In recent weeks we have talked about ChatGPT and the use of AI technologies.
With it becoming increasingly popular, we thought we would try ChatGPT ourselves:
According to ChatGPT, the most recent findings surrounding the return on investment on learning and development are:
1. According to a 2021 report by LinkedIn Learning, organisations that prioritise L&D are 46% more likely to be a top performer in their industry.
2. A study by the Association for Talent Development (ATD) found that organisations that invest in employee development have a 24% higher profit margin than those that don’t.
3. Another report by ATD found that organisations with a strong learning culture have a 54% higher employee engagement rate, a 36% improvement in customer satisfaction, and a 26% improvement in productivity.
4. A meta-analysis of 58 studies published in the Journal of Business and Psychology found that training programs have a positive impact on financial outcomes, with an average ROI of 4.53.
5. A study by IBM found that every dollar invested in online learning results in a $30 increase in productivity.
These findings suggest that investing in L&D can have significant benefits for organisations, including improved performance, profitability, engagement, customer satisfaction, and productivity.
Research with our clients and across the market has identified learning measurement and evaluating the value of training spend as being the biggest challenge facing HR leaders and teams. CIPD, for example, states that 80% of CEOs want to know the ROI of investment in learning and development, and yet only 22% of organisations are actively trying to improve measurement, with many citing the proliferation of data across multiple systems as the most significant barrier to effective measurement of ROI.
Vienna, from Openside Group, is the first fully digital learning measurement tool designed to assess the impact and application of learning interventions for professional services firms. It supports an evidence-based approach to evaluating the ROI of training spend, as well as providing the data critical to ensuring learning is embedded into ways of working post event.
Find out more about Vienna here: https://www.openside.group/service/vienna/