Smart Ways to Reduce Employee Training Costs

Smart Ways to Reduce Employee Training Costs

The average business has to deal with a wide variety of monthly costs. This will typically include:

  • Marketing
  • Sales
  • Equipment and stock
  • Rent
  • Outsourcing

On top of this, there’s also employee training. Training new and existing employees can be a very expensive process – even for companies like Apple, who have all the resources you could possibly need.

Smart Ways to Reduce Employee Training Costs

The Association for Talent Development state that – on average – organizations spend $1,252 per employee on training, development, and enrolment. With this in mind, it’s understandable why so many businesses are looking for ways to reduce their employee training costs. In the post-pandemic world, managers and directors are working with tight budgets, meaning it’s important to save as much money as possible in key areas.

So, if you want to reduce your employee training costs and give your organization a much-needed boost, make sure to try the following suggestions.

Switch to Online Training

In 2022, online training and learning is key for businesses. Now, millions of employees are working remotely. In fact, according to Forbes, 25 percent of all professional jobs in North America will be remote by the end of 2022. What does this mean, exactly? Simple – remote work is here to stay. Because of this, it’s important to switch to online training. Not only is this great for the modern employee, but it will also save you tons of money.

Face-to-face training is usually very expensive, especially when training courses last for longer than a week. Accommodation and food costs aren’t cheap – plus, there are travel and equipment fees to consider, too.

When switching to online training, it’s important that you have an excellent Learning Management System (LMS) combined with a Learning Experience Platform (LXP), which can provide you with.

Use Online Training Analytics

One of the best features of online training is that it offers businesses analytics to work with. Analytics are a great source of cost savings. For example, you might identify that some employees are unhappy with a particular aspect of your online training. When this is the case, you can eliminate (or alter) this part of the training and ultimately reduce your costs.

Or, in other instances, the analytics might highlight that specific learners aren’t absorbing knowledge as fast as the others. As a solution, you can provide them with extra resources that will help to supplement their knowledge and prevent them from lagging behind on the training course (which is costly for both parties). In the future, you can also run follow-up testing to ensure that employees are up-to-date with knowledge retention.

Reduce In-Person Workshops

Whether you’re in the tech or healthcare industry, you should try to reduce your in-person workshops. In-person workshops are expensive and take up a lot of time. In an age where tech ownership is sky-high, there’s no need for you or them to travel long distances when they can learn remotely instead.

Stop Hiring External Consultants – Use In-House Knowledge

Many business managers fall into the habit of hiring external consultants for training. Although there’s nothing wrong with this practice, it is almost always expensive. This is why you should try to transition to in-house knowledge instead, where management teams conduct talks and training.

Make Use of Free Learning Sources

Lastly, use as many free learning sources as possible. YouTube is excellent for this, as there are countless tutorials and seminars that cover a wide range of industries. Also, Google Books (and other online reading platforms) are great to use as well. You might find that you get on really well with these free sources. Other companies may find they don’t, but it is worth trying it out to see.

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