Understand how to create and implement a learning and development strategy to support organisational success
Learning and development incurs direct and indirect costs for employers; the costing and benchmarking process seeks to calculate these costs, comparing and ranking the different metrics associated with learning and training provision. Benchmarking, in the case of learning and development, involves comparisons and rankings of measures associated with learning and training provision.
The factsheet examines the relationship between costing and benchmarking and learning and development, looking at the value of learning and development; the challenges of measuring informal learning; and the reasons for costing and benchmarking learning and training, including the specific objectives involved. It provides guidance on how to cost learning and development activities (whether provided externally or internally), focusing especially on the latter, which involves development and delivery costs. The factsheet looks at informal learning interventions and the costs of learners’ time, providing information on how to benchmark learning and development activities and concluding with a brief discussion on the strengths and weaknesses of benchmarking.
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