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How can we measure the impact of Training & Development on the business?

This is the bottem line question that is being asked by CEO's and F.D's across most leading organisations - especially in today's climate of recession. All businesses are under pressure to perform and any investments are scrutinised and questioned, especially those with a "softer side" and some times training is seen in this light.
So what is the business case for investing in training and development and how do we go about establishing and measuring it?
The key steps to follow are to establish the links between developing staff through specific training & development interventions ,
leading on to the acquisition of new Knowledge, skills and behaviours, producing improved productivity, service offerings, sales growth or cost savings, which should eventually flow through into business and financial improvements.
If we look more closely at the last three steps in this chain then we can start to see what we should be measuring.
The acquisition of new knowledge, skills, attitudes and behaviours can be measured through appraisals, competency frameworks, internal 360 or external marketplace surveys. You can also look for positive indicators in the business such as "right first time" approaches, streamlined processes, new innovation and design and a more proactive and planned approach.
Improved productivity, service offerings can be measured through your organisations existing key performance indicators/business measurement system - you do not have to invent brand new measures.
Finally improvements in your business performance can be measured through your business plan targets and objectives which might include things like, market share growth, sales and rvenue growth, moving into new markets or services, acquisition of new clients and finally but fundamentally, revenue, profitability and cash growth.
The key thing to do is to draw the links between these steps that are appropriate for your business, to build the business case for training and development based on them and to measure and monitor progress.