Hi Lisa,
In addition to what Scott outlined (which we do as well), we also track the L&D team's time. For example, how much time do they spend facilitating versus creating training materials. We use this information to better plan projects, deadlines, and training.
We use Kirkpatrick's four levels of training evaluation to measure training impact and effectiveness. Level 4 is where we can truly measure how our training is supporting our organization. Nearly every training we do is aligned with measurable organizational goals, and we do this to ensure that we aren't doing training just to do training.
We measure how much time employees spend on training outside of their mandatory training requirements. Our LMS, Axonify, gives us these metrics and has helped us see what employees want to learn and how much time they are allocating to it.
Another thing we measure is knowledge growth. Again, using our LMS, we are able to see what the baseline is for knowledge on a subject and see how it grows (or doesn't) over time. This helps us identify any areas and/or employees that need additional training.
I have a monthly meeting with the President, and one with the Chief Operations Officer. I am also on the board of directors, so I have the opportunity to share these metrics frequently. We also have an L&D Committee that meets bi-monthly, and several of our SVP-level managers participate in this meeting. We share metrics, plan training, identify needs, etc. during these meetings. We also have a couple of dashboards through SmartSheet. One shows how time is spent in L&D, and one tracks the training evaluations we have employees complete after each training.