Updated: Mar 25
Accounting can provide valuable insights into the success of a training program by measuring its return on investment (ROI). By analyzing financial data, accounting can determine the cost of the training program and compare it to the benefits it brings to the organization.
Here are some key metrics that accounting can use to evaluate the success of a training program:
Cost per Participant
This metric calculates the cost of the training program per participant. Accounting can compare this cost to the benefits brought by the training program to determine its cost-effectiveness.
The budget allocated for training can be compared to the actual cost of the training program. If the actual cost is lower than the budget, the training program may have been cost-effective.
Employee Turnover Rate
Employee turnover can be costly for an organization. Accounting can measure whether the training program has helped to reduce employee turnover by comparing the turnover rate before and after the training program.
Accounting can measure the impact of the training program on employee productivity. This can be done by comparing the productivity of employees who received training to those who did not.
If the training program is aimed at increasing sales or improving customer satisfaction, accounting can measure the impact of the training program on revenue growth.
Give Your Training Program the Best Chance for Success
Setting up a successful corporate training program requires careful planning and execution. Here are some key steps you can take to ensure your program is successful:
Define your goals: Before you start your training program, identify your goals and objectives. This will help you determine the type of training that is needed and ensure that your program is aligned with your organization's strategic objectives.
Assess your training needs: Conduct a training needs analysis to identify the skills and knowledge gaps in your organization. This will help you determine the type of training that is needed and ensure that your program addresses the specific needs of your employees.
Develop a training plan: Based on your goals and training needs analysis, develop a training plan that outlines the specific topics, delivery methods, and timeline for your program. This will help you stay organized and ensure that your program is delivered on time and within budget.
Choose the right delivery method: Consider the most effective delivery method for your training program. This may include classroom training, online courses, workshops, mentoring, or coaching.
Select the right trainers: Choose trainers who have expertise in the subject matter and experience delivering training to adult learners. Ensure that they have excellent communication skills and are able to engage participants effectively.
Measure and evaluate your program: Establish metrics to measure the effectiveness of your training program, such as participant feedback, knowledge retention, and changes in behavior. Evaluate the program to identify areas for improvement and make changes as necessary.
Provide ongoing support: Provide ongoing support and reinforcement to participants to ensure that they are able to apply their new skills and knowledge in the workplace. This may include coaching, mentoring, or follow-up training.
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.
We offer a complete library of ready-made corporate training courses, covering most every aspect of corporate training and employee development.
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.