The first step to taking your business to the next level is training your employees. However, many companies don’t offer online courses to train their employees, convinced that training will cost them time and money, both directly and indirectly.
However, the truth is that companies who offer online courses for their employees are not only offering flexible learning but are also significantly reducing training costs; most don’t know they can save a lot when switching to online learning. Studies estimate that organizations who opt for online training courses end up saving a whopping 50% of their regular training costs.
How do companies save money with online training courses?
Here are six reasons why online courses can help companies reduce overall costs by adequately investing in educating its employees.
#1. Online courses for companies reduce travel expenses
If your company has offices scattered around the world, you can expect to spend a lot on travel for trainers who have to go from one office to another to deliver their training programs. Similar expenses are generated when employees have to travel somewhere together for training. Getting rid of these costs will have a big impact on your training budget. ELearning platforms give employees the benefit of accessing the courses from all corners of the world at any time they want.
#2. Online courses increase productivity
Avoid losing productivity in your company. When employees have to leave the job for training, it increases a company’s overhead costs. Enterprise online courses help you greatly reduce this loss of productivity by allowing employees to access learning materials or training after hours without having to take time off of work.
#3. Training costs are cut in half
Large companies usually need to reserve space for workshops and training sessions. Organized monthly, this can be very expensive. Online courses offer companies the opportunity to conduct training courses in the same learning management system as the one for online courses. This way they can share the courses they wish to provide to their employees quickly and easily. It will also reduce costs related to the management and the preparations of events, such as venue rental, ticketing, safety enclosure, cocktail reception, etc. Thanks e-learning platforms, employees won’t waste a whole day working on getting a training facility, but instead may do so through any mobile device anywhere and at any time of day.
#4. Online courses for companies save costs on trainers
Most eLearning training programs or online courses do not require a trainer or instructor to conduct the training, the same system incorporates a type of assisted training that is easy to use and intuitive for the learner or the employee. In e-learning, learning is generally in the hands of students, eliminating the need to hire full-time faculty for it. Moreover, thanks to the flexibility of online courses for companies, workers may advance training at their own pace as they will have unlimited access to the platform to review those concepts that need improvement.
#5. Online courses reduce material costs
Companies should get rid of clunky, expensive, and outdated training materials by switching to an online learning platform that will reduce costs and provide better quality training material. Online courses will allow companies to reduce the costs associated with materials and reduce their costs of classroom training. Online training materials can be easily found inside the learning management platform, to which workers can access at any time, comfortably and easily.
#6. Online courses for companies allow you to have control and real time monitoring
With online courses, companies don’t have to waste a second of valuable time measuring training results. All student and course tracking are automatic and reports are generated instantly. Each management solution for online learning will help you track and monitor the progress of employees individually or as a class. Automated notifications sent right to the administrator’s inbox makes the whole training process exponentially easier to manage. Companies no longer have to worry about the nature of the training when all training can be scheduled and sent employees automatically. Measure how well your employees are doing in the course and focus on strengthening their weaknesses.
Numerous studies report that U.S. companies are able to save between 50% and 70% of training development costs simply by replacing classroom training for online courses integrated with an e-learning platform. It is proven that e-learning is a more economical and efficient way to boost employee productivity, improve work performance, and promote professional development of its employees. If you’ve never considered online training as a means to employee development for your organization, it’s time to think again.