What are some metrics you look at to determine the success of your L&D initiatives and/or LMS platform. Do you measure employee performance in any way?

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Measurement can be very tricky but at the very least I would recommend measuring against the initiatives objectives. E.g. If an onboarding program was intended to increase speed of competence to productivity. You could say it reduced time to productivity by 1/2 a day and even turn that into $ to get an ROI.
Soft skills and leadership skills can be measured through self and 360 assessments.

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Without layering in productivity measures the only thing you can look at is reduction of time spent in orientation and dollars saved.

You can assume a half day saved in orientation was likely fluffy content and is being delivered elsewhere through performance support... For example when you start looking at ROI and significant program changes to really identity the impact you have to look to ensure time to prod hasn't deminished greatly and that it's speed up/stayed flat and been sustained, or there's isn't an increase of attrition due to a decrease in sufficient learning at initial and confusion or that there isn't increase of compliance incidents.

And yes, I agree self assessments and 360s are helpful ways of tracking employees performance changes and you can sometimes (not in all cases) tie learning initiatives to behavior changes/improvement in scores.

LMS data is limited, most of them (and how most courses are built) focus on time spent or completion status. Most assessments are built so poorly, that a passing score just looks at recall, or ability to find the answer and don't look at behavioral changes.

You need to layer in other points of data to tell the story--employee engagement, performance data (ie systems data, or data based in sales changes), customer feedback/metrics. If you have good data elsewhere you can start to identify learning/training initiatives you want to evaluate pre and post for impact.

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