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: info@insala.com

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