Need To Prove Training ROI? Here Are The Best Content Providers [2022]

Wondering How To Measure Training ROI? These Content Providers Can Help You Out!

For many years now, there’s been a desire to find ways to demonstrate value for money in corporate training and development. Obviously, business owners or senior executives at some time will want to know what they are getting for their money. In fact, there are justifiable reasons for wanting to prove training ROI. Especially when more and more companies spend hundreds of billions on L&D.

One thing is certain; companies need to improve employee productivity, performance, and leadership skills. However, all this money spent has been shown to be ineffective in many cases. All the statistics, data, and information we gather when measuring ROI can help companies and managers influence how we support our learners to become the best they possibly can be.

Here at eLearning Industry, we love to advocate the benefits of measuring training and development. And we do so to help you prove the impact training has on your organization.

For this reason, we decided to create this special top list. All the content providers featured below have the expertise to ensure that you maximize the efficiency of funds made available for training.

The Best Content Providers To Help You Prove The ROI Of Training

If your company is listed among the top content providers that help prove training ROI, feel free to add this badge to your website. (2022)

eLearning Industry’s Company Selection Criteria

Globally recognized LMS experts, including C. Pappas and our editorial team, did a thorough review of each vendor’s eligibility. More specifically, we’ve checked each eLearning company’s website and relevant published content, including articles, eBooks, and webinars, to reach a final conclusion.

Our committee ranked the best content providers that are experts in proving training ROI by focusing on the following 8 criteria:

• Company’s economic growth potential
• Company’s social responsibility
• Customer retention
• Customer reviews
• Employee turnover
• Learning industry innovation
• Quality of content development
• Expertise in learning solutions

On this top list, we’ve selected the best of the best when it comes to proving ROI for training and development. In case you want to outsource training for a custom project, all you have to do is take a look at our full directory of eLearning content providers. You’ll find plenty of use cases that match your company’s needs!

So, now that you’ve gone through this top list, don’t forget to read our tips on how to prove training ROI and why it’s important. We’ve gathered plenty of insights to help you understand the importance of measuring and proving the ROI of training. Plus, you’ll get even more tips so that you can make the best decision when it comes to teaming up with a training company.

What Is Training ROI?

Training doesn’t come cheap. That’s why many companies are hesitant to start. And it’s also the reason you can’t easily get buy-in. Actually, measuring the ROI of training might be even harder than getting the budget in the first place. I get it.

Company management needs to know that the training budget is being well spent. For this reason, calculating training ROI (Return On Investment) can be the solution to getting bigger budgets for the years to come.

Is there an ROI formula for training? Well, the traditional way to do this is to have the program benefits (net profit) minus the training costs and then divide it by the program costs.

Here’s the simple equation: Return (Benefit) / Investment (Cost) = ROI

But, as you already know, there’s nothing simple about proving training ROI. Sure, you can use the above equation to indicate how many dollars you gain as a benefit for every dollar spent on a training program. Yet, there are so many KPIs and metrics you can focus on to actually prove that you’re getting business results.

For example, you might like to focus on the payback period. Meaning that you can divide the total investment by the annual savings, expressed in years. This method works better with long-term metrics; for instance, if you want to improve staff retention levels or reduce healthcare costs among your workforce. Hence, those results can become more visible and accountable over a long time period. In fact, this is the reason why many companies prefer to calculate annual savings instead.

ROI is a useful way of measuring whether a particular training course or program offers value for money. But, as you must have figured out by now, calculating ROI isn’t as simple as just knowing a formula.

Thankfully, all the content providers in this top list can help you measure the ROI of any training course or session.

Why Is It Difficult To Measure The ROI Of Your Training Programs?

When measuring the financial benefits of a training strategy, one needs to illustrate the economic gain or loss. At the same time, implementing a training program might have some potential benefits in marketing the program to new clients. So, the leaders in today’s competitive environment need to be using the results of training ROI to make decisions.

The ROI of training can give plenty of insights into whether the company should continue, revise, or stop the implemented training strategy. Also, there might be findings that can help develop a new, improved strategic business plan to increase the growth of organizational performance.

However, it’s easier said than done. You see, plenty of organizations have difficulty measuring the ROI of their training programs.

The main challenges are:

• Unreliable ROI Tools And Methods For Training Programs

For some, calculating a realistic and accurate ROI might be expensive to generate, or it’s either non-existent or unavailable. Not to mention that many factors influence the costs of online learning programs. Another issue is that it’s difficult to make estimations that measure the worth of human behavior. And, of course, it’s equally difficult to calculate the impact that training has on business results.

• Lacking Professional Knowledge And Organizational Support In ROI Measurement

Unfortunately, many performance professionals have no idea how to measure the ROI of their training programs. Be it a lack of skills in training evaluation, organizational support, or existing evaluation tools (limited to surveys), things can get tricky.

Have you been facing any of the above challenges when trying to prove training ROI? Worry not, because the training experts on this list have built innovative solutions to do just that. They can help you illustrate the impact training has on business goals and behavioral change.

Tips On Choosing A Content Provider To Prove ROI Of Training

There’s no question that ROI is important in training and development. But what is a good ROI for a training program?

A successful training program helps participants acquire the intended knowledge, skills, attitude, confidence, and commitment to get their jobs done the best way possible. Also, an effective intervention means that learners can apply what they’ve learned into the workplace. And, of course, trainers and managers should know which targeted outcomes occur due to the training and support package applied. That’s what the Kirkpatrick model is all about.

But there’s more data to explore. You have to be able to know the degree to which your participants find the training favorable. Also, you need to see if it is engaging and relevant to their jobs. Hence, a training expert’s approach to measurement must add depth and quality to the organizational drivers by focusing on quantity, quality, cost, and time.

When choosing a content provider to prove training ROI, here are some things to consider:

• Ability to identify skills gaps and organizational goals accurately
• Ensuring that the training meets your business needs
• Evaluating job behavior before and after training
• Learning analytics experience and evaluation skills
• Niche expertise, customer reviews, awards won

All the content providers in this top list can help you measure training and development with greater depth and clarity for better ROI. Most importantly, they know how to use training as a strategic business tool.

Summing Up

Spending a lot of money to provide training programs to improve employee performance is a practice implemented by many organizations. In fact, we’ve seen the investment in training programs increasing in the last decade. But there’s always something holding some companies back. More often than not, upper management wants to justify the actual costs and benefits of training programs.

As you can understand, the Return On Investment becomes a key factor for all the stakeholders involved.

Since investment in training programs has been rapidly increasing, many senior managers demand measurements of ROI or financial benefits for such programs. However, existing evaluation methods are not adequate to measure ROI. In addition, most performance professionals do not know how to measure ROI.

So, how about your organization? I bet senior managers ask you to measure the ROI of training. Or at least show them the financial benefits of training programs. If you’ve never done this before, or if you need consultation on how to do it, you can always contact one of the top eLearning content development companies on this top list. They have hands-on experience and can share their ROI knowledge and experience with you.