Unlocking Success: The top 10 Workforce Education Metrics for 2024

Unlocking Success: The top 10 Workforce Education Metrics for 2024

Source: Human Resource Executive Jan 2024

 

Below are 10 important things to measure in 2024 to show that educating your workforce is a good investment.

 

1. Program Participation Rate:

• This measures how many employees join the program. A low rate may mean the program is too hard to join or not well-advertised. A high rate shows it's popular and worth continuing, with goals of 2% for traditional programs and 5-10% for direct-bill programs.

2. Employee Retention Rate:

• Employees who take part in these programs often stay longer at the company—over 90% compared to around 60% for non-participants. This shows the value of investing in employee education.

3. Program Attraction Rate:

• The number of new hires who joined because of the education program. This helps shape recruitment strategies and attracts talent valuing growth opportunities.

4. Participant Demographics:

• Collecting data on participants' backgrounds helps tailor more inclusive and effective education programs and address any gaps in participation among diverse or lower-wage employees.

5. Completion Rate:

• Tracking how many employees finish the program helps assess its success and identify areas for improvement, especially if dropout rates are high in certain areas.

6. Promotion Rate:

• The rate at which participants advance in their careers shows the program’s effectiveness in fostering internal talent development, with participants often seeing two to three times more promotions.

7. Employee Experience:

• Gathering feedback on program engagement and satisfaction, using surveys and conversations, provides insights beyond just data, highlighting areas for enhancement.

8. Budget/ROI:

• Evaluating the financial benefits versus the costs of the education program ensures it aligns with company goals and provides value to both employees and the organisation.

9. Participant Productivity:

• Comparing the productivity of employees in the program to those not participating helps demonstrate the program’s impact on performance and outcomes.

10. Tuition/Debt Savings:

• Showcasing the program’s role in reducing or avoiding student debt for employees underscores its financial benefit and contribution to avoiding the burden of tuition costs.

Reach out to us for our catalogue of latest course offerings to service@blazingmoon.co.za