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Peter Economy

How to attract business via a Website

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You know better than anyone else that learning and development is an asset to your business. For your business leaders to recognize this value, it’s important to position L&D as an investment and show that the dollars you spend translate into positive business results.If you’re wondering how, this article looks at what you should consider when building an L&D budget and how to demonstrate the business impact of your training programs.Connecting the Dots Between L&D and Business GoalsKnowing what your team spends and the return on investment of your efforts is key. Put simply, your C-suite execs want tangible metrics. Although 77 percent of leaders say that upskilling is a priority for their organization, 60 percent of HR professionals feel that budget constraints prevent them from taking action. That’s according to the Bridge-sponsored Future of Upskilling and Employee Learning 2024 report. In practice, this means you must make a strong case for learning and development. So, what’s the solution? Further findings show that businesses need to see the impact of learning and development presented in a way that stakeholders across the business can recognize. As such, survey respondents who say L&D is an organizational priority are more likely to capture and use an array of metrics to share the value of their strategies. These include:Return on investment Employee productivityTalent mobilitySkills assessmentsPresenting a clear budget that outlines how your strategy will solve current challenges shows the value and signals to your organization that your team is closely aligned with its goals.How to Build an L&D BudgetAllocating your L&D budget requires careful planning and foresight to predict and adapt to current and future objectives. There are several approaches you can take to account for these needs.Analyze Past Performance and SpendingReview your budget over recent years, the items included, and the number of employees each year. These figures will give you a cost per employee for each year and show you any underlying trends. With this information, you can predict any near-future costs you might expect to incur.Benchmark Based on Industry StandardsLooking at average spending data in your market or industry can give you insight into what other teams are spending and where they’re using their budget. This method is helpful if your information has gaps or if you need to provide evidence that supports your investment.Anticipate Future Skills NeedsIdentifying the critical skills your organization needs today and in the future can help you build a budget based on high-priority employee development programs and associated costs. Focus on the upskilling and reskilling initiatives to close current and anticipated skills gaps and allocate spending based on the areas that will keep your organization competitive.Evaluate Your Organization’s ObjectivesYour organization has specific goals, and your budget must reflect them. Prioritizing budget spending based on the anticipated business impact shows your execs that investing in L&D will drive results through employee performance.Key Costs to Factor Into Your L&D BudgetList the items in your budget, including an estimated cost or existing spending for items you currently use. For example, account for essential items such as:Ongoing subscription fees for an LMSOne-time purchase and setup feesThird-party learning contentExpenses associated with in-person training External trainers and SMEsHow to Get Buy-In for Your L&D BudgetFocus on how these resources will positively affect performance per your organization’s strategic priorities. Below are some examples to help you communicate the value.Highlight the Potential Risks of NoncomplianceAlthough the compliance risks might be different for each organization, the reasons to comply are the same. Completing mandatory training keeps your business and customers safe and protects you from any legal or financial penalties. For instance, data compiled in an e-book by Bridge and its sister companies found that in 2023, the US Securities and Exchange Commission reported fines for financial noncompliance totaling around $5 billion. That’s where an LMS comes in.To make your business case, connect your organization’s specific compliance requirements to the financial penalties for noncompliance. For instance, using a learning platform can keep your organization secure by tracking certification expiry dates and automating enrollments.Demonstrate the Impact of Upskilling and ReskillingWhile compliance training and risk management are important parts of any L&D function, they are only a fraction of what learning can do. A deliberate strategy means moving beyond risk mitigation to show the true value of training and development. Training makes your people more proficient in their roles, which is why giving them opportunities to identify and take ownership of their career development and growth directly benefits your organization. In fact, Bridge-sponsored research finds that high-performing organizations are nearly four times more likely to excel in employee development.Aligning employee goals to organizational performance allows you to strategically deploy employee development and upskilling programs and track the business impact. To present these benefits, you’ll want to show evidence of where this training has led to greater application of skills and how it benefits your business as a result. You should also identify the costs associated with not addressing skills gaps.Connect Learning to RevenueShowing the link between L&D and ROI presents the potential value of your initiatives to stakeholders. For example, Gallup research illustrates that a lack of employee engagement costs the global economy a massive $8.9 trillion each year. According to a Bridge-sponsored report, providing employees with opportunities to learn and grow is one of the top factors influencing engagement.Show How Training Improves Employee ProductivityShare how training your people gives them the tools to perform their roles more effectively and efficiently. For example, one Bridge customer cut the average time to onboard new hires from nine months to just three. As a result, it saw a 10 percent increase in sales revenue and a 50 percent decrease in turnover. You should also highlight how the right learning platform drives productivity. Using an LMS to create and deliver relevant, actionable training that your people can access on any device means faster training completion rates and less time away from day-to-day tasks. Plus, learners are more likely to retain the knowledge they learn.Find a Learning Platform That Works for Your OrganizationSaaS management platform Zylo predicts that as of 2024, less than 20 percent of midmarket organizations use single sign-on apps and platforms. Without centralized visibility, findings suggest that these organizations are at greater risk of a cybersecurity incident.Outline the potential risks and costs associated with security breaches and how the right software solution can mitigate this risk. You’re more likely to get your IT stakeholders on board when you present a platform that reduces vulnerabilities by seamlessly integrating with your existing tech and giving them complete visibility.Review Your Tech NeedsWhen building your budget, consider solutions for trimming costs that also increase efficiency. For instance, if you deliver in-person or instructor-led training events to a remote or distributed workforce, you’ll likely find that e-learning can reduce your costs—especially when adding up costs like hotels, airfare, and venue hire! You should also look for ways to consolidate your existing employee development tools into an all-in-one corporate LMS.

What You Need to Include in Your L&D Budget

Any chance of an economic recovery in 2001

Dr. Peter Hirst is Senior Associate Dean, Executive Education, at the MIT Sloan School of Management. He leads a team of professionals who partner with clients and faculty to design, develop, and deliver innovative and impactful executive education programs for individuals and companies. He has more than 30 years of experience in international strategy, technology consulting and organizational leadership and development. His past roles have included: CEO of the commercialization, consulting, and executive education business of the London School of Economics; Senior Science and Technology Policy Officer and Westminster Fellow in the UK’s Parliamentary Office of Science and Technology, where he advised MPs and Peers of all parties on policy issues in the physical sciences, defense, and IT; and entrepreneur. Peter has served as director and board adviser to businesses and non-profit organizations on three continents. Peter earned a First Class Degree with Joint Honors in physics and electronics (1989) followed by a PhD in physics (1992) from the University of St. Andrews. In 2012, he was named a Member of the Most Excellent Order of the British Empire (MBE) by the HRM Queen Elizabeth II in recognition of his service to British and American business and academia interests. 

Peter Hirst

Explore strategies for creating a culture of learning and continue developing employee skills.

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November 2023 - The Buzz

The economic cost of low employee well-being is substantial, affecting performance, engagement, and loyalty. Peter Stavros, the founder and chairman of Ownership Works, identified low trust and poor incentive alignment between employees and leaders a

The Importance of Ownership

As the world continues to navigate the uncertain landscape created by the COVID-19 pandemic and the vaccination process, a leader’s emotional intelligence matters more than ever. Some of the traits of great leaders include their abilities to correctly gauge people’s emotions and high social awareness. It’s no coincidence these form the foundation of emotional intelligence.What Is Emotional Intelligence? Why Is It Important at Work? And How Can Leaders Get Better?In The EQ Difference: A Powerful Plan for Putting Emotional Intelligence to Work, Adele Lynn defines emotional intelligence as the ability to manage yourself and your relationships with others so that you truly live your intentions. While the term emotional intelligence was coined around 2005, the World Economic Forum ranked emotional intelligence as one of the top 10 most important workplace skills for success in 2020, and emotional intelligence has also been listed as a crucial ingredient of great leadership.What Does Emotional Intelligence Look Like in Leadership?One example of a well-known senior leader who shows emotional intelligence in leadership is Amazon’s Jeff Bezos. Bezos is known for his leadership style, which uses self-deprecating humor to make others feel comfortable with him. Next is Elon Musk. Musk thanked Tesla owners on Twitter for taking a chance on his cars when experts said his company wouldn’t work. And then there’s Ford’s former CEO Alan Mulally. He wrote handwritten notes to employees, praising their work. The bottom line? Whatever your business or industry, making human connections with everyone is crucial. People want to associate with those they can trust.The Skills That Comprise Emotional IntelligenceFrom the definition of emotional intelligence by American psychologists John Mayer and Peter Salovey, we can learn what emotional intelligence skills are all about: “The emotionally intelligent person is skilled in four areas: identifying emotions, using emotions, understanding emotions, and regulating emotions.” Successful leaders are proficient in all four areas. But how do people show emotional intelligence in leadership? Leaders show emotional intelligence when they are open-minded. They also consider other ideas and perspectives. They’re nonjudgmental in their responses and emotional reaction. An emotionally intelligent leader is fully present and able to read others well. But emotionally intelligent leaders can also adjust their thinking or approach in response to the emotion or behavior of others, which often results in better outcomes.Why Is Emotional Intelligence Important in Difficult Situations?One reason emotional intelligence is so important when dealing with difficult situations is that an emotionally intelligent leader will respond to adversity in a calm, considered way. The emotionally intelligent leader is better at managing emotions—both their own and those of others—during times of stress or pressure. But a worrying trend today’s leader must consider is the increased risk of burnout. DDI’s Global Leadership Forecast 2021 reports that 86 percent of high-potential leaders are at risk of burnout_._ The forecast shows that the primary factor that influences burnout is a leader’s ability to demonstrate empathy. The root of empathy is the ability to connect with people on a more human level. This is just one example of what leaders today must deal with. But there are many more situations where emotional intelligence in leadership is important, if not essential. And today, crisis is part of every leader’s new normal. So, during a time of crisis, how should leaders use emotional intelligence? And how can leaders with limited emotional intelligence develop? Find out more in DDI’s blog.

Constant Crisis: Why Leaders’ Emotional Intelligence Matters

You have a network and ways to upskill, even from afar.During recent months, many of us may feel as though we’ve lost our network. It’s no longer easy to pop by a colleague’s office and bounce off ideas for a new training program or discuss a new tool. However, the Association for Talent Development has several resources that can help make up for the peer expertise you feel you’ve been missing.Ask a Trainer. This online question-and-answer column featured on TD.org seeks to be responsive to real-world talent development problems, reflecting what’s on practitioners’ minds and offering practical guidance. The series enables talent development professionals to ask questions anonymously and receive advice on training dilemmas, instructional design snafus, e-learning challenges, and any other stumbling blocks that come their way. Originally featuring Tim Slade answering questions, the column now includes guest columnists weighing in.For example: Do you have multiple generations in your training audience? How do you deliver effectively to all of them? Management and generational diversity expert Bruce Tulgan answered this diverse audience question. The individual who submitted the question posited, “Younger learners seem to respond to a more conversational facilitation style and appreciate interaction, while older learners seem to be less bothered by lecture.” Tulgan advised, “No matter what, I try to teach like I’m talking to each and every individual. Whenever possible, we survey the audience in advance to find out what’s bothering them and what their learning goals are.”Other columns have addressed such topics as how L&D professionals can support frontline workers, ways to develop an online learning support system, and how to prove the value of talent development in a down economy. Submit your pressing talent development questions to askatrainer@td.org.The Accidental Trainer. This bi-monthly podcast series, which kicked off on January 20, features interviews with renowned experts in the talent development field. Among them have been Elliott Masie, Karl Kapp, Connie Malamed, and Bev Kaye. Moderated by ATD’s Career Development Content Manager Lisa Spinelli and sponsored by GP Strategies, The Accidental Trainer has relayed expert advice on such topics as how to stay on top of trends in technology, why talent is everything, and how to gain confidence in your training delivery.An especially timely guest was Whitney Johnson, author of Disrupt Yourself: Putting the Power of Disruptive Innovation to Work. Given the massive upheaval these last few months—to our businesses and to the way we do work but, most importantly, to life in general—how can you manage more easily? That is a challenge regardless of the circumstances behind it, even when we disrupt ourselves. Gather some tips from Johnson and hear how she has managed during challenging times. (Bonus: Access Whitney Johnson’s Disrupt Yourself podcast for further tips.)Friday Twitter Chat. When the COVID-19 pandemic first began, most of us (who weren’t already doing so) began working from home. Even for those who had been working remotely, things likely felt different: uncertain, scary. To help connect and share what we are going through together, ATD began Friday Twitter Chats, beginning at noon ET. Participants have talked about how they’re staying productive and healthy and about how they’re supporting each other. Niranjani Chidamber Papavaritis, manager of ATD’s healthcare community, mentioned that she asks about others’ well-being rather than jumping right into work discussions. For her own health, she takes breaks to focus on deep breaths throughout the day and to clear her head.On March 20, participants shared some of their virtual training tips—including suggestions on engaging learners in the virtual environment and advice for first-time virtual trainers. A recap of the conversation is available at TD.org.What are you learning? Take part in the next @ATD chat to share and learn from your talent development colleagues.ATD Virtual Training Resources. Many in the talent field are embarking on training, managing, collaborating, as well as other processes virtually for the first time. That’s why ATD has pulled together some of its best resources on virtual training in one place. Watch, read, and learn. And discover how you can access additional resources. Check out “6 Things to Consider When Transitioning to Virtual Training,” “Remote Workers Need Real Communication,” “Producing Virtual Training Certificate,” and much more.Times are challenging, but now is also a great time to grow yourself so you can continue to upskill and reskill learners.Share your ATD Virtual Conference experience on social media. #ATDVirtualConference

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