When you are building the business case for employee training it can sometimes be difficult to convince management teams of the need and benefits to the business. However it’s just like any business case, we need to persuade others through demonstrating the benefits and telling them what’s in it for the business.
Here are our ideas for those of you who may have to come up with your business case.
Research suggests when Performance Management training programmes are effective, employee productivity increases.
In your business case describe what might that productivity result in.
Could it be an increase in revenues for your business.
Could it result in cost reductions?
Will it allow you to avoid potential costs?
To make your case credible in the eyes of managers you should highlight areas in your business where employee performance has improved due partly to training. You may have to refer to measurements that demonstrate your business case for further investment.
We suggest you focus your business case on areas to support the business’ objectives.
This way you will steer your training plans towards the areas of greatest benefit.
Training has been shown to increase staff retention.
People want to work for managers and companies who are investing in their development.
This in turn will save you money.
We think it’s numbered in the thousands of pounds … What do you think?
Your business case could rightly argue that instead of paying recruitment fees, the business would be better served by investing in training. Invest in their development and the business will receive a return on that investment many times over. In some companies, training programs have reduced staff turnover by 70 per cent. Pick a more conservative number and see what the benfits are to your business. Put that in your business case.
Training can increase the quality and flexibility of a businesss services by fostering:
What does your business lose if it loses a customer?
Lots of businesses work out the lifetime value of a client?
Consisting of an initial purchase , repeat purchases and annual orders.
What’s your businesses’ lifetime value figure?
Businesses must continually change their work practises and infrastructure to stay competitive in a global market. As our economy becomes progressively service orientated, we would suggest that it is the development of people that is providing successful businesses with long-term sustainable success.
Training staff to manage the implementation of business strategies, improvements to procedures and customer service policies can also act as a benchmark for future recruitment and quality assurance practises.
As well as impacting on business profit margins, training can improve:
We hope that this has given you some ideas on how to build a business case for training people.
If you’d like some ideas on how to write your business case for any Rainmaker-Coaching training then let us know. firstname.lastname@example.org