It is estimated that businesses spend over $160 billion annually on employee learning and training in the US alone. However research also shows that 90% of what we learn is forgotten within 30 days meaning $144 billion is wasted annually. There is obviously a desperate need for training and upskilling driven by employees’ willingness to learning in terms of job growth, performance, income, and both personal and professional satisfaction. However there also seems to be a critical challenge businesses face to ensure that the training sticks and new skills are used immediately back on the job. The success of the training industry depends on its ability to ensure that the training provided provides a measurable, sustainable ROI.
“No matter how much you invest into training and development, nearly everything you teach to your employees will be forgotten. Art Kohn PHD, Professor, Author & Consultant.
The infographic below was produced by Mckinsey and Company. It clearly shows why the vast majority of training isn’t recalled easily and why so much of the investment is wasted.
There are serious business benefits to training employees though. Only 38% of staff believe that they have access to long term development, and only 1% of their time is dedicated to training. Any business that gets it right can stand out dramatically from the competition.
So what measures should a business deploy to ensure that a higher percentage of training is remembered and applied?
Training can provide serious ongoing benefits for any organisation. However, before you spend vital resources (both in time and money) we highly recommend you carefully consider your goals/targets and what YOU can do to ensure it is achieved.
* as far as we know only GPG allow their IP to be freely shared within an organisation. We hope in the future that this would become the standard working practise for training companies.
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