What Obstacles do Businesses Face When Measuring ROI?
Return on investment is such a powerful metric, but so few businesses are measuring it (only 39% according to our survey). At LearnUpon, we needed to know why; why are so many training leaders wrestling with recording their ROI?
In our research, we asked real training leaders about their unique struggles and what they believe is their ROI Achilles’ heel. After analyzing these answers, we found some patterns. There were consistencies across the board, with businesses being impeded by similar issues.
The challenges of ROI
This data was eye-opening. It revealed what teams and organizations were missing when measuring their training’s success. Overall, there were two areas of disconnect – knowing what to measure and how to measure it.
First, there is a distinct lack of communication between learning leaders and other leaders within the organization. This leads to a lack of goals set within the organization, and in turn, an uncertainty of what to measure.
Even if that vital communication is there, training teams are then stymied by the “how”. Couple this with knowledge-gaps in how to measure ROI, as well as a lack of resources and meaningful data, and you’re on the backfoot before you’ve even started.
With both hands tied behind your back, there’s no way to confidently know if your training strategy is delivering what’s needed and if it’s impactful on the organization.
What are training leaders saying?
Luckily, these obstacles aren’t impossible to overcome. In fact, when broken down, there are practical and attainable ways you can start smashing down these barriers and start measuring training success.
How? Find the answers in our eBook: The Return on Investment of Training: A Complete Guide. It shares how to start setting training goals, how to communicate them to your teams, and our ROI Formula, a template that outlines how to start calculating the ROI of your training today.