How to Significantly Decrease the Cost of Training

Decrease the Cost of Training

Like Any Business Process, You Should Look to 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.

Is Your Training and Development Impacting the People AND the Business?
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.

Many Training Initiatives Can Be Eliminated
It sounds harsh, but:

  • We measured over 800 training projects, and only 1-in-5 participants changed their behavior and performance 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.

The Purpose of Learning and Development
Your goal as a learning professional – design learning solutions that have an impact on what matters most to the people 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.

Six Key Steps to Make Your Training More Effective
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.  Define the Business Need
The first step to decrease the cost of training is to clearly define the business goal, problem or need with key stakeholders.

2.  Identify Success Metrics
Identify the critical few (1-3) specific business metrics that you are trying to impact – i.e. revenue, margin, productivity, engagement, retention, loyalty.

3.  Calculate the Business Value
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 $5m in profits; if we decrease attrition by 15% we would save $2.3m and meet 95% of project targets.

4.  Compare the Value
Calculate if the value of achieving the desired target success metric is important enough to pursue compared to other strategic priorities.

5.  Design the Approach
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.  Deliver the Solution
Assess
, design, implement and measure a holistic solution that makes sense.

The Bottom Line
We estimate over 50% of the time that training alone is not the solution to your business or people 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 more effective corporate training, download the Top 10 Warning Signs Your Training Function  May Be in Trouble

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Senior Manager, HR Destiny Sales Region

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

Terry Wassman
VP of Human Resources

In the Next Generation Management Development courses, I was trained with skills and tools that have made me and my team more productive, motivated, and successful at communicating with other departments.

 

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Firmware Engineering Supervisor

We engaged LSA to design and deliver a 6-month custom executive coaching program for a group of our key leaders. The focus of the program was to help a core group of senior leaders to leverage previous investments in management training, to ensure the engagement and retention of key employees, and to push critical strategic initiatives forward. Even with the high expectations of our senior people, LSA has completely exceeded our expectations. I would recommend them to anyone looking to create and implement a custom coaching methodology using proven tools to drive true change.

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Senior HR Manager - Staffing, Training, & Development

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Director, HR & Compliance

I continue to be impressed by the level of leadership development and management expertise and quality of advice and facilitation that LSA has to offer. What a smart and client-centric group of great people who really know how to help leaders attract, engage, develop and retain top talent.

Tracy Esposito
Director, HR Business Partner

The LSA Global team was very receptive and flexible to our needs every step of the way. Their staff and facilitator demonstrated attention to detail, responsiveness, and professional courtesy. The participants were thrilled with the outcome and rated the communication skills workshop and the facilitator as ‘Excellent’. I’d highly recommend working with the LSA Global team to meet your professional development needs.

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FRDP Leader

Intuit

Here’s a token of my appreciation for ALL your efforts. I’m offering my most sincere appreciation, and it extends to all the folks who made our customized management development programs possible.

Susan Anderson
Workforce Planning Bureau

LSA’s approach and ability to bring the best resources to eBay has been a great asset. They really focus on helping us succeed in any way they can and are very flexible in meeting our management and talent needs.

Mike Normant
Learning & Development

ebay

LSA has become the gold standard in team building and management training at Genomic Health! I have a hard time finding facilitators that come close to their level of customization, expertise and experience.

Emily Couey
Director of Human Resources

What a refreshing change from the half-baked psycho-babble you normally get from training and consulting organizations. LSA gives you the practical and results-oriented assistance you need to define and reach your goal.  They provide a results driven plan – not just a temporary fix. They are great to work with, and even more importantly, they “get it!”

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Vice President Human Resources

LSA provided top notch solutions right when and how we needed them. They exceeded my expectations from a speed, quality, and cost standpoint. I recommend them to anyone looking for a true business partner in the Learning and Development arena. The breadth and depth of their expertise has helped us hit tight deadlines across multiple projects.

Fortune 500 Financial Services Company
Director of Infrastructure & Technology

I consistently look to LSA Global when I need custom programs put together for my client groups. I can always count on LSA to do a thorough needs analysis and to put together spectacular programs that are well received. Their management development and performance management expertise and professionalism make them one of my top-rated learning and development partners.

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HR Program Manager

Rambus

I’ve partnered with LSA Global at two companies now, and I consider them a valuable and trusted training and consulting resource. They recommended just the right solution to address our management development needs and have wonderful facilitators that match YuMe’s culture and style of our management team. I would highly recommend LSA Global to any company wanting to deliver quality learning solutions with a valuable learning and development partner.

Maya Paul
HR Director

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