Three Key Ways to Get the L&D Budget You Need Approved
Getting an L&D budget approved can be a bit tricky. Often, executives view learning as a cost instead of an investment, which can contribute to the difficulty. But with more workforces switching to hybrid or fully remote, L&D is seeing a need for an increase in budget. If you’ve got a budget meeting on the horizon, you’ve come to the right place. We’ll be teeing up three tips to help you get your budget cleared.
Three Ways to Get the L&D Budget You Need
- Connect L&D goals to company goals. This is key to getting executives on board. If you’re able to connect the goals of L&D to the overall goals of the organization, you’ve set yourself up for success. For instance, onboarding training goals should connect to employee retention goals, and sales training should connect to the organization’s sales strategies and revenue goals.
- Analyze your collected data for decision-making. Collecting and analyzing learner data can be powerful by objectively showing what your learners want and need. Your budget plan should explain the gaps you’re trying to fill with any new training software as well as how you’ll measure the impact of said purchase. Make sure you communicate your intention to make data-driven changes in organizational learning and development that will help to improve employee and customer education.
- Use reputable case studies, data, and research. Before asking executives and other company leaders for funds for new learning technologies, platforms, consultant services, or other resources, do some research. Be prepared to showcase case studies and other relevant research with data that helps prove the value of the new tool or service you want to invest in. Don’t forget to connect this information back to company goals to demonstrate its relevance to any executive or leader concerns.
Developing and presenting budgets can be a daunting task, especially when you’re seeking approval, but the more you do it, the better you’ll get at it. Additionally, remembering to constantly connect relevant data and research back to your organization’s objectives should make it easier for you to land the L&D budget of your dreams.
If learning more about L&D budgeting or how Vayability can help develop your emerging talent is something that interests you, get in touch with us today.
Vayability is a leadership development platform built from the ground up to accelerate the development and business impact of emerging talent. Combining more than 20 years of executive learning, Vayability focuses on impactful leadership skills, personalized learning, live coaching, and measurable growth. Find out how top companies embrace success at vayability.net.
Written by Rachel Strysik