Monetize employee training

How to Monetize Employee Training: A Quick Step-by-Step Guide

Your human capital management won’t bring desirable results if you’re doing it wrong. As Kenichi Ohmae, a public speaker and management consultant, once said:

“Rowing harder doesn’t help if the boat is headed in the wrong direction.”

So, if you want to improve your business performance, get to the bottom of what’s keeping you from advancing.

An ineffective employee training and development program can be the real culprit.

Companies often don’t put in enough time and effort into reevaluating their L&D programs, without realizing the mistake.

With new advances in learning and development you can improve your employee training to make it shine. So much so that it increases your profit margins.

Take advantage of this.

Below is a quick step-by-step guide on how to monetize your employee training.

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Step #1: Use Your L&D Program to Increase Employee Productivity

Want to increase your profit margins? Start by increasing your employee productivity. As you invest in it, your human capital will grow to reflect itself in your actual ROI.

So, what do you need? Craft a learning and development strategy that’s able to kick your employee productivity into high gear.

There are TONS of data that confirm this is possible. Companies that prioritize employee training derive major benefits. They:

  • See a rise in productivity by up to 37%.
  • Are 46% more likely to be one step ahead of other businesses in their industry.
  • Have 92% more chances for growth and innovation.

This goes to say building a relevant, up-to-date employee training program is a worthwhile investment. It can pay many times over what it costs.

And here’s more data. A survey that covered 3,000 U.S. workplaces found that:

Enough said.

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Step #2: Tie in Employee Training to Your Business Objectives

Do you have an insight into your organizational effectiveness? Staying on course requires some tactical planning and reassessing. And then some more tactical planning.

If your employees aren’t clear on your business targets and this slips under the radar, that’s bad.

Do you have an insight into your organizational effectiveness? Staying on course requires some tactical planning and reassessing. If your employees aren’t clear on your business targets and this slips under the radar, that's bad. Click To Tweet

So, do it the smart way. Use your training to stay on the same page with your team regarding your business objectives.

It’s simple.

  • Want to boost sales by the end of the year? Update your corporate training with lessons on product knowledge and improved sales tactics.
  • Need more accurate market forecasts? Load up your training with fresh market research strategies.

Improving your organizational effectiveness is downright easy. You set and communicate the targets, allocate resources, translate this into daily operations, assess, and repeat.

Make sure to follow the steps and you’ll build a strong, revenue-generating business.

Organizational effectiveness cycle

Step #3: Get a Learning Management System (LMS) to Save Yourself Time and Money

LMS software caught on pretty quickly with leading-edge companies, and for a good reason. It’s an easy way to deliver online training and get employees to learn the ropes of the business.

Getting a custom LMS for your company isn’t inexpensive, but it gives you a good return on investment. It can yield huge benefits for your business, which is exactly why going cheap on LMS is not a good idea.

An LMS can help you improve training, data management, and your business outcomes. At the same time, you’re able to cut the cost of your learning and development program.

Here are just some of the benefits an LMS can offer you. You get to:

  • Automate your employee training and make it accessible any time, on any device.
  • Track employee performance so your training investments translate into your business success.
  • Save a great deal of time on seminars and other traditional training methods.
  • Save money on coaches, venues and creating additional materials.

World Manger is one such LMS, except it doesn’t stop at basic LMS functionality.

With our LMS, you not only get to create interactive, 100% mobile courses and deliver appraisals, you also get a wide range of talent management tools that will change the way you train and communicate forever.

Step #4: Optimize Employee Training to Boost Your Sales Performance

Now, here comes the best part! You can optimize employee training to boost sales performance and maximize your revenue.

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Take note: The American Society for Training and Development reports some interesting findings. Companies that invest in employee training the most are more likely to:

  • Yield higher net sales per employee,
  • Generate higher gross profits per employee, and
  • Have a higher ratio in market-to-book values.

So, what’s your next step? Invest in a quality employee training program, of course.

But, we’re not there yet. You need to enter another variable.

It can cost you up to seven times more to convert a new customer than to keep an existing customer.

Therefore, you want to teach your employees how to build long-term customer relationships.

This is hard to pull off in a world where your potential customers have plenty of other options. But teach your team to encourage repeat sales and you’ll open doors for some more future leads.

Step #5: Evaluate Your Employee Training Program

Want to make your training effective (and profitable)? Ask yourself a couple of questions first:

  • Does your employee training provide your team with a relevant skill-set?
  • Is your training teaching them what it’s intended to teach them?
  • Does the training have measurable effects on employee performance?

Next, to make sure your training works, you’ll need a good training evaluation tool. This will allow you to track performance and measure your training outcomes.

Use Kirkpatrick’s training evaluation model to assess and improve your employee training:

  1. Reaction: Measure training effectiveness by tracking employee engagement during the training sessions.
  2. Learning: Engage managers to assess the applicability of your training in your daily operations. Get them to compare your employees’ performance before and after they underwent training.
  3. Behavior: Observe employee behavior before and after training. The idea is to assess how confident your team is in their abilities to perform in particular tasks.
  4. Results: Measure training success rates organization-wide. Determine whether the training has increased the ROI or it was a waste of resources.

Choose an LMS That Can Get You a Return on Investment

In hindsight, it’s possible to monetize your employee training if you keep a clear focus.

If you already have an employee training program, it makes sense to put in some extra effort to make sure it does the job.

Repeating training that doesn’t create impact is a huge money-waster.

What you need is training that drives learning outcomes and has positive effects on your bottom line.

Follow this quick step-by-step guide to make it work for you. Partner with World Manager and restrategize your training program.

Get an LMS that enables you to create engaging, interactive, experiential courses that will move the needle. Get your hands on the training tools that will help you improve your training until it reflects in your team’s on the job performance.

Book a quick, customized demo to learn how World Manager can do this for you.

Disclaimer: This information is meant to provide general guidelines and should be used as a reference. It may not take into account all relevant local, state or federal laws and is not a legal document. Neither the author nor World Manager will assume any legal liability that may arise from the use of this information.

The best companies use World Manager to train staff, maintain standards, and set the company up on the road to success.