Learning & Development Budget:Definition

What to take into consideration when setting a budget?👇

🔢 Business priorities and aspirations. E.g., if a restaurant chain wants to open three additional restaurants in different locations, provision for extra training & development needs to be made

🔢 The current situation: is the company expanding or, maybe, downsizing? Are there any new products or services that will be offered this year to the customers?

🔢 New and upcoming industry trends and challenges

🔢 Are there any changes to L&D facilities? Maybe, you have a training center or meeting room that needs to be renovated?**

🔢 Are you going to introduce any new learning offerings to your employees? Maybe, you want to give them access to LinkedIn Learning or any other similar platform?

🔢 Last year’s budget is often considered or even taken as a base for the next year’s budget.

🔢 What L&D budget will cover? Is it only learning or well-being? Employee onboarding and employee engagement events are often part of it

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