Updated: Mar 25
Corporate training programs are important for the development of employees and the success of the organization as a whole. Chief Financial Officers (CFOs) have a unique perspective on training programs, as they are responsible for managing the financial resources of the organization.
CFOs care about training programs that provide a measurable return on investment, are cost-effective, compliant with regulations, aligned with business goals, and of high quality. By addressing these concerns, organizations can create training programs that are effective in developing employees and achieving organizational goals.
Five Things CFOs Care About in a Corporate Training Program
Here are five things that CFOs typically care about when it comes to corporate training programs:
Return on Investment (ROI)
CFOs want to ensure that training programs provide a measurable return on investment. This means that they want to see tangible benefits such as increased productivity, higher employee engagement, and improved performance that can be linked directly to the training program.
CFOs are also concerned about the cost-effectiveness of training programs. They want to make sure that the cost of the program is justified by the benefits it provides. CFOs may look for ways to reduce costs, such as using online training platforms or negotiating bulk discounts with training providers.
Compliance is another important issue for CFOs. They want to ensure that training programs meet legal and regulatory requirements, especially in areas such as safety, ethics, and data protection.
Alignment with Business Goals
CFOs want to ensure that training programs are aligned with the strategic goals of the organization. This means that training should be focused on developing skills and knowledge that are directly relevant to the organization's needs and objectives.
Quality of Training
Finally, CFOs want to ensure that the training programs offered are of high quality. This means that training should be engaging, relevant, and effective in developing the skills and knowledge that employees need to be successful in their roles. CFOs may look for training providers that have a good reputation, and may also seek feedback from employees to ensure that the training meets their needs.
Build a Corporate Training Program that Will Make Your CFO Happy
Building a corporate training program that makes financial sense requires careful planning and consideration of several factors.
Here are some key steps that can help you create a training program that delivers value while remaining cost-effective and appealing to your CFO:
Determine your training goals: Before you start designing your training program, you need to determine your objectives. Ask yourself what skills or knowledge your employees need to acquire, and what business goals the training program should support. This will help you focus your efforts and resources on the areas that will deliver the most value.
Assess the skills gap: Once you have identified your training goals, you need to assess the skills gap in your organization. This means identifying the skills and knowledge that your employees currently lack, and that need to be developed through training.
Choose the right training methods: There are many different training methods available, including classroom training, online courses, workshops, and on-the-job training. Choose the methods that are most appropriate for your training goals and your employees' learning styles.
Consider cost-effective delivery methods: Some training methods, such as classroom training, can be expensive due to travel and venue costs. Consider using cost-effective delivery methods such as online training platforms, webinars, or virtual classrooms to reduce costs.
Measure the ROI of your training program: To ensure that your training program is making financial sense, you need to measure its return on investment (ROI). This means tracking the costs of the program against the benefits it delivers, such as increased productivity or reduced turnover. Use this information to adjust your training program as needed to maximize its value.
Evaluate the effectiveness of the training program: It's important to evaluate the effectiveness of your training program regularly to ensure that it is achieving its goals. Collect feedback from employees on the relevance and usefulness of the training, and make adjustments as needed.
Keep up with industry trends: Finally, it's important to stay up-to-date with industry trends and new training methods. This will help you ensure that your training program remains relevant and effective, and that it continues to deliver value for your organization.
About LMS Portals
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.
While we offer a complete library of ready-made courses, our platform includes an embedded course authoring tool that enables most anyone to build engaging courses quickly and easily. So you can build your own courses, utilize our off-the-shelf library, or some combination of the two.
If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program.
The system also supports Virtual Instructor-Led Training (VILT) and provides tools for online coaching and social learning.