Many companies see knowledge development as a cost item. It's a hassle, it costs money, and to top it all off, you also ‘lose' your people some of the time. But knowledge development is an investment, and like any other investment, it is important to measure. With these tips you will get the management on board.
Measure knowledge development
COVID-19 has accelerated the digital transformation by seven years, according to a study by McKinsey. This means that most organizations are in the middle of a technological transition. Existing services are digitized as much as possible. That requires knowledge. IT knowledge development is therefore important enough for no less than 95% of companies to invest in it. That is a lot. All the more striking that only six percent of companies measure the ROI of IT knowledge development. A missed opportunity. If you know what IT knowledge yields, it is easier to get budget and time for knowledge development from the management.
Knowledge development is of strategic value to an organization. It provides a competitive advantage, better onboarding, greater employee satisfaction and – yes – it delivers hard Pounds. Making tangible what knowledge development actually delivers is difficult, but certainly possible. Research shows that continuous knowledge development leads to an increase in employee productivity of 37 percent and an increase in turnover of an average of ten percent. Employee turnover is down by seven percent. In our whitepaper you will find a number of concrete calculation examples.
Leading the way pays off
How do you get knowledge development on the agenda of the board? Get a clear picture in advance of what knowledge is needed to achieve business goals and set KPIs to measure and monitor the return on knowledge development. It is especially important to ensure that knowledge development is a continuous process. As an IT company you sell knowledge, and if that knowledge is substandard, you throw in your own glasses. You receive complaints and negative reviews. The consequence? You have to bring the knowledge of your people to a higher level at lightning speed, which is much more disruptive than if that knowledge development is a continuous process. Companies that consider themselves successful prove that this approach works. They are stronger in the competition, move more easily with market changes and realize projects faster with less money and more results. So being at the forefront of IT knowledge pays off!
Recommendations for HR
- Map out how you currently facilitate IT knowledge development and look for ways to do this continuously.
- Create a culture that motivates and encourages IT employees to develop themselves.
- Offers employees various (online) learning tools and other information sources.
- Spend more on IT knowledge development than the competition; with that you create a demonstrable advantage.
Would you also like to demonstrate conclusively how many Pounds in knowledge development generates? Download our free whitepaper here ‘How many hard Pounds does knowledge development generate?' Need help to put continuous learning on the agenda and ensure that knowledge development takes on an even more strategic role? We are happy to help you! Feel free to contact us without obligation.