Devising your L&D budget during a downturn
In a continuation of our series on prepping L&D for rough economic trends, we’re covering our top tips for creating your budget for the year ahead.
Helen Marshall Chief Learning Officer
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| 6 min read
Modern L&D professionals have to be agile to deliver results against business objectives. Learn how to prioritise your tasks for maximum impact.
Matt Bristow Digital Marketing Specialist
Knowledge is power. Step one seems like a simple one but it is often overlooked. You need to learn what your organisation's business goals are, and learn how you can impact them. By doing this simple step you can start to align your goals and tasks with the wider organisation’s objectives.
Next you need to decide how you can impact the things you discovered in step 1. Outline current problems, adequate solutions, available resources and feasible next steps to impact current business problems.
Key tip: Don’t forget also to outline the core KPIs of the steps you are taking, and what data points you will need to measure to ascertain whether your efforts are a success (but more on this later…)
Don’t be afraid to take feedback! A common pitfall we see L&D teams falling into is deciding on a strategy, ploughing ahead and then not adjusting their plan at all until completion, during which time needs and plans of other departments have mutated and changed.
Keep in touch with the other departments with your organisation during your initiatives, and tweak your strategy accordingly.
This seems like the easiest step, but it can actually be the hardest to nail. A solid execution plan involves identifying timelines, responsibilities for each team member , outlining and tracking KPIs and predicting possible blockers. Organisation is key here, make sure you are considering the entire duration of the project and have a good handle of all the different parts that are going into making this campaign successful.
No one can complete a successful L&D initiative without relying on teamwork. Whilst you need to have an understanding of all the different parts that go into L&D campaigns, trust in your team is super important. Make sure you aren’t micromanaging, and that you’re allowing your internal and external SMEs to deliver great work. Pro tip : keep track of all tasks using software like Trello, Asana or Monday. This way you get visibility on everything being worked on without having to pester people.
I’ve scattered my favourite word throughout this blog so you should know this is coming: KPIs! It can be easy to focus on surface level KPIs or not even track KPIs at all, so it’s important to buck that trend and identify your KPIs from the start of your L&D journey. Make sure these KPIs are easily linked to business goals so you can report back to a wide variety of stakeholders on the success of different parts of your L&D initiatives.
This is a simple one that you are probably already familiar with, but it is good to put formal processes in place. Make sure you are taking time to reflect on your L&D initiatives before jumping onto the next one, noting down what went well, what didn’t go so well and what you are going to do differently in the future. This way you and your team can make incremental improvements throughout the year, and learn from your mistakes much quicker than if you don’t track these metrics!
And there you have it, 7 steps to prioritise and optimise your L&D initiatives so you can be the most efficient version of yourself you can be! If you want to talk more about how an amazing piece of learning tech can also help you be more efficient (shameless plug I know) then schedule a chat with one of our L&D experts today.
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Matt Bristow Digital Marketing Specialist
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