ROI is an important metric for measuring the impact of L&D but calculating true ROI is more than just a numbers game. Learning and Development is the most direct route to aligning capabilities to business goals. However, 92% of L&D programs don’t have success metrics attached to them.
The original formula for ROI is simple but calculating an honest return for your organization can be challenging, especially when looking at less specific metrics. First, we must understand the expenses. Online or alternative models aren’t always cheaper. Common platforms, per 1,000 learners, cost $180k in the case of LinkedIn Learning’s content library. Next, we must understand how much L&D increases an employee’s ability.
Most employees aren’t happy with their outcomes. Ineffective training costs $1,350 per employee but that doesn’t have to be the end of the story. The second route to ROI is tracking your increase in revenue. You just need to find the right tool for the job, for example Arist.
Arist is a scientifically supported micro-learning platform designed to cater to learners at their individual levels and preferences. It costs up to 195% less in time, saves up to $480,000 annually, and up to 82% on course creation and delivery.