HUMAN RESOURCES / NOV. 10, 2014
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Determining The ROI on Executive Education Training

Lifelong learning has become one of the most common phrases in the English language. However, there is a very good reason for this: it is also one of the most important ones. Learning begins long before you begin school and continues in many forms long after you finish formal education.

Very few of the skills you possess are innate. Everything you choose to do, from buttoning a shirt and cleaning your teeth to reading and driving, has to be learned. The skills you need on a daily basis in the workplace are no different. You will have started your first day with the skills learned at school, college or university, combined with those taught by parents and mentors or gleaned from experience. However, it does not stop there; a successful company and a well-rounded employee are determined in no small part by their willingness to undergo executive education training.

What Course and Why?

It is no surprise to learn that the most successful companies have happy, well-rounded employees. An integral part of having happy, well-rounded employees is encouraging them to develop their skills and interests. However, it is important that the skills they develop on company time, or with company assistance also benefit the business. For this reason, any executive education training that should fit with the aims, objectives and commercial needs of the company. One way to ensure this is to provide reviews for employees at all levels, to see where their interests fit with the needs of the business and to allow choosing courses that meet both sets of needs.  Here’s a great list of the different executive education training programs.

Filling the Skill Gaps

Companies and their employees change and develop over time. This development is often necessary in order to remain relevant in a fast-paced global market. The need to change to suit market conditions can leave gaps in the skills and experience of executives at all levels. Executive education training can help to plug these skill gaps. The correct training can also help employees support each other through periods of transition. If the training is successfully executed, it allows the company to remain relevant and economically viable in the market, providing a significant return on investment.

Looking Toward the Future

As employees in higher executive positions leave, either to start new projects or to retire, you need to deal with an empty position that needs to be filled. Whether your business promotes in-house hires or you choose to source employees from a rival, those candidates who have undertaken executive education training clearly stand out from those who have not kept their skills up to date. Candidates who have undergone recent training will have a greater understanding of the company’s business environment. They will also understand the direction the company needs to take in order to maintain and improve its market share, create new opportunities and deal with problems as they arise.

 

The Whole Picture

Determining the return on investment on executive education training is not as straightforward as throwing some numbers in a simple mathematical formula. It involves understanding the company’s environment, and how it has been positively developed since introducing training opportunities. It also requires an understanding of how well the training is supporting staff in coping with, and providing support for, changes within the company and the markets in general. If you add these advantages to better trained, more responsive and happier employees then the return on investment is clear to see. If one of these elements is missing, the training is not hitting the mark and how it is being developed needs to be reconsidered.

 

Image source: iStock

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