The Return on Investment Project
Workforce development plays an essential and strategic role in maintaining a balance between the demand for skilled labor and job opportunities. When incumbent workers upskill, they present an intrinsic value to their employer and the industry sector. Knowledge and job skills have a direct impact on the employer’s bottom line.
On January 15th, GuilfordWorks partnered with the UNCG MBA Capstone Consulting Team to explore options for measuring the return on investment of incumbent worker grants. The ability to understand how training dollars affect a company’s performance and sustainability directly correlates with its return on investment dollars.
The Board of Directors expressed a desire to capture the business impact of their workplace learning initiatives dollars on businesses in Guilford County. The study involved a qualitative and exploratory study of the WDB grant process using data from reports, applications, as well as primary data, such as interviews with grant recipients.
The project resulted in four key recommendations:
- ROI Training for GuilfordWorks’ business staff
- Application details to include ROI goals and training outcomes
- Online reporting features
- The measurement of training outcomes against stated objectives, using an ROI Template
The Board met later to discuss the results of the project and recommended a staggered methodology for implementing the recommendations.
The Business Engagement Team, under the direction of Fred Henry, Business Engagement Manager, is currently working to employ effective methods that provide value in the use of workplace learning opportunities.Project leader and Business Services Consultant, Joyce Rice