| p>In today's economic environment every business is | | | | When making a decision on leadership training, you |
| looking to maximize the return on investment. One of | | | | want to calculate the potential return on investment |
| the hardest things to figure out can be the return on | | | | before the training begins. It is much better to know |
| investment for leadership development training. It's | | | | going in what you want to get out of the training and |
| easy to recognize the need for a leadership training | | | | the impact the training will have. |
| course, but how to calculate the return on investment | | | | To maximize the return on investment, there has to be |
| is another matter. Some would say it is easier get a | | | | a way to reinforce the training after the training event. |
| consensus definition of leadership than it is to calculate | | | | Most leadership courses are one, two, or three day |
| the return on investment in leadership training. | | | | workshop events. What happens in the training is |
| The best way to calculate the return on investment of | | | | participants learn leadership concepts and ways to |
| a leadership training course is to have a shift in how | | | | apply the concepts. What usually is missing is practicing |
| leadership training is viewed. In most cases, leadership | | | | the leadership concepts and getting feedback or |
| training is viewed as a way to improve the | | | | coaching from the instructor. |
| competencies of someone in a leadership position. For | | | | What that means is when the participant gets back to |
| example, if you have a leader that does a poor job in | | | | the workplace they need to practice the leadership |
| their leadership communication, you get leadership | | | | concepts learned in the training. Not only do they need |
| development training to improve that competency. | | | | to practice, they also need to get feedback on how |
| In order to calculate a return on investment for a | | | | well they are developing the skills they learned. Without |
| leadership training course you have to go one step | | | | having a process set up in advance, there is a very |
| further than just looking at the competency. You have | | | | strong chance that your investment in leadership |
| to look at the results of having the competency in | | | | development training will be wasted. The old saying is |
| place. In other words, if this leader had the | | | | so true: "if you don't use it, you will lose it." |
| competency of effective leadership communication, | | | | Having a coaching and mentoring program is an |
| what would having that competency allow the | | | | excellent way to reinforce the leadership concepts |
| organization to achieve. Once you begin to focus on | | | | learned in the training. The mentor or coach can |
| the results, then you can more easily calculate the | | | | observe and give feedback as well as recommend |
| return on investment for the training. | | | | additional things that would enhance the development |
| Using our previous example, let's say that after the | | | | of the person. |
| leader completes a leadership course on | | | | Calculating and maximizing return on investment in |
| communication the turnover in the leader's department | | | | leadership development training does not have to be a |
| declines by 5%. That 5% reduction represents a part | | | | vague concept. Implement the suggestions here and |
| of the return on investment. There may be other | | | | you will want to invest in the leaders of your |
| areas that are positively impacted also. | | | | organization. |