Only 10% of L&D professionals surveyed said they found it easy to demonstrate ROI to C-Suite
Of L&D specialists don’t have a reliable way to measure people performance in their business
Of Learning Leaders do not have a process in place for collecting and collating L&D data
With these survey results the COI is clear – if there is nothing in place to collate and measure the impact of learning then the value cannot be seen or proven. The cost of inaction here is that a budget has been granted to L&D but with no further processes or KPIs put in place to follow it through to growth and success. It is unlikely in this scenario that such a budget would be renewed or increased by C-Suite without evidence.
Being equipped with the right terminology, backed up by data insights, is the key to a successful conversation with those budget holders.
In order to convince people, you need data. Without data discussing your plans and requirements with senior leadership or C-suite is going to be hard, but equipped with the right insights, you will have facts (not just a story) and will be more likely to get a positive answer.
The data and insights required for this lie in your LMS or LXP’s learning and data analytics. If you don’t already have a learning solution then CRM (Customer Relationship Management) or BI (Business Intelligence) tools within your company may hold data that can support you.
Quite simply it’s the analysis of your learning data to better understand your learners and the context in which they learn.
When you know what needs improving in the first instance, you’ll be able to better execute your learning strategy and do your job better.
If you are in an L&D role and considering your data analytics, then you’ve also begun the journey towards implementing the goal of data-driven learning.
The Fosway Group’s Digital Learning Realities 2022 highlighted that only 16% of learning leaders get a seat at the table with their C-Suite, and that 1 in 4 reported they rarely or never have a seat at the table with their most senior influencers.
Important to remember is that every part of your L&D strategy or learning plan must correlate to an overall business goal. Examples could include:
Be detailed and visual with the data findings to make your insights as clear as possible. Focus first on what insights would you like to have to back you up, not just what data is available to you and forget the assumption that Data is knowledge as raw data alone does not tell a story. These insights might include questions such as:
While Return on Investment is an influential metric for assessing profitability, the Cost of Inaction can also be a crucial factor often overlooked in decision-making processes. To drive forward your well-planned L&D strategies always ensure that they are aligned with the overall business objectives and that your data – or lack of data insights – is there to back requests and decisions.
Our partnership approach ensures that every customer not only achieves their learning goals but also demonstrates a tangible return on investment.
Our Complete Learning Solution can save you time and money. Discover how our customer made a 43% cost saving compared to their previous individual learning systems.