How can organizations future-proof their training budgets?
In light of the recent challenges in the learning industry, and those to come, many organizations are wondering how they can future-proof their training budgets. To start, learning and development programs need to be considered relevant and impactful for the growth of your organization. So, how can your teams be more agile, embrace new opportunities, and deliver greater outcomes?
Find out from David Wilson, CEO of Fosway Group, how to future-proof your training budget and prove impact for your training programs going forward!
Watch David Wilson’s interview on future-proofing training budgets:
Watch the full interview with David Wilson of Fosway Group and find out where ILT & vILT is headed in the new today:
Here are some of the questions that were discussed:
- Looking forward, in what ways can organizations future proof their training budgets?
The easiest way to future-proof training budgets is to be seen as and understood as being more relevant and impactful in the future. All learning organizations have to raise their game as part of this, just like HR, IT, etc. Some of them have been found to be a little wanting in terms of their ability to respond. Having great intent to respond is not the same as actually doing it, in terms of the current crisis and so on. The most obvious way to be more impactful is to be more agile, to embrace the opportunities that are there, and to be able to delivery more effectively within it.
The other key outcome is that learning organizations need to be more accountable for the outcomes that they create. Being able to be more effective and professional at managing what they do and the impact they deliver becomes more and more paramount. If you can prove impact, or that you have a role in doing that, then the budget will be made there to do it. Budgets are only taken away if there is either no money at all for anything and the organization is collapsing, or when people think you don’t make a difference when you’re doing it. No CEO or CFO is going to cut budgets, unless they absolutely have to, if they know it has a bottom-line impact on the organization. Better manage what you do, and prove that you add more value, that’s the simple answer.
More on ILT/vILT and future-proofing training budgets:
- Article: Top Training Management System Features: Training Budget Optimization and Financial Performance
- Article: Learning System Suites & Specialists: Why Specialists weren’t rated as leaders in the corporate learning ecosystem… until now By guest author and senior industry analyst, Fiona Leteney of Fosway Group
- Resource: Training Orchestra’s Training Management System Earns Strategic Leader Status on the 2021 Fosway 9-Grid™ for Learning Systems
For over 18 years, Training Orchestra has been helping 600+ organizations worldwide address the complexities to automate and optimize their ILT and vILT training operations: session scheduling, resource management, instructor calendars, vILT, cost tracking and reporting. As a complement to your existing learning technologies, Training Orchestra’s Training Resource Management System can replace all XLS spreadsheets and manual tasks, so you can better manage training as a business.
Interested in how you can improve ILT/vILT efficiency? Contact us to learn more!