Insala Webinar Series: Webinar 20
How to Reduce Your 2014 Training Expenses with Mentoring
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Blake McDaniel
Webinar FacilitatorInsala
Judy Corner
Mentoring Subject Matter ExpertInsala
Insala Webinar Series: Webinar 20
How to Reduce Your 2014 Training Expenses with Mentoring
Webinar Instructions
Insala’s Mentoring Webinar Series:Welcome Back
Today:How to Reduce Your 2014 Training Expenses with Mentoring
Upcoming Wednesday, March 26, 2014:Mentoring and the “Success” in “Succession Planning”
View all previous mentoring webinars at mentoringtalent.com/webinars
Who is Insala?
Insala improves business performance by developing your talent. We provide solutions to help your employees grow and develop.
We offer career development, mentoring, coaching, career transition, and alumni program solutions to help you do just that.
Discussion Groups and Social Networking
LinkedIn• Follow our company page: www.linkedin.com/company/insala• Join our LinkedIn Group: Hi-Impact Mentoring® Thought Leaders’ Club
BlogJanuary is National Mentoring Month! Visit our blog (blog.insala.com) for a celebration through the rest of the month.
Our Unique Mentoring Solution: The Hi-Impact Mentoring® Approach
Training
Consulting
SaaS Technology
= Sustainability
What You’ll Learn Today
1. Pros and Cons of Mentoring and Training
2. Calculating ROI
3. Best Practices for Supplementing Training with Mentoring
4. Best Practices for Substituting Mentoring for Training
5. 3 Case Studies
Pros and Cons:Mentoring vs. Training
Pros:
Wide availability of training for any learning need
Certifications available
Track record of success
Pre & post assessments
Structured and consistent
If created in-house, program can be duplicated for minimum expense
Cons:
Can be costly in terms of time and money (whether produced in-house or using a vendor)
Travel costs must be considered with classroom format
Special technology requirements if webinar/remote format is required
Not all information is retained
Limited real world experience
Can be more theoretical than practical
Training: Pros and Cons
Mentoring: Pros and Cons
Cons:
Can be difficult to structure the program
If no commitment from mentor or mentee, learning may not occur
Mentor may not be an expert
May be no qualified mentors for a specific learning need
More difficult to measure
Pros:
Cost-effective when internal talent expertise is used
70/20/10: information learned on the job is reinforced
Information is provided in shorter segments
Learning is more specific to needs and culture of the organization
Mentee learns from someone who has experience
Cost Analysis
John is a Dallas-based salesperson who has been transitioned into a new role, and will be selling a different product than he has previously been responsible for.
John needs to learn about the product, the product’s markets, and the organization’s sales process for the product.
There are three learning options for John:
1. 3 days of training at headquarters in NYC.
2. Assigning John a mentor who can teach John remotely over 2 months.
3. Training supported by mentoring over 2 months.
Cost Analysis
Costs for a 3-day training course:
John’s travel: $1,200John’s daily salary: $1,500Cost of Training Course: $2000
Total: $4,700
Training: Cost Analysis
$1,200$2,700$4,700
Costs for 2-month mentoring program: (weekly meetings for two months)
Mentor’s time: 8 hours = $300John’s salary: 8 hours = $300Program administration: $100
Total: $700
Mentoring: Cost Analysis
$300$600$700
Costs for 1-day training course supported by 2-month mentoring program:
Training:John’s travel: $600John’s salary: $300Cost of basic training course: $1,000
Mentoring:(weekly meeting for 2 months)Mentor’s time: 8 hours = $300John’s salary: 8 hours = $300Program administration: $100
Total: $2,600
Training Supported by Mentoring: Cost Analysis
$600$900$1,900$2,200$2,500$2,600
• Training: $4,700
• Mentoring: $700
• Training supplemented with mentoring: $1,600
Comparison of Totals: Cost Analysis
Best Practices:Mentoring vs. Training
Best Practices: Supplementing Training with Mentoring
1. Determine if mentoring is appropriate to supplement the focus of the training course (i.e., for hands-on technical training).
2. Confirm that qualified mentors are available.
3. Time the mentoring program and partnerships to begin immediately after training ends to promote reinforcement.
4. Use the assessment at the end of training to make the mentoring learning plan more specific to the mentee’s goals.
5. Assess the mentee again after the partnership to measure the learning that took place.
Best Practices: Substituting Mentoring for Training
1. Determine if mentoring is able to achieve learning goals and objectives.
2. Win hearts and minds of all stakeholders (including mentees, mentors, managers, and leadership).
3. Agree on structure, process and learning goals for the partnerships.
4. Confirm that qualified mentors are available.
5. Ensure that mentors and mentees are committed and understand their roles in the partnership.
6. Obtain manager support and understanding of their role in the mentoring partnership
7. Assess learning at end of partnership.
Case Studies
Case Study #1: Overloaded Training Staff
SCENARIO: Pharmaceutical Company
• On-board and train approximately 50-60 new hires every quarter.
• The training staff is overloaded with new hires
• From exit and satisfaction surveys existing employees are complaining that no training is being offered
Case Study #1: Overloaded Training Staff
VERDICT: SUBSTITUTE MENTORING FOR TRAINING
• Mentoring program is created to replace onboarding training program
• However…
• Training staff is concerned about how the shift to the mentoring program will affect their performance goals, and fighting the perception that “mentoring” was just a quick-fix.
RESULTS:
• Success measurements include faster learning curve (increase of 5 weeks faster).
• Self-sustaining: mentors and mentees apply to be mentors in next round
• Calls to HR staff regarding information delivered during onboarding were reduced
• Managers and supervisors satisfied and impressed with results
• Training staff realize that satisfaction with the overall solution is more important than adhering to traditional training and expectations
Case Study #1: Overloaded Training Staff
Case Study #2: Slow Speed-to-Productivity
SCENARIO: Technology Company
• Average speed to productivity for a sales role is 18 months
• Organizational leadership and direct line managers saw the need to accelerate this learning curve
• Bad reflection on company and its reputation when sales representatives need to keep calling their managers for clarification during meetings
Case Study #2: Slow Speed to Productivity
VERDICT: SUPPLEMENT TRAINING WITH MENTORING
• Mentoring program implemented to deliver on-the-job experience to supplement classroom learning
• As a pilot trial, not all employees in this particular job role participate in the mentoring program
Case Study #2: Slow Speed-to-Productivity
RESULTS:
• Employees who have classroom training without following up with on-the-job mentoring have slower learning curve than employees who participated in both
• Over time, the average speed of learning curve for this job role decreases by 28%: from 18 months to 13 months
Case Study #3: Limited Training Budget
SCENARIO: Automobile Manufacturer
• Over two years, employee population grows but training budget remains the same
• Increased quantity of training needs but same resource capacity
Case Study #3: Limited Training Budget
VERDICT: SUPPLEMENT TRAINING WITH MENTORING
• Organizational leadership identifies professional development areas on which there should be focus
• L&D determines developmental activities that can be accomplished within mentoring relationships
Case Study #3: Limited Training Budget
RESULTS:
• Crucial funding freed up
• Efficient and cost-effective use of training budget
• Increased hours of professional development activities
• No increase of training costs
How Can We Help You?
1. EVALUATE what a structured mentoring program can achieve for your organization, using the Hi-Impact Mentoring® Readiness Workshop
2. DETERMINE how your organization can roll out mentoring as an effective talent development initiative
3. IMPLEMENT a successful mentoring program using our online mentoring solutions and training
4. ACHIEVE maximum program ROI and demonstrate results
Final Thoughts Mentoring can be used to supplement or
replace training
Mentoring, like training, should be formalized, measured, and tied to business objectives
Make your mentoring program successful by defining and clarifying purpose and roles, providing training, and attaining sponsorship
Questions? Contact Insala to learn more – New York | London | Dallas
www.insala.com | www.mentoringtalent.com
Email: [email protected]
US: +1 817.355.0939
UK: +44 (0)207 297 5940
Check out our blog at blog.insala.com for special posts in celebration of National Mentoring Month
Join our Hi-Impact Mentoring® Thought Leaders Club for:• A copy of today’s slides• A link to the webinar recording• A poll and discussion about the effectiveness of training
vs. mentoring