Warwick Conferences has partnered with the ROI Institute to launch a tool to support businesses and learning and development (L&D) professionals understand the ROI of their training programmes.
The ROI Estimator was developed in response to “rising pressures” to determine the success and business impact of a training programme. The tool provides those working on L&D programmes with analysis of current or upcoming training schedules.
The tool, which takes under five minutes to complete, asks the user eight questions about their training programme. Upon completion, users receive an estimated ROI based on an analysis of almost 2,000 ROI studies, and advice on how to improve a programme, if required.
The launch follows research by ROI Institute and ATD, which explained that while 74% of CEOs believe the ROI of talent investment should be measured, only 4% say they see this in action. In the same findings, 96% said that impact should be measured, but only 8% claimed it was.
Paul Bartlett, director of Warwick Conferences, said: “Over the last two years, we have been on a mission to support the L&D industry to prove the value of training programmes. In 2020, we uncovered a real need to make ROI more accessible and easy to understand, detailed in our industry report. As a result, we have created a tool which we hope will provide businesses with an understanding of how impactful their training schedules currently are, and, more importantly, can become.”
Jack Phillips, Ph.D., chairman of ROI Institute, said: “We know from our research that CEOs and business leaders want to see more proof that training has a positive impact but determining this can often be over-complicated.
“From our many decades of study, we have been able to determine the key areas in which L&D programmes achieve the most success and business impact. We are in a period where budgets are under increased scrutiny, so the launch of this tool is perfectly timed to support businesses and to enable them to maximise the impact of their L&D.”
