- WHAT WE DO
- WHO WE ARE
- HOW WE DO IT
- HOW TO REACH US
- FREE QUOTE
Please note: This blog was updated on October 6th, 2020.
According to The American Society for Training and Development, organizations that offer training options to their employees enjoy a 24% higher profit margin than companies who spend less on training. Without proper training opportunities, your employees may not be able to excel in their roles and contribute to the success of the business. Most organizations realize this, but they shy away from providing learning opportunities because of budget constraints. Additionally, some organizations still believe that the only way to deliver training is through a face-to-face method.
However, even if traditional training methods may seem cheaper in the short term, they require ongoing expenses that will add up over time to large amounts of money. A big advantage of eLearning is that it eliminates many of the recurring expenses seen with traditional training and requires minimal to no upkeep. eLearning also offers faster delivery cycles as compared to conventional learning. According to research, eLearning has the potential to shorten total training duration by 40% to 60%. This can help companies cut down on numerous costs and also improve productivity and profitability.
To further justify how eLearning can save your company money, here are five reasons why online training helps to reduce your corporate training cost.
In computer-based training programs, you do not need an on-site instructor. It is up to the learners to access it when they wish to. That means you do not need to pay for travel and accommodation for the trainers. Likewise, you do not need to shell out money for the venue and the training equipment used by them. Even if you need to hire an instructor or actor to present material for an online course, it is a one-time cost. Once you record an instance of the course, you can reuse it any number of times.
In eLearning, the learners do not need to be physically present at a venue for the training because the content is available online. The learner has the freedom to choose when and how they want to learn. They could opt to learn while traveling back home from the office. They could refresh their memory on content while waiting for a client meeting. Or, they could learn in pockets of free time. So, no more traveling to the training venue for the learners.
Think about the money you can save on their travel and accommodation costs! This is particularly true if you are a global organization with operations spread across the world. Lowering travel and accommodation costs can result in huge savings in your training budget.
Read also: Successfully Converting Instructor-Led Training (ILT) to eLearning
If you are using an online training platform, you do not have to invest in physical workbooks or participant guides. You can cut down on printing costs too. Since the content is available online, your learners can work on a soft copy. Be it a job aid, a workbook, or handouts – they do not need to have hard copies. They can store it on their desktop and refer to them when they wish to. It saves money as well as the environment.
Every time your employee attends a physical training class, they lose time on their daily workload. They have to stretch or delegate some tasks to be able to balance both. Loss of productivity is an indirect cost that employers pay. But if you sit down to calculate the actual loss in terms of money, you might be flabbergasted. With eLearning, your employees do not need to compromise on their daily tasks for training. They can learn during the pockets of free time they have.
Read also: How Online Employee Training Saves Your Company Money
eLearning ensures that you do not need to spend time or money to measure the results of any training. Most LMS’s have built-in reporting capabilities, so the tracking and evaluation processes are automated. You just need to select the criteria and pull out a report. You can even customize the reports if you wish. For example, you can find out which module was most popular with the learners, where the learners struggled the most, and so on.
According to a study by IDC, American organizations saved up to 70% after replacing traditional classroom training with online training. The verdict is clear. eLearning can result in huge savings. It boosts productivity and is quite easy to implement. Now is the time to give it a try!
We create custom eLearning designed specifically for your training objectives. Our courses ensure strong retention of information and provide innovative ways to change learner behaviors. Each learning ecosystem developed by Designing Digitally is tailored to the customer’s eLearning specifications and needs.
Get in touch with our experts today to see how your training can be impacted!