A major concern for organizations today is finding the right talent for their job openings. The continuous learning model is retiring current employees’ skills faster than ever. In a survey by Deloitte, 90 percent of CEOs agreed that organizations are facing disruptions from information technologies, and 70 percent of hiring companies are finding that their current employees lack the adaptive skills required for these disruptions.
Tech training impacts organizations’ processes and functions as businesses have shifted to digitization. Understanding the skill gap, identifying the roadblocks and developing effective learning programs will help organizations meet their business goals. Highly skilled teams, empowered with technology and best practices, not only help organizations attain higher profitability but also assist in building a company committed to continuous improvement for enhanced productivity. In a knowledge-based economy, data plays a central role. A well-defined digital training strategy that focuses on relevant topics will help your organization be innovative in its solutions and stay ahead of its competitors.
Understanding the impact of tech training on business ROI is important to ensure that your organization develops the right training programs and executes them efficiently, catering to specific business needs. Well-crafted training proves to be the best way to invest in organizational development that improves productivity and performance. Following are six ways to measure the impact of tech training.
1. Assessments and Certifications
Training equips learners with new skills, instills an understanding of modern ways to improve performance and boosts the adoption of new technologies. Assessments and certifications are the gold standards that evaluate the potential of the technical workforce. For example, having thoroughly assessed or certified information professionals with globally recognized cybersecurity credentials, an organization would ready to combat cyber risks.
2. Business Opportunities and Growth
Organizations whose workforce has relevant skills can readily identify and optimize business opportunities. For example, if a bank’s workforce lacks cloud skills, it will probably lose customers to competitors that offer cloud banking services with “anytime, anywhere” access to accounts and transactions. With cloud training, the bank can see its business opportunities multiply.
3. Uncaptured Opportunities
Missed opportunities are often due to the lack of skilled employees or a workforce that isn’t empowered with the latest technologies. To stay ahead of the competition, organizations need to keep pace with trending technologies and keep their staff updated. For example, a mobile device company that isn’t creating artificial intelligence-enabled devices will surely lose its business to companies that are.
4. Project Accomplishments
Successful project completion is another important factor in measuring the impact of tech training on business performance. Track ROI throughout the entire project lifecycle, and ensure that every stage is completed successfully. A lack of strong project management capabilities can lead to incomplete projects or inadequate deliverables, affecting business growth and profitability. Extensive project management certification and training can help organizations address this critical issue.
5. Employee Retention
Tech training upskills the existing workforce to ensure team optimization. A continuous learning model helps organizations control recruitment and retention challenges. Well-trained employees invest their best efforts to help their organizations accomplish their business goals. Retaining trained staff keeps organizations from needing to invest in hiring. Training also fosters collaboration and better teamwork, which enhances productivity.
6. Customer Satisfaction
Tech training also impacts customer satisfaction, as businesses rely heavily on technical employees to engage with their customers. If the workforce is skilled enough to handle processes and related tasks, it will enhance customer satisfaction.
Measuring and validating the impact of tech training across enterprises helps organizations stay focused on delivering rich business offerings. Continuous learning and development is the key to higher revenue generation.