Employee training consumes a significant portion of the annual budget. Even though an upskilled and well-informed employee is critical to a company’s success, training is one area where many businesses are ready to cut corners in order to save money.
On average, companies in the U.S spend $1071 per employee in 2021. If you compare it to the stats for 2020, companies are saving up to $40 per employee. What could be the reason for this? Yes, you guessed it right, Covid 19.
Since the pandemic, many companies have resorted to Learner Management Systems to give their employees remote training. Online corporate training has helped businesses save money and achieve efficiency in their training.
LMS is a one-time Investment that Gives high ROI for Years
The cost of your corporate training program won’t become zero if you use LMS. IT requires you to invest money in its initial stage, but after that conducting training will become a breeze. The initial investment includes the money required to buy the LMS that will work the best for your business, pay the instructor, shoot videos, design illustrations, etc. This investment is bound to give you better returns since you don’t have to pay a huge sum of money regularly to conduct the training. You can train employees around the world with the same initial investment that you made. Moreover, you also happen to avoid paying money for other things required in training.
Here is the list of all the expenses that you can avoid if you use an LMS for corporate training.
Depending on the number of employees you will have to book a venue. You have to also make sure that the venue matches the prestige of your organization and that it has all the essential necessary features.
With an LMS all employees will be attending the training from their homes so you don’t have to spend money on the venue.
Preparing Study Material and Other Printed Materials
You’ll need to get writing pads, printed notes, and stationery ready for your employees, among other things. Aside from that, you’ll need to print posters, brochures, standees, or any other promotional material you want to ensure that your branding is apparent to all of your employees.
Adding your brand elements to the LMS is fairly easy. You just need your logo in a compatible format and just place it wherever you need it. You can even customize the colors of the LMS to match your brand colors.
Fees of the Instructor
Even though you have highly skilled senior employees, teaching is a skill that is not everyone’s cup of tea. Therefore, companies invite instructors who are good at training employees for this job. Instructors cost a lot of money. Moreover, you will have to invite them every time you conduct a training program.
With an LMS on board, you will have to pay the instructor only once, after that the same course can be distributed to n number of employees for as many years as it stays relevant.
Many companies organize logistics services for their employees to reach the office safely and without any hassle. You can save the money required to arrange these logistic services by using LMS.
Paying the Employees without Service
During the time the training happens the employees don’t contribute anything towards achieving the company’s goals. You still have to pay them their salary.
With an LMS, training happens on the go. Your employees can train and work both at the same time. This has the added advantage of giving employees a chance to apply things they learn in practical situations.
Technologies are there for you to grow more. Those who don’t make use of it end up spending money on unnecessary things. Learning Management Systems make learning fun and less of a burden for your employees. It also helps reduce the workload of your HRs. Most importantly, it saves you a lot of time and money.