Measuring training and development can help you achieve organizational goals. Learn the top key performance indicators (KPIs) for training and development tracking here.
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Remember, Mark Twain once said, “Training is everything. The peach was once a bitter almond; cauliflower is nothing but cabbage with a college education.”
All organizations conduct training programs time and again. But how would you tell if your training program is working?
Key performance indicators (KPIs) are the key to showing your board of directors and other stakeholders how well the training and development are going in your workplace. KPIs measure employee interest, engagement, retention, and application of the acquired knowledge in real-life scenarios.
Based on the scores in these areas, the top management decides whether the training and development program is worth investing in or just a waste of money.
In this post, we will talk about the top key performance indicators (KPIs) for training and development.
KPIs are indicators that measure or gauge the success rate of the training initiative and program. They are based on how the management, employees, and other stakeholders view the organization and its goals.
KPIs may be studied before, during, or after the course or training program's culmination.
When your KPIs are in place, you can measure how effective the training program is in boosting employee productivity. It will also give you insights about the gaps or areas for improvement that may need further investment.
The scores measure the program's influence on employee productivity, satisfaction, ability to achieve set targets, and overall performance. All these factors are crucial for meeting the business's bottom line, which is profitability.
If you belong to any organization, whether at the employee or managerial level, you know the importance of training and development for organizational growth.
However, a training and development program can do much more than just take your organization up the ladder. In order to have a positive impact on your business, it must be designed to be useful and should significantly contribute to its success.
That's why tracking and analyzing the KPIs scores is just as important as implementing them.
Thereon, you can align your training program with the business goals and ensure that your training program delivers actual results.
Let's take a look at the top key performance indicators (KPIs) for training and development any organization should have:
One of the most important KPIs to measure is the number of employees who have successfully completed the training or course. A high completion rate indicates that your program's content was engaging and resonated with the employees or the problems they incur on the job day in and day out.
Likewise, a low completion rate indicates that the training program needs improvement. This means you must make it more relevant and engaging for the employees. Thereon, you need to see if the employees are better able to complete it.
Are the people you are training enjoying the training? Employee satisfaction is the baseline for employee performance and productivity. While many may not think it's an important metric, not considering employee satisfaction can lead to disastrous results in the training program.
Only satisfied employees will likely attend the training and the job!
The learner satisfaction rate gauges how well the training program meets the participant's needs. Are they satisfied with the content? Does it add value or benefit them in any way?
You need to gauge that.
Usually, organizations gather feedback forms or conduct surveys to analyze different aspects of training. These forms gather information such as how the employees view the quality of the content, how effective the trainer is in delivering those concepts, and the overall satisfaction rate of employees.
The engagement rate determines the quality of employee participation. While employees may be participating, many may be doing it only as part of their job.
Hence, you must check if they are happy about it and actively involved in different activities or interactions with other instructors or colleagues.
This way, you'll see if the employee is committed to the job and company. Here is how you can increase the engagement rate:
A training program is a waste of time and money if it does not lead to knowledge retention. The knowledge retention rate measures how much content employees remember over time and how well they can test that knowledge.
These things can be checked via quizzes, assessments, and other practical applications of the skills developed through the program. For example, Coursebox offers an AI Quiz Generator to help organizations create these interactive activities in just 10 minutes.
ROI measures the financial impact of training. It compares the cost of training with its benefits, such as whether the invested amount resulted in increased productivity, minimized errors, employee retention rate, etc.
In other words, the ROI will indicate whether the training program is financially viable for the organization. You can use a good e-learning platform like CourseBox to determine the impact of the training.
It is an LMS e-learning platform that increases your ability to track and analyze the course. It has different tools for assessing the completion rate of the training, learner satisfaction, knowledge retention, and other KPIs.
The best part is that it provides real-time insights, helping you make timely decisions to improve your training program for better employee productivity.
Although attendance is already recorded in any training program or course, it is a solid performance indicator.
It is essential to understand whether the employees are completing their training or course, especially when the training program spans multiple sessions.
Attendance rate can be measured by:
If you already use Learning Management Software like CourseBox, it will be easy to collect this information.
Suppose the course does not meet employee expectations and is not relevant to the employees. In that case, the attendance rate may drop, so you may have to educate them about the importance or benefits of the training program.
Talking to them openly about how the training will help them develop the skills they need for a job.
The average time to complete the course or training program measures how quickly the employees progress through the different training phases.
It differs from the course completion rate in that it doesn't measure the efficiency of the training program but gauges employee self-learning.
If the employees take longer, it indicates that the course is not meeting their expectations or is too long, boring, or irrelevant to their requirements.
NPS is usually used to measure customer loyalty and satisfaction, but in training and development, NPS measures the chances that the employee will recommend the organization's training programs to others.
Employees are generally asked to rate their intention of recommending the training program on a scale of 0 to 10.
Higher scores show that employees view the organization's training program as meaningful, worth recommending, and value addition.
They are delighted with it, which means they are actually advocating or promoting the organization's efforts to others. Moreover, they will also offer valuable suggestions for improving the program to increase employee engagement and participation rates.
How well does training score in an employee's day-to-day work life? If it does not impact an individual's performance, something is lacking in the training.
Here, you can check the
Post-training assessment is a very important score for the training coordinators. High scores show that the training is practical and that the individuals are learning and retaining the information well.
Lastly and most important for the organization is the impact of the training program on revenue generation. This means how the employee acquired skill set and knowledge translates into improved performance on the job and contributes to the revenue or sales.
Tracking KPIs is very important for determining the training program's effectiveness and how well it will deliver the benefits you want.
Coursebox can help you streamline your KPI Analytics, and help you gain valuable information to achieve your business goals by implementing these top key performance indicators (KPIs) for training and development.
It will highlight the gaps in your program so you can improve your training efforts.
For more on training check out this blog on the Best Practices for Successful Virtual Training Programs.
