It’s well known that executive education programs take time, effort, and money, so naturally, companies and learners want to assess if your program will deliver them a good ROI. But how can they assess this? Although ROI can be calculated mathematically (see below), it’s debatable whether the full ROI and positive impact of an executive education program can truly be calculated objectively. In fact, Damian D. “Skipper” Pitts at Fast Company concluded that the factors that promote positive impact and ROI of a leadership program “lie in the hands of the participants going through it” and how they respond to the program upon re-entering the workplace (2019). Pitts also adds that “... measuring ROI begins in the decision and selection process of the individuals chosen to attend.”
The true ROI of an exec ed program is therefore dependent on the program itself, and whether it’s the best fit for the learner, their goals, and their employer. Keep reading to find out more about how this is likely to be determined.
What will companies and learners consider before choosing your online exec ed program?
They may ask themselves questions about everything from the topic to the teaching format, the institution’s reputation, and more. Learners and companies will also have different priorities for a program, and who exactly will make the final decision will be different in each scenario. Regardless, there are certain factors that both learners and companies commonly consider before choosing an online executive education program, and as program providers, you can use these to assess the potential ROI your program could provide them.
Relevance
Probably the most important deciding factor for an online executive education program is its relevance to the goals of the potential learner and their employer. Questions they may ask themselves before choosing a program may include:
- Will the program help work towards the organisation’s short-term and/or long-term corporate goals?
- Will the program help work towards the learner’s personal goals, such as learning a new skill or moving closer to a promotion?
- Will the program help the learner take steps in the right direction of their desired career trajectory?
- Does the program promote emerging leadership skills, eg. AI ethics?
While you should not try to make your program appeal to all learners and companies, do promote it in a clear, efficient way. This will help you hone in on your niche, help your learners see whether your program is the best fit for them, and also help remove barriers from the decision-making process. As a minimum, the following factors should be stipulated clearly in your program’s marketing materials:
- Program length and time (eg. how many months it will take to complete and how many hours per week is recommended for study)
- Teaching format (eg. if teaching takes place online, face-to-face, or in a blended environment)
- Learning outcomes (eg. what skills or knowledge learners will obtain by the end of the program)
- Multi-modular curriculum (eg. whether your program is divided into multiple modules and what these consist of)
Reputation
Anyone looking to choose an online executive education program will consider the program’s - and the institution’s - reputation. As a program provider, it’s therefore important to put alumni testimonials and faculty qualifications front and centre in your marketing materials, such as on your website, to give your program stronger social proof. Faculty members with practical expertise that match the goals of potential learners will also help increase the value of your online exec ed program, so remember to promote these as well.
Networking Opportunities
It’s likely that learners in particular will place great importance on the potential your online program brings for networking with peers, mentors, and industry experts. These connections can provide long-term value, which increases the potential ROI of your program for companies and learners. So, if your executive education exists within a collaborative alumni community, make sure to promote this.
Quality
Even if an online executive education program is relevant and has a great network, if the lesson quality is low then companies and potential learners will be put off from choosing your program or even feel misled later on. We’ve compiled some tips and tricks to develop quality online programs, but considering the personalised support of online learning designers is recommended. Experts in digital learning and executive education can help maximise the quality of your executive education program and ultimately maximise its ROI for learners.
ROI Calculation
Finally, while the ROI of an executive education program is subjective and mainly determined by the above factors, there is a simple calculation that companies and learners may do to assess the personal financial worth of the program.
Firstly, the costs of the following will be calculated:
- program fee
- Travel/hotel expenses
- Any other investments put into the endeavour
Then, the potential financial worth of these opportunity costs may also be considered:
- Time off work, in particular any assignments or projects missed
- Any missed salary
Finally, these costs will be totalled up and divided by the learner’s projected salary revision. This will highlight how long it’ll take the learner to pay off the cost of the executive education program.