How do you carve out budget for learning and development (L&D)?
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Director of IT in Software2 years ago
It's difficult to get a learning and development budget because it's hard to measure the ROI from that investment. It should almost be considered as a benefit rather than something that is going to generate ROI or increase productivity. It also increases the stickiness of employees if they know that you're taking steps to invest in their future at the company. Some companies overlook that as part of the intrinsic ROI in this investment.CIO in Finance (non-banking)2 years ago
We just roll the learning and development budget into the cost of onboarding a new person — you get a Google certification, a Salesforce certification, etc. Obviously there are tiers, because the C-suite doesn't necessarily need Udemy. But we package it all together because when it's seen that way, it makes getting funding a bit easier.Director in Manufacturing2 years ago
Our ledger of accounts has a Training Budget line item. Unfortunately is downturns it’s the first thing to go. Overall the Corporate IT group provides prerecorded training from SkillSoft. You can take any class in the suite that’s free under the package we purchased. Your department needs to pay for any course that has a fee. If the budget hasn’t been reducedvp information technology in Consumer Goods2 years ago
L&D is a component of Innovation.1. I self-fund innovation (at least in part) to get the company to buy in.
2. L&D is a component of reinvesting the $$ to innovate. Tech + L/D + seeded Thought Leaders drive innovation.
There was a lot of back and forth about what the learning and development budget was until I partnered with our CHRO at the time. He said, "Just so we're clear, this is our problem." And all of a sudden, the executive suite started thinking about it as more than just a budget they need to provide. When I was on the back of the employee voice survey, you could clearly hear people saying, "It's not that I just want more budget to find a tool, etc. This is our problem.” This was feedback from the teams, so I said, “You can either go out and get individual budgets or we could collectively agree that we've got this problem and I can spearhead an effort to do it, which is what I'm supposed to be doing.” And then I had to partner on top of that.