As learning and development efforts become more and more prevalent, it’s also just as important to measure and track the effectiveness of these practices. Business leaders are paying attention to their L&D plans and how those investments are reflecting through production and finances. Knowing which specific metrics to track help to determine which programs are positively impacting the company and which to cut back on or eliminate.
As we all know, onboarding new employees in a smooth and productive fashion helps to reduce wasted time and confusion during their first couple of weeks. Keep track of how quickly and efficiently your new employees acclimate to their environments and adapt to new technologies. Managers should take note of how effectively their team onboards and trains new members.
Upskilling is the process of employees at your company learning new skills to advance their careers and pursue new internal opportunities. This is an L&D metric you’ll definitely want to pay attention to, as it allows your company to set goals according to specific employees and teams, while also reflecting on the ROI of their skills and performances. Using a combination of quantitative and qualitative data, you should be able to determine the effectiveness of implementing upskilling into your workforce. It is additionally important to reward any employees who contributed to the success.
Employees now prioritize different values and benefits in the workplace. It’s the company’s responsibility to consider how L&D participation effects employee retention. Take note of the difference between employees who take advantage of training programs, mentorship opportunities, and benefit packages versus those who don’t. Retention rates speak volumes.
How effective are your employee performance reviews? How often does your organization hold these reviews? These annual or quarterly meetings can help determine which trainings, learning paths, and onboarding initiatives are working. Listen to your employees when they provide feedback in these reviews and take it as an opportunity to reflect on which L&D programs are providing the most value.