Many organisations avoid implementing LMS training programs due to unwanted costs and time allocation.
Employees, however, are more likely to stay with a company that invests in continuous training and many studies show that employees view a companies’ decision to implement training programs as a commitment to their employees’ well being.
Investing in the development of a continuous learning culture improves employees’ skillsets, team morale and employee retention. Studies show that a high-performance team is 30% more effective than the average team, which translates to increase in task completion and revenue.
Training is important to the induction of new employees and the continued development of organisational goals and success. If your organisation is considering investing in employee development and training, there are many ways to reduce training overheads while also increasing competitive advantage and value.
Conduct a thorough assessment of courses
Assess the current courses for training you have created or are using and determine which courses are necessary for the success of your employees.
Conduct employee surveys and gauge the effectiveness of the current training strategy. This will help establish what areas need improvement and what areas can be cut to reduce costs.
Creating quizzes at the end of training modules allows employees to voice their opinions and makes them feel more involved in their development within the organisation.
Implement in-house training teams
If the organisation keeps training internal, a lot of costs will be reduced. Organisations will not have to pay for venue hire, speakers and catering. In-house training teams can also help increase the effectiveness of training for employees and establish a set system and procedure for creating a continuous learning environment; however, there are some necessary points when establishing an in-house training team.
Creating an effective training team:
- Create a training team in accordance with the organisation’s goals, vision and authority to promise the objective in mind.
- Train the staff by an expert in that field, on subject matter, but also on how to effectively teach others.
- Regularly assess their work and strategise for upcoming training events.
Comprehensive performance management
Having clear training objectives and keeping a consistent training program allows managers to easily assess employee skills and improvement.
Through a performance management process, employees are held accountable for their learning material. Employees are able to see the connection between training, evaluation and progression within the organisation.
Maintaining a consistent training program also assists HR and operations managers in developing performance reviews and gives quality data to base those reviews on. Evaluating employees helps managers determine the gaps in skills and where to better allocate resources for the organisation.
This can be streamlined by using one system, such as a complete LMS to train and review users.
Streamline training with an LMS
Investing in a new digital system may seem too costly for a budget-tight organisation, but implementing an LMS can save money for training overheads.
As stated in our previous blog, LMS lowers costs, such as costs on travel, venues, instructors and materials.
Having all training and performance management on one system saves time and money for users and managers. Employees get immediate training and feedback and managers can view all resources in one place to best evaluate training and employee value.
Continuous training of employees is an important aspect of organisational success. Investments in training improve employee skillsets, morale and role development within the organisation.
To avoid high investment costs, however, organisations can take necessary steps to reduce training overheads using the tips listed above.
- ICAEW. Icaew.com. Retrieved from http://www.icaew.com/en/archive/library/subject-gateways/business-management/strategy-and-planning/small-business-update/10-ways-to-reduce-business-overheads
- Krebs, E. (2014). How to Reduce Costs in E-Learning and Corporate Training – eLearning Industry. eLearning Industry. Retrieved from https://elearningindustry.com/how-to-reduce-costs-in-e-learning-and-corporate-training
- New Directions Consulting. Newdirectionsconsulting.com. Retrieved from http://www.newdirectionsconsulting.com/leadership-engagement/5-ways-training-can-cut-cost-and-increase-revenue-2/
- Pappas, C. (2014). How To Dramatically Reduce Corporate Training Costs – eLearning Industry. eLearning Industry. Retrieved from https://elearningindustry.com/dramatically-reduce-corporate-training-costs
- Sullivan, M. (2017). 12 Tips to Lower Your Overhead Costs. QuickBooks. Retrieved from http://quickbooks.intuit.com/r/expenses/12-tips-to-lower-your-overhead-costs/