How to Reduce Your 2014 Training Expenses with Mentoring

803
-1

Published on

Training budgets have gotten a lot smaller over the last few years, giving training and development professionals fewer resources to work with, despite growing numbers of employees.

In many cases, however, training costs can be reduced by using formal mentoring to either supplement training courses, or replace it all together.

Judy Corner, Insala’s mentoring subject matter expert, will share her 20+ years of experience in assisting organizations with their mentoring programs, and speak about how formal mentoring can complement, and in some cases even replace, training.

Published in: Business, Technology
0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
803
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
Comments
0
Likes
2
Embeds 0
No embeds

No notes for slide
  • 1. Refining "Pros and cons"
  • 2. Putting in numbers in "Calculating ROI"
  • Pros:Cost-effective when internal talent expertise is usedInformation is reinforcedInformation is provided in shorter segments and is easier to retainLearning is more specific to needs and culture of the organizationApplies practice to theoryRENENTION RATES HAVE BEEN REDUCED
  • Pros:Cost-effective when internal talent expertise is usedInformation is reinforcedInformation is provided in shorter segments and is easier to retainLearning is more specific to needs and culture of the organizationApplies practice to theoryRENENTION RATES HAVE BEEN REDUCED
  • 3. Refining "Best Practices"
  • How to Reduce Your 2014 Training Expenses with Mentoring

    1. 1. Insala Webinar Series: Webinar 20 How to Reduce Your 2014 Training Expenses with Mentoring This webinar will begin a few minutes past the hour. Your audio options are to dial in with the number provided, or use VOIP. Please select your preferred choice. For the best possible visual and audio experience, close all applications and documents that you are not currently using. To avoid static, beeping, or clicking sounds that may affect your audio experience while using VoIP, keep phones and other electronic handheld devices, as well as electronic wires, away from your speakers. If you cannot hear the webinar once started, make sure you have indicated the correct settings on your audio panel. If you have dialed-in select « telephone ». If you have decided to join with VoIP, select « Use Mic and Speakers »
    2. 2. Insala Webinar Series: Webinar 20 How to Reduce Your 2014 Training Expenses with Mentoring Blake McDaniel Judy Corner Webinar Facilitator Insala Mentoring Subject Matter Expert Insala
    3. 3. Webinar Instructions
    4. 4. Insala’s Mentoring Webinar Series: Welcome Back Today: How to Reduce Your 2014 Training Expenses with Mentoring Upcoming Wednesday, March 26, 2014: Mentoring and the “Success” in “Succession Planning” View all previous mentoring webinars at mentoringtalent.com/webinars
    5. 5. Who is Insala? Insala improves business performance by developing your talent. We provide solutions to help your employees grow and develop. We offer career development, mentoring, coaching, career transition, and alumni program solutions to help you do just that.
    6. 6. Discussion Groups and Social Networking LinkedIn • Follow our company page: www.linkedin.com/company/insala • Join our LinkedIn Group: Hi-Impact Mentoring® Thought Leaders’ Club Blog January is National Mentoring Month! Visit our blog (blog.insala.com) for a celebration through the rest of the month.
    7. 7. Our Unique Mentoring Solution: The Hi-Impact Mentoring® Approach Consulting = Sustainability Training SaaS Technology
    8. 8. What You’ll Learn Today 1. Pros and Cons of Mentoring and Training 2. Calculating ROI 3. Best Practices for Supplementing Training with Mentoring 4. Best Practices for Substituting Mentoring for Training 5. 3 Case Studies
    9. 9. Pros and Cons: Mentoring vs. Training
    10. 10. Training: Pros and Cons Pros: Cons:  Wide availability of training for any learning need  Can be costly in terms of time and money (whether produced in-house or using a vendor)  Certifications available  Track record of success  Pre & post assessments  Travel costs must be considered with classroom format  Special technology requirements if webinar/remote format is required  Structured and consistent  Not all information is retained  If created in-house, program can be duplicated for minimum expense  Limited real world experience  Can be more theoretical than practical
    11. 11. Mentoring: Pros and Cons Pros: Cons:  Cost-effective when internal talent expertise is used  Can be difficult to structure the program  70/20/10: information learned on the job is reinforced  If no commitment from mentor or mentee, learning may not occur  Information is provided in shorter segments  Mentor may not be an expert  Learning is more specific to needs and culture of the organization  May be no qualified mentors for a specific learning need  Mentee learns from someone who has experience  More difficult to measure
    12. 12. Cost Analysis
    13. 13. Cost Analysis John is a Dallas-based salesperson who has been transitioned into a new role, and will be selling a different product than he has previously been responsible for. John needs to learn about the product, the product’s markets, and the organization’s sales process for the product. There are three learning options for John: 1. 3 days of training at headquarters in NYC. 2. Assigning John a mentor who can teach John remotely over 2 months. 3. Training supported by mentoring over 2 months.
    14. 14. Training: Cost Analysis $2,700 $4,700 $1,200 Costs for a 3-day training course: John’s travel: $1,200 John’s daily salary: $1,500 Cost of Training Course: $2000
    15. 15. Mentoring: Cost Analysis $700 $600 $300 Costs for 2-month mentoring program: (weekly meetings for two months) Mentor’s time: 8 hours = $300 John’s salary: 8 hours = $300 Program administration: $100 Total: $700
    16. 16. Training Supported by Mentoring: Cost Analysis Costs for 1-day training course supported by 2-month mentoring program: $900 $2,200 $600 $1,900 $2,500 $2,600 Training: John’s travel: $600 John’s salary: $300 Cost of basic training course: $1,000 Mentoring: (weekly meeting for 2 months) Mentor’s time: 8 hours = $300 John’s salary: 8 hours = $300 Program administration: $100 Total: $2,600
    17. 17. Comparison of Totals: Cost Analysis • Training: $4,700 • Mentoring: $700 • Training supplemented with mentoring: $1,600
    18. 18. Best Practices: Mentoring vs. Training
    19. 19. Best Practices: Supplementing Training with Mentoring 1. Determine if mentoring is appropriate to supplement the focus of the training course (i.e., for hands-on technical training). 2. Confirm that qualified mentors are available. 3. Time the mentoring program and partnerships to begin immediately after training ends to promote reinforcement. 4. Use the assessment at the end of training to make the mentoring learning plan more specific to the mentee’s goals. 5. Assess the mentee again after the partnership to measure the learning that took place.
    20. 20. Best Practices: Substituting Mentoring for Training 1. Determine if mentoring is able to achieve learning goals and objectives. 2. Win hearts and minds of all stakeholders (including mentees, mentors, managers, and leadership). 3. Agree on structure, process and learning goals for the partnerships. 4. Confirm that qualified mentors are available. 5. Ensure that mentors and mentees are committed and understand their roles in the partnership. 6. Obtain manager support and understanding of their role in the mentoring partnership 7. Assess learning at end of partnership.
    21. 21. Case Studies
    22. 22. Case Study #1: Overloaded Training Staff SCENARIO: Pharmaceutical Company • On-board and train approximately 50-60 new hires every quarter. • The training staff is overloaded with new hires • From exit and satisfaction surveys existing employees are complaining that no training is being offered
    23. 23. Case Study #1: Overloaded Training Staff VERDICT: SUBSTITUTE MENTORING FOR TRAINING • Mentoring program is created to replace onboarding training program • However… • Training staff is concerned about how the shift to the mentoring program will affect their performance goals, and fighting the perception that “mentoring” was just a quick-fix.
    24. 24. Case Study #1: Overloaded Training Staff RESULTS: • Success measurements include faster learning curve (increase of 5 weeks faster). • Self-sustaining: mentors and mentees apply to be mentors in next round • Calls to HR staff regarding information delivered during onboarding were reduced • Managers and supervisors satisfied and impressed with results • Training staff realize that satisfaction with the overall solution is more important than adhering to traditional training and expectations
    25. 25. Case Study #2: Slow Speed-to-Productivity SCENARIO: Technology Company • Average speed to productivity for a sales role is 18 months • Organizational leadership and direct line managers saw the need to accelerate this learning curve • Bad reflection on company and its reputation when sales representatives need to keep calling their managers for clarification during meetings
    26. 26. Case Study #2: Slow Speed to Productivity VERDICT: SUPPLEMENT TRAINING WITH MENTORING • Mentoring program implemented to deliver on-the-job experience to supplement classroom learning • As a pilot trial, not all employees in this particular job role participate in the mentoring program
    27. 27. Case Study #2: Slow Speed-to-Productivity RESULTS: • Employees who have classroom training without following up with on-the-job mentoring have slower learning curve than employees who participated in both • Over time, the average speed of learning curve for this job role decreases by 28%: from 18 months to 13 months
    28. 28. Case Study #3: Limited Training Budget SCENARIO: Automobile Manufacturer • Over two years, employee population grows but training budget remains the same • Increased quantity of training needs but same resource capacity
    29. 29. Case Study #3: Limited Training Budget VERDICT: SUPPLEMENT TRAINING WITH MENTORING • Organizational leadership identifies professional development areas on which there should be focus • L&D determines developmental activities that can be accomplished within mentoring relationships
    30. 30. Case Study #3: Limited Training Budget RESULTS: • Crucial funding freed up • Efficient and cost-effective use of training budget • Increased hours of professional development activities • No increase of training costs
    31. 31. How Can We Help You? 1. EVALUATE what a structured mentoring program can achieve for your organization, using the Hi-Impact Mentoring® Readiness Workshop 2. DETERMINE how your organization can roll out mentoring as an effective talent development initiative 3. IMPLEMENT a successful mentoring program using our online mentoring solutions and training 4. ACHIEVE maximum program ROI and demonstrate results
    32. 32. Final Thoughts Mentoring can be used to supplement or replace training Mentoring, like training, should be formalized, measured, and tied to business objectives Make your mentoring program successful by defining and clarifying purpose and roles, providing training, and attaining sponsorship
    33. 33. Questions? Contact Insala to learn more – New York | London | Dallas www.insala.com | www.mentoringtalent.com Email: info@insala.com US: +1 817.355.0939 UK: +44 (0)207 297 5940 Check out our blog at blog.insala.com for special posts in celebration of National Mentoring Month Join our Hi-Impact Mentoring® Thought Leaders Club for: • A copy of today’s slides • A link to the webinar recording • A poll and discussion about the effectiveness of training vs. mentoring

    ×