The success of companies depends primarily on the skilled employees. The skilled employees of a company provide better productivity.
With skill enhancement increases leadership at ground levels. Therefore companies invest in the Training and development of their employees.
Among the different problems that the companies are facing right at this point is Training Costs.
Training costs are increasing with time because of the frequent team changes. There are many ways through which training is provided to the employees. There are software systems that regulate and oversee training activities run by the HR department.
They can be downloaded from 1337x mirror. In order to tackle the rising Training Cost, the organizations can follow Smart Ways. Let’s discuss them.
Smart Ways To Reduce Employee Training Costs
There are certain ways through which employee Training Costs can be reduced. So let’s discuss some of the Smart ways through which this can be done.
1.Online Training
One of the smart ways to reduce training costs per employee is going for online employees. It is found from experience that the cost of online learning is around one-third to even one-fifth of hiring instructor-led classroom training.
If employees are trained online, it automatically receives indirect costs like Time, Travel, Accommodation, and Catering. For example, IBM saved $200 Million with online Training.
2. Incorporate Forums
Arranging discussion forums create the ecosystem for peer-to-peer learning and communication. Through these kinds of sessions, the learners get the opportunity to answer their questions.
In this way interchange or reciprocation of ideas and inputs becomes possible. If the organizations arrange such discussional forums it automatically reduces some of the indirect costs like venues and catering.
3. Leveraging the Resources Inside And Outside Business
Sometimes business commits the mistakes by outsourcing the skills and expertise that literally comes at a premium cost. They completely ignore the free materials or resources that are available internally to the business.
Companies could create Internal Trainers and Experts. This can be done by picking up the best Trainers who have specialized skills and loads of external experience.
If they get the right people for the job, then it completely eliminates external resources.
4. Improving Assessment Feasibility
Assessment of learning performance and providing feedback is really time and resource-consuming. The more staff you train, the more time and costs develop.
An effective way of reducing the cost of evaluation and assessment is by inducting an instant grading system and automated feedback.
The organization can utilize peer review to strengthen self-assessment activity. The learners will not only gain immensely from the activity, but the company also turns out to be profitable by saving extra costs.
5. Microlearning
Traditional employee training is always expensive. The longer you keep your employees busy, the longer they keep away from work. So what could be the probable solution to it?
Microlearning is the way out. Here Learning is delivered in small, 2 to 5 minutes or 10 minutes bite-size chunks that the modern learners enjoy.
This helps intensify the concentration as well as attention spans. The overall effect surpasses the traditional training methods as claimed through experience.
6. Exchanging Learning Resources
The exchange system has been prevalent in our societies since antiquity. Taking the spirit in the truest sense of the terms, and applying them in workplace training can prove to be extremely useful.
If companies share resources with each other it will be highly effective and cost-saving. Of course, there are some reservations.
Companies must not use branded eLearning resources and content. Only the generic resources have to be shared. Secondly, the company needs to ensure that they must not be competing in the same market.
7. Reduce, Reuse, Recycle
Though it appears to be an environment related theory it could be applied here too.
Reduce: Companies must strive to reduce the learning material. More materials don’t mean better learning.
Reuse: One of the best ways to reuse is to video record the offline-based lectures and then use the video content for the next learner.
Recycle: If a given course does not perform well, rearrange it and insert valuable inputs. Do not discard it entirely.
Conclusion
The discussion can be brought to a close by saying that the companies need to bring in their expertise and integrate it in a smart way so that the entire planning is framed properly.
Other than this the companies must work relentlessly in devising SMART ideas so that Training costs can be reduced.,