As a training and development manager, you are responsible for developing a training budget that can demonstrate to senior management a good return on investment (ROI) for your company. To prove that the company has a good ROI, you need to show the link between employees' educational proficiency and corporate earnings.
Start by outlining the total cost of the training program and assessing the potential benefits to your organization. The budget must fund training that is both in line with your organization's requirements and adequate for your employees' needs. Next, assess how many people need the training and the type of training that would benefit them.
After you complete the needs assessment, it's a good idea to compare several implementation plans and to determine the most cost-effective plan.
Finally, develop your budget. By using an ROI approach to develop your training budget, and by comparing various scenarios to determine the most cost-efficient method of delivering a training program, you are more likely to win the support necessary to implement your program.
HR Department will submit at the beginning of each financial year the budget for Training & Development activities to Board of Partners. The budget will include:
· Report on last years training activities including efficacy.
· Training Man days achieved and budget for current year.
· Training costs budgeted for external programs.
· Internal training programs and costs.
· Capital investments including training equipment planned.
· Segment & skill wise training calendar for the year.
· Trainers developed during last year and planned for current year.
Within budgeted activities HR Executive shall organize all training activities. Any Training activity not budgeted for shall be only with prior approval of the Board of Partners.
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