How To Measure The ROI of eLearning
In a world of tightened budgets and continual cost-cutting drives, new systems need to prove their own worth. While there are some easy to measure hard-cost savings associated with eLearning (like less travel, fewer trainers, less work-interruption, etc.), the greatest benefit often comes from soft-savings. Unfortunately, measuring just exactly how much you’re saving can be tricky.
3 suggestions for measuring the ROI of eLearning
1. Start by figuring out what your company’s definition of “success” is when it comes to training.
As with any tool, eLearning’s value comes from what you do with it, and measuring that value requires you to have a concrete goal in mind. By working with project stakeholders in advance to identify obstacles and establish an overall vision, assessing and quantifying results becomes far simpler.
2. Identify the soft-savings you’re trying to measure.
As discussed earlier, eLearning often provides improvements for employees in terms of shorter training-times, improved training-retention, consistency of training, and increased employee satisfaction. Identifying these and other possible benefits, and setting values to them, will allow you to better gauge how your course is stacking up.
3. Assess your eLearning system’s effectiveness through a controlled test.
For instance, try providing one group of employees with traditional, classroom based training, and another with an eLearning system. When the training is over, test all participants on their ability to perform the tasks covered in both courses, and assess training time, effect on productivity, satisfaction with the training, etc. The results will give you a measurable basis upon which to analyze your soft-cost ROI, and can be coupled to the hard-cost savings for a full picture of eLearning’s bottom line.
To learn more about eLearning and how to get the most out of it for your next project, click the link below to access our free eLearning guide.