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How Online Business Training Can Reduce Your Costs in Difficult Times

Online Business Training Can Reduce Your Costs in Difficult Times

The global economy has suffered one of the worst blows since the Great Depression due to the Covid-19 crisis. 

The pandemic managed to shutter not only numerous businesses but also entire cities and countries. In an attempt to save lives, jobs and economies have been sacrificed. Social distancing has become our reality, and it seems that we’ll have to get used to it in the long-term. 

But, thanks to technological advancements, it’s possible to keep your business afloat through remote solutions. Besides allowing you to run your company and maintain business operations despite social distancing and other obstacles, digital transformation can also help you reduce your costs. 

As business training is of crucial importance for the growth of your company, it shouldn’t be neglected even in difficult times like these. Luckily, remote corporate learning is not only suitable because it’s in accordance with the current measures, but also because it’s cost-effective. 

1. It Can Slash Your Travel Expenses 

Stats say that businesses spend almost $1,500 per employee per business trip. 

And those costs only add up if we take corporate training into consideration.

You either need to pay a professional to visit your office in order to train your employees, or cover your employees’ travel expenses to go somewhere else for training. 

Online learning and training options can help you reduce these costs significantly. An e-learning platform renders geographical location and distance irrelevant, as your employees can access it no matter where they are. They only have to coordinate time zones.

In other words, you won’t have to pay for their plane tickets, accommodation, meals, or per diems. 

All that’s required is a fast and stable internet connection, and that’s it. 

Similarly, instead of organizing events for your employees, you can take advantage of online forums or create online peer-to-peer groups where they can communicate and help each other. 

Seminars and conferences are extremely valuable for keeping pace with the latest industry trends, but webinars can be equally effective for this purpose. 

2. It Can Minimize the Loss of Productivity 

Whenever your employee travels somewhere in order to attend training, they fail to complete their expected daily workload. This means that they have to delegate their tasks or spread themselves too thin in order to balance training and their job. 

The math is clear – it’s too expensive in terms of lost productivity

Let’s take the following example: if your employees, on average, make $40 per hour, and if each one of them has 120 hours of training annually, that amounts to $4,800. Multiply this with the number of your employees, and you’ll get how much training costs your company from the perspective of productivity loss. 

The more employees you have, the higher your expenses will be. Additionally, a complex and time-consuming subject matter will send the costs through the roof. 

Online corporate training can significantly reduce these numbers, not only because no travel is involved but also because your employees will have access to their learning materials at any time. 

Implementing an all-in-one learning platform is a must if you want to ensure high-quality, efficient, and cost-effective training and prevent the loss of productivity. 

3. It Can Eliminate Venue Costs

If you want to organize training for your employees without sending them to another city or state, you have to think about renting a venue. 

Even if you have a conference room, it’s not always big enough to accommodate all your employees and allow for workshops and similar activities. 

And organizing such events frequently would certainly break the bank. 

Online corporate training is an excellent option when it comes to reducing venue, catering, and other expenses. Since everybody’s participating from the comfort of their own home, you don’t have to worry about paying for event management costs. 

There’s an additional upside – your employees won’t have to spend an entire day at a training venue. Besides, since these sessions are recorded, they will be able to replay the parts they missed.

4. It Can Reduce Instructor Costs 

In a nutshell, if you opt for computer-based learning, you won’t have to hire an instructor. 

Given that an expert typically charges at least $20 per hour, you can save quite a substantial amount of money. Let’s not forget that you also have to cover their travel expenses. 

Similarly, hiring a full-time instructor whose job would be to train your employees is also a hefty investment.

Online business training options allow you to purchase just a single module or even a lesson, and use it as long as you want without any additional costs. You can also choose between custom and generic solutions. 

5. It Can Lower Resource Expenses 

Physical textbooks and other training materials can be pretty costly, especially if you have to buy them in bulk. 

Digital learning platforms eliminate the need for such resources, meaning that you can cross this expense off your list, and invest the money you save into something else. 

What’s also great about online resources is that they’re always accessible via different devices, including tablets and smartphones. In other words, your employees will be able to check the important information easily when they’re at work – something that would be very impractical with printed materials. 

Last but not least, going paperless means reducing your carbon footprint and protecting the environment at least to a certain degree. 

6. It Allows You to Measure Your Results Easily

Every good online learning program features real-time tracking capability, which means that you will get a report on how your employees performed. These reports are instantly generated, and you don’t have to waste your time or money trying to check the progress of your employees.

What’s even better, it’s possible to see whether certain employees need additional help as well as what areas they struggle with. 

Unlike traditional courses, e-learning allows you to make adjustments in real-time and make sure that you get the most out of it. 

As you can see, online corporate training comes with a number of advantages. It’s convenient, time-saving, and, most importantly, significantly more cost-effective than regular, face-to-face education. With all these benefits, cutting your expenses in difficult times doesn’t have to come at the expense of providing your employees with quality training programs. 

MindxMaster

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