A recent 2019 LinkedIn report shows that learning and development (L&D) departments won’t be as constrained by low budgets anymore as compared with previous years, and most organizational leaders and executives are seeing the value of increasing their spending on employee L&D initiatives, as well as promoting and marketing those initiatives.
But as the demand for upskilling employees with personalized learning experiences accelerates across industries, L&D leaders will still need larger budgets to be approved so they can implement and customize their learning platforms and mobile solutions, outsource help and partner with third parties, customize and curate learning content, and more.
So, if you’re an L&D leader who wants a larger budget approved this year, be sure to do the things mentioned below.
Share Reputable Case Studies, Data, and Research for New Investments
Do your research before petitioning executives or other organizational leaders for funds for new learning technologies, platforms, consultant services, or other third-party resources, and be prepared to present case studies and other relevant research with data that prove the value of the new service or tool you want your organization to invest in.
And importantly, always link this information to your own organization’s business model or initiatives to demonstrate its relevance to your executives’ and leaders’ concerns.
Collect and Analyze Learner Data and Information
If you want to convince organizational leaders and executives to expand your L&D budget, collect and analyze learner data that objectively show what your learners need or want.
For example, low-assessment scores or performance ratings could indicate that learners need more in-depth training programs with additional learning resources and materials, and survey and poll results could show what types of learning programs and channels your learners prefer or need to stay engaged with their L&D programs.
Link L&D Initiatives to Organizational Goals
To get a larger budget approved for your L&D goals, make sure every goal is linked to an existing organizational goal. For example, sales training initiatives should be tied to your organization’s sales strategies and revenue goals, and your onboarding training goals should be tied to your organization’s goals for employee retention.
Also, include organizational leaders in the process so they can better understand the value of each initiative at both the departmental and the organizational level.
So, by continually linking relevant data and research to your organization’s objectives, it should be easier for you to land a larger L&D budget this year and in the future.