{"id":57393,"date":"2020-09-09T06:00:59","date_gmt":"2020-09-09T10:00:59","guid":{"rendered":"https:\/\/trainingindustry.com\/?post_type=articles&#038;p=57393"},"modified":"2020-09-04T10:13:52","modified_gmt":"2020-09-04T14:13:52","slug":"great-training-organizations-master-the-art-of-portfolio-management-in-three-steps","status":"publish","type":"articles","link":"https:\/\/trainingindustry.com\/articles\/strategy-alignment-and-planning\/great-training-organizations-master-the-art-of-portfolio-management-in-three-steps\/","title":{"rendered":"Great Training Organizations Master the Art of Portfolio Management in Three Steps"},"author":52,"featured_media":57398,"template":"","tags":[4976,2307,5383,4977,364],"class_list":["post-57393","articles","type-articles","status-publish","has-post-thumbnail","hentry","tag-great-training-organizations","tag-learning-portfolio","tag-portfolio-management","tag-process-capabilities","tag-strategic-alignment","global_topic_tax-strategy-alignment-and-planning"],"acf":{"sponsored":false,"gated":false,"gated_content_type":"","file_attachment":null,"gated_content":"","form_instruction_header":"To access the full article, please fill out the form below:","pardot_html_embed":"","author_override":true,"author_name":"Sarah Gallo ","author_image":38476,"author_bio":"Sarah Gallo is an associate editor at Training Industry, Inc., and co-host of\u00a0<a href=\"https:\/\/trainingindustry.com\/training-industry-podcast\/\" target=\"_blank\" rel=\"noopener\">The Business of Learning<\/a>, the Training Industry podcast.","excerpt":"With the coronavirus pandemic impacting businesses worldwide, it is vital that learning leaders continuously assess their training portfolios to ensure all training initiatives are strategically aligned with business goals.","main_content":"Learning leaders across the globe know the training industry moves at a rapid pace, with demands and best practices shifting alongside evolving business goals. In today\u2019s dynamic business environment, the learning and development (L&amp;D) function must keep its training portfolios fresh with content that addresses not only current business needs but future ones as well.\r\n\r\nMark Doty, MSTD, CPTM, sales training manager at Constellation Brands, defines portfolio management as the training function\u2019s \u201cability to identify, collect and curate resources aligned with business goals.\u201d Effective portfolio management ensures that all training initiatives are up to date and, more importantly, driving business results.\r\n\r\nAfter over a decade of research, Training Industry has identified portfolio management as one of the key process capabilities among <a href=\"https:\/\/trainingindustry.com\/what-makes-a-great-training-organization\/\" target=\"_blank\" rel=\"noopener\">great training organizations.<\/a> With the coronavirus pandemic impacting businesses worldwide, it is vital that learning leaders continuously assess their training portfolios to ensure all training initiatives are strategically aligned with business goals.\r\n\r\nFollow this three-step process to master the art of portfolio management and position L&amp;D as a critical business asset.\r\n<h2>Step 1: Identify Business Needs<\/h2>\r\nWhen managing your training portfolio, Dr. Theresa Horne, CPTM, CSM, SHRM-SCP, senior program manager for the National Labor Relations Board, suggests looking at \u201cwhere the money is invested\u201d and considering each course\u2019s organizational impact based on \u201cwhere the future of the business is going.\u201d\r\n\r\nReview your training portfolio after conducting a <a href=\"https:\/\/trainingindustry.com\/glossary\/needs-analysis\/\" target=\"_blank\" rel=\"noopener\">needs analysis<\/a> to drive strategic alignment between training and business goals, Horne says. After all, part of <a href=\"https:\/\/trainingindustry.com\/articles\/strategy-alignment-and-planning\/strategic-alignment-the-foundation-of-a-great-training-organization\/\" target=\"_blank\" rel=\"noopener\">achieving strategic alignment<\/a> is ensuring you have the \u201cportfolio elements\u201d to support the organization\u2019s future needs.\r\n\r\nTo stay abreast of business priorities, Julie Kirsch, CPTM, director of training and development at Calibre CPA Group, PLLC, suggests:\r\n<ul>\r\n \t<li style=\"list-style-type: none;\">\r\n<ul>\r\n \t<li>Conducting regular <a href=\"https:\/\/trainingindustry.com\/glossary\/needs-assessment\/\" target=\"_blank\" rel=\"noopener\">needs assessments<\/a>.<\/li>\r\n \t<li>Meeting with leadership annually or based on the \u201ccycle of your organization.\u201d<\/li>\r\n \t<li>Reading and staying up to date on industry trends and best practices.<\/li>\r\n \t<li>Participating in professional activities to \u201ccreate and maintain a network of industry peers\u201d who can offer tangible insight.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>","full_width":false,"content_band":[{"acf_fc_layout":"social_callout","blockquote":"Training professionals should review each course in their portfolio through a \u201cstrategic alignment lens.\u201d"},{"acf_fc_layout":"content_area","wysiwyg":"<h2>Step 2: Strategically Assess Your Portfolio<\/h2>\r\nAfter identifying business goals, training professionals should <a href=\"https:\/\/trainingindustry.com\/wiki\/content-development\/portfolio-rationalization-four-quadrant-model\/\" target=\"_blank\" rel=\"noopener\">review each course in their portfolio<\/a> through a \u201cstrategic alignment lens,\u201d Doty says. To strategically assess your training initiatives, he suggests asking the following three questions:\r\n<ul>\r\n \t<li style=\"list-style-type: none;\">\r\n<ul>\r\n \t<li>How does this course support business priorities?<\/li>\r\n \t<li>How does this course build the capabilities required to drive human capital performance?<\/li>\r\n \t<li>How does this course impact organizational culture?<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\nIf the answer to all three of these questions is \u201cyes,\u201d it is safe to say that the course should remain in your training portfolio. If not, it could be time to update or retire the course.\r\n\r\nAs L&amp;D often has limited time and resources, effective portfolio management means prioritizing courses that address the most urgent business needs, Horne says. For maximum return on investment (ROI), learning leaders should include multiple delivery modalities for high-priority courses in their portfolios, she notes.\r\n\r\nAssessing your training portfolio against your organization\u2019s most pressing business needs and retiring, updating and adding courses accordingly is essential to successful portfolio management.\r\n<h2>Step 3: Adapt When Necessary<\/h2>\r\nIn today\u2019s corporate landscape, effective portfolio management requires \u201cmanaging change in a fluid industry,\u201d Horne says. \u201cThis means being able to quickly rework the budget to the shifting business needs and offer multiple modalities for critical learning needs.\u201d\r\n\r\nAs business needs shift, L&amp;D leaders need to provide \u201cquick and effective training\u201d on the technologies and skills learners need to succeed in the remote workplace. For example, after many companies shifted to a remote workplace in light of the COVID-19 pandemic, learning leaders across industries have had to adapt their portfolios on the fly, embracing <a href=\"https:\/\/trainingindustry.com\/glossary\/remote-learning\/\" target=\"_blank\" rel=\"noopener\">remote learning<\/a> and adding timely courses on topics such as <a href=\"https:\/\/trainingindustry.com\/continuing-professional-development\/agile-certification-for-hr-and-ld\/\" target=\"_blank\" rel=\"noopener\">agility<\/a> and <a href=\"https:\/\/trainingindustry.com\/articles\/leadership\/3-leadership-skills-for-leading-remote-teams\/\" target=\"_blank\" rel=\"noopener\">leading remote teams<\/a>.\r\n\r\nAdapting your portfolio to current business priorities and delivering training initiatives \u201con time and on budget\u201d will help \u201cmaintain the L&amp;D function\u2019s credibility within the larger organization\u201d and generate stakeholder support, says Doty.\r\n\r\nWhile Walker says portfolio management is not necessarily the most exciting part of the training manager role, it is an essential one. It ensures all training initiatives are up to date and aligned with the business goals they support. By following the three steps outlined in this article, you will be well on your way toward mastering the art of portfolio management and increasing your L&amp;D function\u2019s business value. In today\u2019s turbulent economy, that <em>is<\/em> pretty exciting."},{"acf_fc_layout":"social_callout","blockquote":"Learning leaders across industries have had to adapt their portfolios on the fly."},{"acf_fc_layout":"content_area","wysiwyg":"[hubspot type=\"form\" portal=\"47185625\" id=\"31abc617-027a-47ea-a085-16e2fd6a2d32\" version=\"v4\"]\r\n\r\n<script> $(document).ready(function() {iFrameResize({},'[data-form-id=\"31abc617-027a-47ea-a085-16e2fd6a2d32\"] iframe') }); <\/script>"}],"tice_sponsors":"","custom_dfp_keywords":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Master the Art of Portfolio Management in Three Steps<\/title>\n<meta name=\"description\" content=\"Learning leaders must continuously develop their portfolio management capabilities to ensure training efforts are strategically aligned with business goals.\" \/>\n<meta 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