CLEVELAND, March 29, 2016 /PRNewswire-USNewswire/ -- Investing in human capital is critical if manufacturers want to compete in a fluctuating marketplace. However, some companies put workforce training on the back burner, either because they are more focused on equipment and technology improvements, or they simply don't see the return on investment (ROI) when it comes to employee education programs. Tooling U-SME, a leading provider of manufacturing training solutions, has released a new white paper, "Proving Training ROI: Moving from Expense to Necessity," to show how companies can tie learning and development to their bottom line.
Download the white paper here.
Tooling U-SME developed this white paper as a tool for executives to use when evaluating programs and justifying funding as well as for managers who are seeking to grow or improve their training options.
"Top-performing companies understand the full value of training programs. We know this because those are the organizations that we see devoting resources to educating their workforce," says Jeannine Kunz, director, Tooling U-SME. "When management can measure how training positively impacts their bottom line, they can justify the expense of training and development to higher level decision makers."
In this white paper, Tooling U-SME provides formulas for calculating return on investment for metrics including accelerating onboarding, reducing downtime and increasing productivity. The white paper also includes best practices to show how companies can improve their return on investment through job-related training programs.
- According to Tooling U-SME's Readiness Assessment Insights Report, 33 percent of companies say their job-related training options are minimal, and only 25 percent say their company offers a structured training program on manufacturing skills. Less than 24 percent agree that the training their company provides is adequate to meet the needs of the organization.
- Top management needs to see value substantiated with training and development investments. When identifying ROI, companies should follow a four-step process:
- Plan how to evaluate and measure outcomes;
- Gather data before, during and after implementation;
- Analyze and measure business objectives; and
- Report the results.
"Training programs can and should be designed to address specific business pain points to meet an organization's overall goals. This can help enhance management's perception of training," adds Kunz.
For more than 80 years, Tooling U-SME has brought training solutions to companies large and small, helping them build competency-based learning programs for all levels of manufacturing employees.
To learn more about how companies can evaluate the ROI of their training programs, download the white paper.
About Tooling U-SME
Tooling U-SME delivers versatile, competency-based learning and development solutions to the manufacturing community, working with more than half of all Fortune 500® manufacturing companies, as well as 600 educational institutions across the country. Tooling U-SME partners with customers to build high performers who help their companies drive quality, productivity, innovation and employee satisfaction. Working directly with hundreds of high schools, community colleges, and universities, Tooling U-SME is also able to help prepare the next generation workforce by providing industry-driven curriculum. A division of SME, an organization that connects people to manufacturing solutions, Tooling U-SME can be found at toolingu.com, facebook.com/toolingu or follow @ToolingU on Twitter.
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SOURCE Tooling U-SME