A large number of companies are now shifting to online training courses, and it’s easy to see why. Corporate eLearning has the potential to improve knowledge retention, employee retention, build job-related skill sets, and deliver a personalized online training experience to EVERY employee. The one important and significant advantages of moving your training online is a boost in profits. Whether you have a workforce of 10 or 10,000, listed below are the top 4 ways to improve your company’s profit margin through online training.
1. Nullify On-Site Instruction Costs
One of the most effective ways to improve your profit margin is by reducing your expenses. For many organizations, traditional training costs a lump sum amount and takes a big bite out of their budget. Online training courses give you the opportunity to eliminate costs associated with traditional training, such as instructor travel expenses, printed material fees, and site rental costs as all of your corporate eLearning take place online. Thus, the only expenses you have to worry about are online training development and implementation. Online training is also easy to scale and update based on the emerging needs of your organization.
2. Personalized online training being the goal
EVERY employee will have access to online training that meets their specific needs. From new hires in your sales department to upper management, your online training program can offer them the skills and information they require. As a result, employees have more confidence in the workplace and possess all the tools and knowledge they need to carry out their job responsibilities. Instead of taking the time to ask the supervisor what they should be doing or stumbling through a complex work process, they can devote that time to increasing your profits.
To create truly personalized online training courses, your organization must learn as much as possible about the preferences and backgrounds of your employees. Few points to keep in mind while creating online training: 1) Expectations of the online training program; 2) Goals and objectives to be fulfilled; 3) Performance gaps to be filled. All of these can be figured out by taking internal surveys on the basis of regular intervals.
3. Reduced training time
Online training drastically reduces training time, especially when compared with on-site instruction. This is primarily due to the fact that (“Time is Money”) the largest Learning and Development expense is the seat time employees spend in the traditional training session. You must pay them to be there, even though they are not performing their job duties nor actively improving your bottom line. A special case to explain this would be: If your company’s traditional training course took 5 hours to complete and your online training course can be finished in an hour, that is 4 hours that your employees can now dedicate to making sales, helping customers, and enhancing your brand image. Microlearning plays a great role in helping employees to train with short and concise knowledge capsules.
4. Targeting employee satisfaction and efficiency
This is one of the most significant benefits of online training courses, as it lowers your employee turnover. Employees who get the online training they need to do their job effectively are more likely to be happy and satisfied. This translates to an increase in employee retention rates and a decrease in your new hire training expenses. In other words, you can hang on to valuable employees who already possess the skills and information you need, instead of having to retrain a new employee to fill the role. Individuals who have been with your company for some time have a great deal of experience under their belt and know how to deal with work-related challenges. You’ve already invested a significant amount into their professional development. This makes them a valuable asset. Thus, you want to provide them with the tools and skills they need to feel fulfilled and confident so that they want to remain a productive member of your organization.
Online Training drastically reduces training costs, boosts productivity, and increases employee satisfaction. Regardless of your company’s goals and objectives, online training is the ideal solution. This is especially true if you are working on a tight budget and need maximum results for minimal investment.
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