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Turnover Gaps—Training that supports employee orientation to the organization or to a new business unit 3. Individual Skill Gaps—Training that is unique to an individual’s performance 4. Strategic Change Gaps—Training to facilitate a new direction or to promote a change in culture • Understand the business plans before developing your own plan for training. Linking the two will provide the greatest benefit to the organization. • Research the best method for budget projections for your organization, considering the following sources: ✓ Competitor research ✓ Organizations with the same employee base ✓ Government research ✓ Industry and association research ✓ Recruitment plans ✓ Retirement projections ✓ Product upgrades ✓ Equipment upgrades 41 ..........................
Compare your figures to establish your business case for training. This exercise not only identifies actual costs and realistic savings but also ensures that your training expectations are reasonable and targeted to measurable business outcomes. 10916$ $CH3 10-21-04 08:00:28 PS PAGE 49 50 Maximizing the Training Investment Alternatives to Training O rganizations want to find the fastest, most realistic way of closing a knowledge or skill gap. Do an upfront needs analysis to make sure that training is the answer.
Once you have collected your information and formulated your plan, meet with key decision makers and present your findings. Your report, oral or in writing, should cover the following topics: • The problem • The cause • Recommended solution • Your action plan • The cost and benefit • Approvals required .......................... ’’ —euripides Greek Playwright and Author of Phrixus T ypically, 360-degree feedback is the collection and examination of data, observations, and expectations from a variety of sources in order to determine improvements required and the anticipated results.