Leona Lewis, former in-house attorney turned compliance consultant, recently interviewed InHouseOwl about how to calculate Training ROI. Click through to check it out!
In Part 1 of How to Calculate Training ROI, we covered the basics of calculating legal training return on investment (ROI).
But we left out 1 absolutely critical element:
How do you calculate the benefit of training your employees?
Business executives make decisions driven by quarterly and annual earnings. These decisions are typically predicated on reliable return on investment ("ROI") calculations for each company initiative.
However, unlike other areas of the business, it's not often that lawyers are asked to provide data on the effectiveness of their actions (especially for training). This is likely for a few reasons:
How do you know if your legal training was effective?
Often, companies will have employees test their knowledge after a course lesson has been completed. But this usually occurs only when the employees are taking online training through a learning management system (LMS).
When in-house counsel deliver training in person (or, instructor-led training - ILT), we often don't take the time to follow up to test the effectiveness of our training.