6 Ways Offering Online Training to Your Employees Can Save You Money
Originally Published by The Capterra Training Technology Blog
Employee training is the first step towards taking an enterprise to the next level.
Still, many companies decide not to train their employees, convinced that training will cost them a lot, both directly and indirectly.
However, the truth is eLearning platforms not only offer learning flexibility, but also help considerably to reduce training costs. In short, you can save big when switching to online learning — some studies estimate cost savings to be around 50%.
Here are six reasons why online learning can help you save money while properly investing in educating your employees.
1. Lower travel costs
If your company has offices scattered around the globe, you can expect to spend a lot on travel for trainers who have to go from one office to another to deliver their training programs. Similar expenses are generated when employees have to travel somewhere together to receive training. Eliminating these expenses will have a great impact on your training budget. An eLearning platform will render geographical location irrelevant as employees will be able to access it from every corner of the world, at any time.
2. Minimizing lost productivity
This is a more indirect cost employers pay every time their workers are away on training. To make it more visible, you can estimate the total loss of productivity in the following way:
- Total number of employees × their average hourly salary × hours spent on both travel and training per employee
This is the value of your lost productivity. eLearning helps to greatly reduce this loss by allowing employees access to learning materials after-hours and with no travel involved.
3. No venue costs
Small companies usually need to book venues for workshops and training sessions. If you organize those on a monthly basis, this can get very costly. eLearning courses provide an opportunity to cut down on expenses related to event management and arrangements, such as refreshments and lunch. Employees won’t have to spend their full day at the training venues. They’ll also have easy access to learning materials anytime from their workstations or mobile phones.
4. No instructor costs
Most eLearning training programs blend instructor and system-led training types. In eLearning, the learning is mostly in the hands of learners, successfully eliminating the need for hiring full-time trainers or instructors.
5. Reduced material costs
Moving to a virtual learning platform, you’ll no longer have to invest in materials ranging from stationary to print outs, which are usually required during physical training sessions. This will help you to cut down the costs associated with materials and reduce your training expenses. Virtual learning materials allow employees easy access and the opportunity to easily refer back to important points they need while on the job.
6. Measurement and tracking in real-time
With eLearning, you won’t have to spend a second on measuring the results of the training. All tracking is automated and reports are instantly generated. All information about progress is available at all times. Every eLearning management solution will help you keep track and monitor employee progress.
Automated measurement and reporting will make the entire learning process much easier for you to manage. You won’t have to worry about the nature of the training — all of it will be scheduled and delivered automatically. You’ll also see which of your employees may need additional help and can then address those specific training needs on an individual basis.
A study from IDC showed that American companies were able to save between 50% and 70% when replacing instructor-led training with eLearning. eLearning is cheaper and incredibly efficient in boosting employee productivity, improving job performance and contributing to professional development of employees. If you’ve never considered eLearning as a means of training for your organization, it’s time to think again.
