We cannot overstate the importance of corporate training. It makes employees more capable, efficient, productive, and loyal.
Companies spent about $83 billion on corporate training in 2019. However, many businesses still stay away from corporate training either because it’s too expensive or because they’re not aware of its benefits.
A good way to control costs and deliver information is to turn to ‘technology’, i.e.: online education.
What is Online Education?
Online education, as the name suggests, is education that’s delivered online or virtually.
It breaks physical barriers and allows learners to acquire skills, get a degree from anywhere in the world.
A large number of organizations including major institutions like Oxford University and Stanford University offer online education.
It is suitable for everyone interested in gaining more knowledge. Employees can opt for online education to increase their chances of finding success and businesses can push employees to acquire knowledge to have a more talented pool of employees.
Let’s talk about how online education impacts corporate training:
Makes Training More Affordable
If you compare online courses and traditional courses offered by universities, you will find that they almost cost the same, according to this article on USNews.
However, in some cases, online education may turn out to be more expensive. It costs $316 per credit hour to get an online bachelor’s degree. On the other hand, it costs $310 per credit hour to get a bachelor’s degree by attending physical classes.
It’s the duty of the learner to compare both options and pick what’s more suitable and affordable. Real savings don’t really come from ‘tuition costs’. You get to save money by avoiding travel costs, hostel costs, etc.
However, according to this report, traditional degrees cost $85,000 – a lot higher than online degrees that cost about $30,000. This is what businesses count on. They offer employees a chance to get a higher degree, which eventually benefits both the employee and the company.
In addition to this, it puts less pressure on the company. Think of a big corporation with 1,000 employees. It can be very difficult to accommodate ‘em all in a hall where a trainer can speak to them.
Taking care of schedules, environment, and other such elements can be both costly and tiring. Online education eradicates all these worries. Businesses don’t have to rent buildings or equipment; everything can be handled virtually.
Offers Great Flexibility
Online education is very convenient. Learners or students can access courses and lectures whenever they want to. They do not have to worry about having to reach classes at 9 in the morning.
This is great for employees as they have to report to work, hence they can’t always take time out to attend classes.
Virtual classes offer great ease as learners can learn whenever they feel like. Projects and assignments, however, do come with a deadline.
Keeps Employees Happy
Employees do not like traditional training. They often find it a waste of time, especially if they are already aware of what’s being taught in a classroom. Lengthy sessions can even make them tired, unhappy, and reduce retention.
We must also mention that 46 percent of workers would quit a job if the next opportunity makes them happier.
A good way to make employees happy is to offer online education.
More than 70 percent of employees feel that they’re not reaching their full potential. Training can help employees acquire new skills and ‘offer’ more to the business, which does not only benefit the business but can also help employees feel more useful.
Makes it Easy to Measure Results
Online education is great for business as it makes it easy for managers to calculate results.
You can see exactly how many employees are viewing courses or how much information they retain.
Tests can be conducted online, and results can be issued right away. Employees will know exactly how they’re performing and what else they can do to improve.
Proven to Be Effective in Increasing Engagement
Only about 13 percent of employees are engaged at work. This is a major problem for businesses as disengaged employees tend to be less productive. Plus, disengaged employees do not work wholeheartedly and may walk away if they find a better opportunity as they’re not very loyal.
It’s believed that poor engagement causes businesses a loss of more than $500 billion per year. Disengaged employees only do the bare minimum and do not put their best foot forward.
Training helps keep them engaged and makes them feel ‘important’. They feel that the business is truly interested in helping them grow, which makes them work harder and be more engaged.
Better Retention Rates
Training is a great way to retain employees and reduce turnover rates. Workers tend to stay longer with a company that offers online training.
About 40 percent of employees will leave a job within the first year if they do not receive good training. A worker who feels unhappy at work will not think twice before shifting to another job.
Professional growth through education and training can help keep employees with your company.
Businesses can’t afford to lose employees. After all, it costs up to $2,500 to replace an employee. That’s a huge sum to pay for failing to train employees.
Training works as a reliable retention tool. Do not give employees a reason to move to your competitors by letting them stagnate once they have mastered initial tasks. Offer education and training to help them grow.
Helps Attract Employees
It takes up to 52 days to fill a position. The longer a position sits vacant, the more it costs.
Companies use various tactics to attract employees; however, it can be difficult since we’re already facing a shortage of talent. Businesses need to pay attention to factors that employees consider when selecting a company.
About 76 percent of workers want to work for a firm that offers opportunities for career growth. They may even select a job that offers less money if it means better opportunities in the future.
Do not forget that 68 percent of employees believe that training is the company’s most important policy. You should highlight this factor when you make job offers to increase the chances of an applicant accepting your offer.
A Variety of Delivery Methods
Online courses can be delivered via videos, photos, text, and audio files. Students can choose from a variety of options to pick what fits them the most.
Videos appear to be popular as they can be used to not only explain but also demonstrate concepts.
Since files are delivered digitally, users can revisit information whenever they feel like. They can review files, re-listen as needed.
There’s no such thing as a ‘suitable’ delivery method as the best option depends on individuals. Institutes offer several choices so that listeners can select what they deem suitable.
Great for Productivity
As mentioned earlier, happy employees tend to be more productive. Plus, education also helps employees ‘learn’ how to perform jobs in an efficient and productive manner.
This is great for businesses as companies that invest in training enjoy 24 percent higher traffic margins.
Think about McDonald’s, it has found a ‘best practice’ model that’s followed by all employees, which keeps them productive and engaged. The multinational giant trains employees to ensure they can meet the required standards.
Personalizes the Experience
Online training offers personalization that traditional training does not.
There are tools that can recommend courses based on an employee’s work history, education, and career goals.
Do not let the term ‘online education’ fool you. Learners and instructors may not get to sit face to face, however, students still do get a chance to ask questions and get their doubts cleared.
In addition to this, online education offers timely feedback. Learners can enjoy interactive sessions, know if their answer is correct or not, and request feedback that can be used to improve inputs.
How Online Education Impacts Corporate Training: Conclusion
Employees want training and about 72 percent are even willing to financially contribute to their own training. This is a great opportunity for companies.
Businesses can work with employees to offer online training. This will not only put less pressure on the employee but also benefit the company.
Companies that spend on training tend to enjoy 24 percent higher profits than companies that do not invest in employee training. Moreover, they report about 218 percent higher income per employee than companies that choose to neglect training and education.
We can’t deny that online education has changed corporate training. The current situation has forced businesses to go virtual and many are planning to stay this way.
It will not be wrong to state that most training in the future will be through online channels. Look at your options and pick what fits you the best.