How to reduce the costs of your corporate training
The Covid-19 health crisis has accelerated change in all aspects of our lives, including corporate training and L&D. The pandemic, which has yet to run its course, is changing the way we train employees significantly, and still troubles the HR departments of all companies. It’s also triggered an unprecedented economic crisis. In this alarming context, the recession is affecting every country and business sector.
When demand changes this drastically, supply must adapt as quickly as possible. Training budgets have been slashed due to companies’ priorities shifting. HR departments are having to take a new, in-depth look at their learning content and methods. With the health and economic crises as they stand, demand for remote training has surged, becoming the new norm in HR. So, how can companies respond to this change while still remaining competitive?
With the advent of new technologies, corporate training has undergone great changes, especially in the variety of formats now offered. Nowadays, there is a multitude of courses that allow students to learn a job and improve their skills. In this context, digital training, in particular, has become a tool that responds to companies’ needs, allowing them to anticipate and support their growth. This sort of employee training is a long-term investment that has effectively set itself apart from the competition by having a much lower cost. Online training focuses on the students’ independence and managers are involved mostly in their guidance. The students’ objective is to drive their own learning and improve their skills.
Why choose e-learning?
In spite of current difficulties, HR departments are aware of the ROI for corporate training and how to finance it. A good price to quality ratio is essential, which is why we’re seeing such an increase in new, online training courses that cost less while still maintaining good quality. This means it’s very possible to save on your training budget.
The adaptability and flexibility characteristic of e-learning makes it more efficient to train more employees than face-to-face training. Once the e-learning content is created, companies discover that the cost of training their employees with this material is considerably lower than having instructor-led training in a classroom.
With e-learning, you can:
- Reduce costs in comparison to face-to-face training (materials, venues, transport, teachers…).
- Improve students’ productivity and provide course updates.
- Offer more freedom during training (especially in the case of unexpected circumstances).
- Guarantee compliance with current regulations related to health and safety.
Choosing online training also allows students to progress at their own rhythm. All they need to do is connect when they’re available. That way they’re free to pause as needed or revise a topic when they want. The content of these courses is also constantly updated, taking into account any new needs that may arise and technological advances.
Game-based learning, effective above all
Taking a more in-depth look into the possibilities of e-learning, we can see how video games in corporate training allow employees to test their knowledge and overcome challenges in the form of levels, which stimulates their autonomy over their own development.
Both training managers and employees can have access to their progress statistics. They can self-evaluate their progress and their expectations, motivating them to keep learning and improving. When students complete a game, they can see their results, analyze and evaluate them, and draw conclusions on their progress.
Each student’s progress may be different, but making mistakes is part of the process and game-based learning allows students to make mistakes in a safe environment. It also includes storytelling and elements of competition. This way employees can learn new skills and practice them without real-life risks, which makes the learning process more stimulating and fun.
This training methodology helps motivate and engage students at work. An employee who has the tools to progress and acquire new skills is a more productive and committed employee.
Game-based learning saw an unprecedented global growth rate of 44.4% in 2020. In the US, 80% of employees consider game-based learning the most attractive learning format, which allows companies to generate never-seen-before training results and satisfy their employees, who are less and less interested in classroom training. So, what are the advantages?
- A better image, as it’s always positive to see a company investing in innovation and its employees’ development.
- A more cohesive structure in their training, since everything is accessible from a single platform.
- Lower overall costs due to savings in expenses relative to face-to-face training.
E-learning can be adapted to all professional projects, as can be seen in the Contradictions of Corporate Training report. It offers many advantages: easy access (all you need is an internet connection), lower cost compared to traditional training, and the freedom to choose the time and place to learn.