Balancing Tight L&D Budgets
The Learning and Development budget has always been under tremendous strain. While there is a lot to be achieved within the constraints it lays, the budget often falls short of accommodating the key tools needed for success of a training program. Or doesn’t it? Pranjalee talks to Sales, Ops and Customer Success teams to discuss how the L&D budget impacts training and what L&D practitioners can do to get more bang for their buck.
As the learning technology landscape continues to evolve, encompassing myriad new tools, applications, and platforms designed to enhance and make the learner experience seamless, it gives rise to new challenges along with new opportunities. Businesses increasingly look to L&D to guide them through these disruptions, ensuring their workforce has the necessary skills for the workplace of tomorrow, today!
However, for most organizations, L&D budgets do little to justify the quantum of efforts needed in digitizing the training function, skilling the employees and getting the business up to speed to the requirements of the dynamic world of work. As per research, for the last several years, fewer than 25 percent of companies expected their L&D budget to increase. A tight budget not only puts pressure on the L&D department to squeeze every ounce of the available resources, but oftentimes compromises on the quality, mode and effectiveness of training too. Not to mention, the ever-pressing need to focus and prove the ROI, which may off-track the key objective training intervention.
Listen to the full episode to learn:
- If and how the L&D budget impact the Learning department’s decision-making process
- If there a causation or a correlation between the budget and the success of the training program
- If budget-allocation differs across industries or geographies? Or is it hinged on the L&D maturity of the company alone
- How L&D practitioners can balance the tight L&D budget to achieve their objectives and goals