6 Smart Ways to Minimize Your Corporate Training Cost With eLearning from Lakshmi Puleti's blog

The average per-employee global corporate training cost has steadily increased over the years. Employers worldwide, last year, spent on average USD1,308 U.S. dollars per employee on learning and development. Again, as per Training Industry, 14 percent of businesses planned to cut staff training costs in 2019. These values have increased by 5% year over year. It’s no surprise, really. What a year it’s been! Perhaps your training budget has been cut.

Corporate Training And Its Related Factors

Let’s start with a look at the factors that influence training costs. Three factors decide how much you’ll spend on corporate training:

The size of the company

One size does not fit all, and different firms may afford additional training depending on their earnings and personnel numbers.

Industry

Jobs in other fields, such as leisure and hospitality or maintenance, don’t require much skill or experience, and on-the-job training is usually enough. Other businesses, in turn, encourage substantial training—for example, Amazon, which retrained 100,000 non-technical employees to work in software engineering.

Corporate Training Cost: What Are The Hidden Expenses?

The hidden costs are non-obvious aspects that influence your corporate training platformcost and are something that you should anticipate. We can identify two major factors: turnover rate and productivity and profit loss.

Turnover rate 

31% of new employees leave their jobs within the first six months. So you may have paid to train your employees, yet a third of them depart. Your training efforts are at risk of losing effectiveness due to this turnover, and something needs to be done about it.

How To Calculate Your Corporate Training Cost?

How can you figure out how much money you will spend as part of your corporate training cost? Training demands may determine your training budget. The following is a typical list of costs associated with face-to-face training:

• Cost of learning contents and external trainers

• Fees for instructors

• Travel and Accommodations

• Amortization of software or equipment

• Salaries for talent development teams

4 Smart Ways To Reduce Corporate Training Cost With eLearning

E learning management systemis a great approach to refresh your training by using existing sources. Let’s look at how you can use these forms of eLearning content to replace pricey training events:

Videos

Videos are an excellent place to start if you want to save on your corporate training cost. To begin with, finding curated content on the Internet is relatively simple. Second, you can always organize it into YouTube playlists for internal usage. The L&D team’s IBM Training channel is a well-known example. Department updates, town hall meetings, video lessons, interviews, and more are all available there.

Employees can also be assigned MOOC video-based courses to take knowledge tests and receive certificates of completion. The problem is that the content from these sources may not be precise enough for your training requirements. It will also be unsuitable for skill training that requires a structured, practice-oriented approach.

In-house course creation

You can take current information or assets that can be ‘recycled’ as learning content and turn them into fully functional online courses. You can choose interactive courses that will serve as your ‘golden mean,’ combining theory and practice, covering the most prevalent training topics at a low cost.

LMS

A learning management system(LMS) is a platform that allows students to access the courses you’ve created for them. You may store courses, exams, and videos in an LMS, assign them to a specific student, group, or department, provide live help via an embedded chat, and track their training performance. LMSs enable you to oversee and control the entire training process without the need for outside assistance.

Microlearning

raining should not always focus on and educate major strategic issues. Minor tweaks can make a significant difference when it comes to learning. As a result, it can be tailored to a specific requirement, given on demand, and comprise a different technique — microlearning.

Microlearning is based on the concept of learning nuggets, which are small chunks of information. They can be a quick (but comprehensive) online lecture, presentation, video tutorial, screencast, podcast, quiz, game, or other types of content. Microlearning courses are less expensive. However, you usually require a large number of them.

Conclusion

It is only logical that you want employee training to be effective and affordable. Using eLearning to start in-house training and relying on internal resources will be a good solution. You can significantly reduce your corporate training cost, and retain the effectiveness of training via eLearning. We hope you find this post helpful and that it provides you with a fresh perspective on training in your organization.