to Bersin, want a specific business impact from their training investments.

Your goal as a learning professional – design learning solutions that have an impact on what matters most to the poeple and to the business. When training is designed to have a measurable impact, you should move full steam ahead. When training’s impact on the people or the business is ambiguous, think about eliminating or reducing it.

Executives do not nitpick over the cost of highly effective and important training; they nitpick over things that do not appear to matter compared to other priorities. Here are the key steps to take to ensure that your training matters:

  1. Clearly define the business goal, problem or need with key stakeholders.
  2. Identify the 1-3 specific business metrics that you are trying to impact – i.e. revenue, margin, productivity, engagement, retention, loyalty.
  3. Determine the current and desired states for each metric and the business value of achieving the desired state – i.e. if we increase revenue by 20% we would create an additional $25m in profits; if we decrease attrition by 15% we would save $2.3m and meet 95% of project targets.
  4. Calculate if the value of achieving the desired target success metric is important enough to pursue compared to other strategic priorities.
  5. Decide if training should be part of the solution and what else you need to make the desired impact – i.e. strategic clarity, cultural alignment, process improvement, change management, technology upgrades, performance management, rewards and recognition, resources, coaching etc.
  6. Assess, design, implement and measure a holistic solution that makes sense.

Often (we estimate over 50% of the time) you will learn that training is not the solution to your problem. When this happens, you spend ZERO on training and do not fall into the trap of wasting corporate money on irrelevant training. The other 50% of the time, you are developing learning solutions that impact the people and the business while contributing to the overall health and future success of the organization.

To learn more about effective corporate training, download the Top 10 Warning Signs Your Training Function  May Be in Trouble

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Fortune 500 Financial Services Company
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I had been working with LSA for many years with my prior company. Currently, I’m with a company who hadn’t done much basic management skills training. After identifying and presenting a program recently, our managers are excited and talking in the halls about the great experience. LSA saves us time in delivering the right training for our needs.

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HR Director

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Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.

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Blackhawk Network

I am very impressed with the quality of work and talent. LSA did a great job of listening to my needs and providing the exact management training program expertise I needed to get the job done.

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Director, Business Planning & Analysis

Understanding and conforming to legal compliance was very important to our company. We turned to LSA Global to provide a quality and cost effective way to ensure that we were AB 1825 compliant. Their interactive eLearning program was top-notch. It allowed our managers to learn at their own pace, and on their own time. The program was tailored to include our logo and our internal harassment policies. It was interactive and met all federal and state legal requirements. I would highly recommend LSA Global to any company looking for an efficient and effective and top quality way to train their managers to be in compliance.

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Linda Mitchell
Training Manager

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Because of the unique nature of our business, Excel is a core application in our accounting organization. After three attempts to find an Excel consultant who is capable of helping our finance team integrate advanced applications into our work processes we found LSA and Alex. He was not only a “Real” Excel expert but was masterful in helping us identify where to use Excel applications in our processes to increase our group’s efficiency.

SPO Partners & Co
Kim Silva, CFO

LSA helped change our entire culture around meetings, making them more effective and efficient, thus enabling us to concentrate on driving more business.

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VP of Human Resources

We recently partnered with LSA Global to offer our Supervisors and Managers a customized two-day management training program. Everyone who attended said it was by far the best management training program they had ever attended. The content was rich and highly interactive. The case studies were relevant. Each participant walked away from the training much better equipped to lead their teams.

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Director of Global Recruiting

AKQA

VNUS Medical has been very pleased with the effective management development programs that LSA Global has delivered for us over the last four years. The programs have been universally facilitated by experienced and best in class instructors. The knowledge gained by our management team has been put into practice very quickly. VNUS is very happy to be working in partnership with LSA because they consistently deliver excellent programs that receive exceptional feedback from our management team.

Cindee Van Vleck
Director Human Resources

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