Adding to yesterday’s post, here are four more performance metrics you should weigh if you want to develop and drive strategic and effective L&D initiatives that will continue to help your organization outpace its competition for years to come.
1. Competitive Metrics and Talent Analyses
Always document and monitor the skills of your employees and how they stack up against your competitors’ employees’ skills, as well as the skills needed in your current marketplace. You can use such metrics to determine what types of upskilling or developmental opportunities you need to offer your current employees, as well as any necessary cross-training initiatives.
Over time, you should see the number in promotions and role changes increase across your organization if your L&D initiatives are successful. And you should see the average number of relevant and marketable skills each of your employees owns increase too.
2. Employee Productivity and Turnover Rates
Employee productivity metrics and turnover rates will let you know when you need to invest more heavily in your L&D initiatives or when they’re not effective. All L&D initiatives should inspire employees to work harder and stay with your organization long term, not the opposite. These types of metrics can essentially clue you in as to why certain employees are leaving your organization and how you can develop more relevant and better-designed L&D offerings that will keep them engaged and challenged at work.
3. Overall Wellness and Job Satisfaction Ratings of Employees
Low rates of job satisfaction and wellness among your employees can indicate lackluster L&D initiatives that don’t do much or L&D programs that are too strenuous or time-consuming. L&D initiatives should always prepare employees to take on more and diverse challenges at a steady pace well-suited for them, to gain or seek out promotions, or to take on other roles that they find rewarding and challenging.
If employees aren’t exhibiting overall wellness due to workplace stress or aren’t satisfied at work, they’re probably not being challenged at the right pace in their current roles or training programs, or they’re overwhelmed with too much work and training.
4. Employee Feedback and Engagement in L&D Initiatives and Programs
If your employees aren’t actively engaging in your L&D initiatives on a rolling basis, or they aren’t exhibiting interest or excitement about the initiatives, the initiatives won’t be successful and won’t yield a high return on investment (ROI) for your organization. You should use employee feedback and engagement metrics to drive what types of programs and technologies you should use to implement your L&D training initiatives.
Use the performance metrics of your employees and your organization listed above and in yesterday’s post to not just improve your current L&D initiatives but also help develop them and drive them forward.