ROI metrics for learning and development can be a bit tricky to measure precisely. How do you put a dollar value on employees with improved skills, more knowledge, and extra confidence? Well, our philosophy is that there are metrics that matter beyond simply dollar values — and we’re sharing those here!
Here are some of the best ROI metrics for learning and development:
Let’s explore these ROI metric categories!
This learning and development metric is the one most easily connected to better profit margins: better productivity translates to more output, meaning your teams can complete projects faster and more efficiently. Whether you use this to accept more projects, command higher prices, or continue upskilling your staff with the extra time, that’s a clear return on investment!
Few things can turn clients off — or make things more confusing internally — more than inconsistent work. Things could run smoothly on one project, and then the next is riddled with errors and miscommunications. And all it takes is one bad experience to dissuade someone from working with you again.
Implementing a “single source of truth” e-learning system across the company helps ensure everyone is working with the same information, filling their skills gaps, and producing more consistent results. For the AEC industry, Pinnacle Series is the perfect solution.
There are a few common grievances that can make an employee want to leave a company. One is when the work process is full of friction, mismatched skills, and miscommunications. Proper employee training can eliminate these issues.
Another contribution to high turnover rates is when employees feel like they aren’t being valued and supported in their professional goals. Providing them with the tools they need to grow and succeed can be a game-changer. And that will save you a ton of money compared to constantly re-hiring and training new employees.
When you have employees with better skills, higher efficiency, and more consistency, projects go smoothly. When projects go smoothly, clients are happy. When clients are happy, they talk and recommend you to others in their industry. Of course, you can’t necessarily put a dollar value on an excellent reputation, but if you could, it would be a high one!
It takes a lot of knowledge and experience to get employees from the stage of “needs someone to tell them what to do” to “has the confidence to innovate and share their own ideas for the organization.” The more you equip your employees with skills and support, the more confidence and innovation you’ll see among your teams.
What are your firm’s short-term and long-term goals? The specifics don’t matter, but improving the metrics above also translates to accomplishing your goals faster. It’s a win-win!
Interested to see how Pinnacle Series can help improve your AEC firm’s ROI metrics for learning and development? We’d love to schedule a demo or free trial so that you can see the benefits of our AEC e-learning system for yourself!
If you’re already a Pinnacle Series customer, log in now to check out the reporting tools available within the platform and track your team’s learning and development progress.