Three Important Training KPIs You Should be Tracking
Tracking representative training and measuring training effectiveness is a key objective of any compliance department. Like any other business function, you need to know what is working, the level of its success and what can be improved upon. One of the easiest ways to go about this is by defining some key performance indicators, better known as KPIs.
In this blog, we’ll look at three KPIs that can provide data to back up the value of your training program.
Average Test Score
There are many reasons why you (and regulators) may want to see how many people are passing or failing an exam or course. Running this report across all training activity can help you identify aberrations. For example, if your average exam score for your course on “ethics and professional conduct” is 100% but your course on “Anti-Money Laundering Regulation” is only 65%, then you may need to make some additional improvements to your AML program to help bridge this knowledge gap. Another important metric to gauge is your exam pass/fail rate. If your course’s minimum pass rate is 80%, be sure you’re measuring how many times your staff needed to retake that exam in order to successfully complete it.
At the end of the day, this is the KPI that both you and FINRA really care about – completions. For mandatory training, it’s important that you’re able to showcase a completion rate of 100% at the end of the year. You can run this test a few weeks before your designated deadline, and if the completion rate is less than 100%, you can then reach out to supervisors and staff to make sure training is finished on time. Some systems (like ours) enable you to set up automated training reminders, saving your administrators time while increasing completion rates.
Engagement is the catalyst for real behavioral change. Training shouldn’t just be some online resource where Mike, the new guy, can login to simply check a box; but rather a vehicle that entices change at your organization. This means not only offering interactive training, although that is important, but more specifically analyzing how your staff is engaging with training materials. For us, this comes down to measuring how long your users are spending on each course’s slide and whether or not they’re just clicking through content without actually absorbing the information. If your current training system doesn’t do this, then it’s not pulling its weight.
Using technology, you can conveniently track the effectiveness of your training program by automatically generating reports based on these KPIs. You can also use this information to evaluate training over time or from one department to another. All of these KPIs put valuable and actionable data at your fingertips, thereby increasing the impact of your training efforts.