One of the key challenges for an HR professional is to efficiently manage the budget allocated for training. Depending on the training needs and affordability, companies choose either in-house training employees or outside trainers. The current trend in employee or partners training has moved to online training platforms. Due to the remote working normalcy because of the pandemic, companies are investing in online training platforms for its efficiency, flexibility and optimised training costs. One of the best features of having a learning management system for eLearning is its flexibility to adapt to changing business needs.
Unlike the traditional training program eLearning significantly reduces training costs.
4 ways in which learning management system reduces training costs.
1. Tangible Training Costs
Resources, venue and cost involved in logistics can be lessened. Not all companies have the infrastructure for training their employees. In addition to the venue costs, travel and accommodation costs for employees and trainers is significantly high. By bringing in an eLearning platform, costs can be reduced and money can be spent on creating a higher quality learning management system.
2. Training Material Costs
The training material has to be reviewed at least once in a year to revise and update changes. Creating and distributing training material every year involves printing and distribution costs which can be cut down completely by eLearning. With the Learning Management System, the training and development team can create content which can be duplicated, changed and shared with many employees of different departments and branches.
3. Course Length and Effectiveness
2018 LinkedIn research on workplace learning trends revealed that 58% of employees like to learn at their own pace. Employees are faster and productive with online learning as they can choose to learn at their time of convenience. The options to repeat lessons, flexibility to adjust the lesson speed and timely tests and assignment submissions with a quick review are greatly beneficial for efficient training. eLearning helps in reducing the cost involved due to lengthy training.
4. Trainer Cost Involved
Traditional training involves either having an in-house trainer or outside trainer where training cost depends on the hours they spend on training. Having a learning management system clears out the need for additional hours of training and the amount paid for external trainers. Having an eLearning platform can help in allocating your training resources efficiently which in turn improves training quality and reduces costs involved.
Learning management system cannot completely replace traditional training as some of the training has to be face-to-face. However, it is greatly a worthwhile investment. A right balance of eLearning with essential traditional learning classes can significantly reduce training costs and improve the efficiency of training.