Costing and benchmarking learning and development
This factsheet was last updated in April 2015.
What are costing and benchmarking in relation to learning and development?
Costing learning and development (L&D) is based on a calculation of the direct financial costs incurred (for example course fees), sometimes together with an assessment or estimate of the indirect costs involved (such as management time spent on coaching or mentoring, or employee time participating in learning or training).
Benchmarking L&D involves comparisons and rankings of various measures, or metrics, associated with learning and training provision - typically including the financial costs incurred but also other aspects that may be measured (such as days of training per employee each year or the benefits/outputs gained as a result of learning interventions).
The development of talent and skills is essential for organisational success. Together with any costing exercise it is important to ensure that learning interventions are aligned with strategic business objectives, and are evaluated accordingly.
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- What are costing and benchmarking in relation to learning and development?
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