{"id":7948,"date":"2023-05-31T12:21:34","date_gmt":"2023-05-31T12:21:34","guid":{"rendered":"https:\/\/welove.netexlearning.com\/?p=7948"},"modified":"2023-10-02T10:26:38","modified_gmt":"2023-10-02T10:26:38","slug":"getting-the-most-out-of-your-ld-budget-why-preparation-is-key","status":"publish","type":"post","link":"https:\/\/welove.netexlearning.com\/en\/blog\/getting-the-most-out-of-your-ld-budget-why-preparation-is-key\/","title":{"rendered":"Getting the most out of your L&D budget: Why preparation is key"},"content":{"rendered":"\n

Do you know what considerations you need to make when setting your L&D budget? Or even where to start when building a business case to senior stakeholders when requiring the funds for training?<\/em> <\/p>\n\n\n\n

Securing budgets for training has always been a challenge.\u202fOrganisations have many competing needs for funds, learning is just one in a long list of investment needs.\u202fSo, what can L&D do to ensure learning is not the poor relation when it comes to capital spend? <\/p>\n\n\n\n

Like many things, planning and preparation is absolutely fundamental. By spending time establishing learning needs and how learning activity will impact on individual, team, departmental, and organisational performance. <\/p>\n\n\n\n

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I\u2019d like to share a few observations and thoughts about some of the actions you can consider to help you secure and get the most of your L&D budget. <\/p>\n\n\n\n

Why do you need to invest in your learners: What do they need to learn? <\/h2>\n\n\n\n

The value of learning shouldn\u2019t be underestimated, and therefore the investment to properly provide this learning is paramount. Unfortunately, though, too many times, when budgets get slashed, the L&D budget is one of the first pots impacted. To help ratify this, when it comes to obtaining a budget for your L&D programmes, so much more needs to be done in the \u2018preparation\u2019 stage, to prove its worth, that may just help protect it in the future. This article looks at what you need to consider when building a case for your L&D budget. <\/p>\n\n\n\n

In a recent survey with over 2,000 of our learners we asked what their main motivation to learn at work was, and a staggering\u202f82.7%\u202f<\/strong>said to\u202fimprove their skills.\u202f<\/strong>This has not been more important than right now when we are faced with huge industry wide skills gaps. <\/p>\n\n\n\n

In fact, in an\u202finterview<\/a>\u202fwe conducted with\u202fNick Bate, Co-Founder & Director\u202f<\/strong>of\u202fBlue Eskimo<\/strong>, leading specialist recruitment company which focuses on servicing the UK learning sector, Nick was keen to point out that\u202f:<\/p>\n\n\n\n

\"Nick<\/figure>
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\u201cMany job roles and functions of today won\u2019t even exist in ten years\u2019 time, so the pressure and demand on L&D teams to re-skill and up-skill is probably higher than it has ever been. Having this ability to plan for the future will enable these organisations to remain competitive.\u201d <\/strong><\/p>\n\n\n\n

Nick Bate<\/strong><\/a>
Co-Founder & Director\u202fof\u202f Blue Eskimo<\/a><\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n

Seeing stats like this only reinforces the need for L&D budgets to properly support training programmes. <\/p>\n\n\n\n