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Measuring Return on Investment for Professional Development Activities: Implications for Practice.

Cathleen Opperman1, Debra Liebig, Judith Bowling

  • 1Cathleen Opperman, DNP, RN, NEA-BC, CPN, is Nurse Specialist, Professional Development, Nationwide Children's Hospital, Columbus, Ohio. Debra Liebig, MLA, BSN, RN-BC, is Director, Nursing Retention, Truman Medical Center, Kansas City, Missouri. Judith Bowling, MSN, MHA, RN-BC, is Clinical Learning Educator, Baptist Health South Florida, Miami, Florida. Carol Susan Johnson, PhD, RN, NE-BC, is NCC Magnet® Appraiser and member, Commission on Accreditation, Fort Wayne, Indiana. Mary Harper, PhD, RN-BC, is Director, Nursing Professional Development, Association for Nursing Professional Development.

Journal for Nurses in Professional Development
|July 20, 2016
PubMed
Summary

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This summary is machine-generated.

Quantifying the return on investment (ROI) for nursing professional development is crucial for informed decision-making. This study provides practical financial analysis methods and examples for practitioners to assess the worth of educational activities.

Area of Science:

  • Nursing Professional Development
  • Healthcare Education
  • Financial Analysis in Healthcare

Background:

  • Assessing the financial impact of professional development (PD) activities is essential for resource allocation and demonstrating value.
  • Part 2 of a series, this article focuses on the practical financial analysis of nursing PD.
  • Identifying and quantifying resources consumed by PD is key to determining its worth.

Purpose of the Study:

  • To define terms and formulas for financial analysis of nursing professional development programs.
  • To demonstrate how financial analysis can guide decision-making for PD investments.
  • To provide a practical "how-to" guide for nursing PD practitioners.

Main Methods:

  • Defining key financial analysis terms and formulas relevant to PD.

Related Experiment Videos

  • Applying financial analysis to three common, fictitious nursing PD learning activities.
  • Illustrating the quantification of resources and calculation of ROI for PD.

    • Main Results:

    • The financial analysis framework allows for the quantification of PD costs and benefits.
    • Case examples demonstrate the calculation of ROI for specific nursing educational interventions.
    • The study provides a replicable model for practitioners to evaluate their own PD programs.

    Conclusions:

    • Financial analysis provides a measurable basis for evaluating the ROI of nursing professional development.
    • Implementing these financial analysis techniques can optimize PD investments and drive strategic decision-making.
    • This practical approach empowers nursing PD practitioners to justify program value and resource allocation.