The world of corporate learning remains a continuously evolving landscape. Part of this evolution is the migration to online training. Corporate online training has the power to increase knowledge retention, develop job skills, and deliver a personalized online training experience to every learner[i]. However, arguably one of the most significant benefits to moving training to an online platform is an increase in profit through decreased expenditure on traditional training methods.
Onsite Instruction Costs
One of the most effective ways to boost a business’ profit margin is to decrease expenses. This can be achieved through reducing expenses by looking at alternative methods of training. Traditional training costs a small fortune annually, whereas online training offers business’ the opportunity to eliminate traditional training costs like travel, hardcopy materials and site rentals. Online training has minimal hardware costs and multiple learners can train on the devices numerous times.
Personalised Online Training
Online training means that every learner will have access to training that meets their specific job needs. As online training is applied company-wide, all learners benefit equally from their experience with online training, whether it be audio or visual. This is thanks to the flexibility that online training offers to Learners from start, right through to the assessment phase. This flexibility results in learners gaining confidence in their workplace as they have been fully equipped to deal with all the responsibilities they need to perform in their role. Instead of spending time asking supervisors for guidance, learners can invest their energy in applying the knowledge they have gained from online training to their daily tasks.
Easy access to online training resources
When using traditional training methods, employees need to wait to develop their skills until the arranged onsite training session. Online training allows learners access to their training and all the invaluable information it contains, on an unlimited basis. Learners who have free access to online training are able to improve their skills and task proficiencies at a pace that enables them to absorb the knowledge in the most efficient way for the individual learner.
Reduced training time
Online training scientifically reduces the amount of time required to complete training, especially when compared to traditional onsite training methods. One of the largest expenses attributed to Learning and Development is the length of time that employees spend seated in traditional onsite training sessions. Online training offers the same delivery of skills development with reduced time away from learners performing the jobs.
Increased satisfaction and productivity
Online training has the added benefit of reducing employee turnover. Employees who receive the correct training and skills to perform their job to the best of their abilities experience job satisfaction that many who have been left behind during training onsite training sessions, do not. This satisfaction translates into an increased employee retention rate; this results in less time spent having to upskill new employees. Time is rather spent on refining the skills of already skilled employees.
Online training has a significant impact on decreasing training expenses, increasing employee retention and boosting productivity. These benefits contribute to an increased profit margin.
[i] How To Improve Profit Margin Through Online Training. //www.docebo.com/2016/09/06/top-5-ways-improve-profit-margin-online-training/