Learning and development is crucial to recruiting and retaining top talent to your organization. But as many L&D teams know, there are various challenges that can make it difficult to create thriving cultures of learning at their companies.
In a survey of L&D professionals for findcourses.com’s L&D Report: 2018, participants reported that their department’s biggest challenge was a limited budget.
As you can see in the graph below, 31% of companies surveyed reported that their budget is less than $200 for each employee. While a handful (13%) of companies can afford to spend $1,000 or more on each employee in terms of training, it’s not the reality for most companies.
Regardless of industry or company size, however, there are ways to increase your L&D budget.
According to Jack Phillips, Ph.D. and chairman of the ROI Institute, you might consider involving your CFO, who can show to top management that L&D is an investment that will convert into returns. Your CFO can also help present this information in a way that they’ll find credible.
“[The] decision to invest in L&D is made when one of the executives sees learning as an investment rather than a cost because you’ve just shown a ROI in the same way that a Chief Financial Officer was going to show them, “ he says.
But qualitative proof of ROI isn’t always enough. It can also be powerful to include in your presentation personal anecdotes from departments or employees on how they’ve been affected by L&D.
For more ideas on keeping and increasing your training budget, read ”How to Calculate Meaningful ROI for Workplace Learning” in the full report.