L&D professionals are being asked to do more with smaller budgets. The most effective way to make your budget dollars go further is by investing in online leadership development. ExecOnline has found that online programs not only save organization’s money, but also increase the quality of training. Specifically, enterprises can send almost 6x the number of business leaders through an ExecOnline program compared to a traditional in-person experience.
As you plan your next learning initiative, here are three methods you can use to stretch your budget to maximize your leadership development capabilities:
1. Consider a Proof of Concept
Sending hundreds of leaders through an online leadership development program isn’t the only way to deliver a learning initiative. You can invest in a small proof of concept initiative to assess the merits of a program. With positive feedback, you’ll have everything you need to convince your boss for a larger budget.
ExecOnline frequently helps global organizations develop proof of concept initiatives prior to larger, more complex programs. We work with our corporate partners to identify their business needs, the best leaders for our programs, and forecast a business and financial impact.
2. Identify HR Business Partners
Department heads have their own needs and goals. Consider partnering with a peer outside leadership development to create a function-specific learning initiative. For example, you might partner with your organization’s head of sales to address a specific need.
Recently, ExecOnline worked with a global social media organization to rapidly develop the company’s senior sales talent. The company partnered with ExecOnline to deliver business acumen to leaders new to their role. We estimate the company saw a 143x ROI.
3. Identify the Return on Investment
To get the most out of your online leadership development program, focus on measurable results. Turn to data that clearly shows a significant return on your investment. High-quality online programs such as those offered by ExecOnline enable you to prove ROI. We’ve found that participant in our programs deliver an average of $179,000 in financial impact and that organizations see 76x ROI. By proving a program’s ROI, you can make the argument for more budget.
We know that navigating a tight budget is difficult, but it doesn’t have to stop you from delivering impactful training to your leaders. By utilizing the methods above, you’re guaranteed to stretch your budget while delivering maximum impact.