Tips To Cut Costs On Training Development

How To Save Money On Employee Training Development

The employee training development process can, at times, be a tightrope walk. You must balance delivery of quality training while keeping costs at a minimum. It becomes especially tricky when companies face a throng of workforce trends that deeply impact training, such as a rise in skill-based hiring, increases in hybrid working and fluid workplace models, and employee demands for flexibility.

With careful planning, however, companies can cut training costs without compromising quality.

Let’s look at a few of the ways your internal Learning and Development (L&D) team can get the most return on your efforts.

Employee Training And Development: How To Create Efficiencies

Capitalize On Virtual Training

In-person training can be costly, particularly if a portion of your workforce is dispersed and you must factor in food, hotel, and flight costs. Virtual training can be just as effective as in-person if done properly. This often translates to a need for updated learning technology and use of quality video conferencing software that can help deliver:

• Video meetings
• Webinars
• Recording of training sessions
• Workshops

If you don’t have a Learning Management System (LMS) that includes content enhanced with rich media, you can work around the issue with popular web-based classroom platforms such as:

• Webex Meetings
• GoTo Meeting
• Adobe Connect
• Blackboard Collaborate

Make Use Of Microlearning

Microlearning modules deliver content in small “bursts,” often 3–5 minutes in length, with a focus on specific, critical skills learning goals. For example, XYZ Hospital wants to train its nurses on how to use a new needle. XYZ Hospital then creates a microlearning video that focuses on how to use the new needle, with a run time of 3–5 minutes.

Not only is microlearning cost-effective, but it can also deliver more concise training content, accommodate schedules and the employee’s ability to retain a certain amount of information over a period, and cater to the employee’s need for flexibility as they can control what and when they are learning.

Utilize Internal Expertise

Hiring Learning and Development consultants can be quite costly. Instead, one avenue may be to consult the people that know the company and its roles the best—such as internal Subject Matter Experts and more experienced employees—to help create training content.

Utilizing internal expertise can help:

• Pinpoint training gaps and needs, making training more effective.
• Identify methods to check the effectiveness of the training.
• Incorporate more real-world applications into training content.

Some ways to get employees involved in training include:

• Host brainstorming sessions. For example, if ABC company is creating a sales training program, they can host a brainstorming session with their sales team. The company provides lunch, and the sales team provides invaluable training feedback.
• Enroll them to provide the information needed to create job aids and other content relevant to the roles.
• Select internal trainers to create and deliver relevant content.

Implement A Mentorship Program

Mentoring is becoming an increasingly popular way to train employees and is very cost-effective.

In the mentoring process, an experienced employee has the opportunity to share their knowledge, skillset, and insights with the trainee. The trainee, in turn, has the opportunity to gain firsthand knowledge and the confidence to perform their role effectively.

Some tips to effectively implement a mentorship program include:

• Define training goals and what you want the mentor to teach.
• Establish incentives to attract employees to the mentoring program.
• Carefully match mentors with trainees.
• Create a way to measure mentorship program success.

Leverage Low-Cost Training Outlets

By leveraging non-cost or low-cost outlets, you’re guaranteeing output without massive expenses. These outlets range anywhere from creating job aids to already made training videos to training platforms.

Some popular outlets include:

• Canva for presentations and job aids.
• Coursera for a corporate training platform.
• Futurelearn for multiple options, like videos, exams, and discussions.
• Khan Academy for multiple expert-produced videos.
• GoToTraining to conduct custom registration, organize training materials, and share courses.
• Podcasts for training sessions.

Take Advantage Of Online Training Packages

Training costs can be reduced by replacing current learning platform plans. For example, instead of a total-user plan, companies can switch to an active-user plan. This is significant because often the monthly or yearly fee is dependent on the number of workers using the platform.

Focus On Targeted Training Goals

Effective training equates to relevancy. And training costs don’t have to be astronomical in order to create tailored, relevant training. This includes cutting outdated or irrelevant material from training programs and incorporating assessments to ensure employees have obtained the desired skills. Also, this entails updating and improving training on an as-needed basis. For example, if there has been a procedural change within an organization, it would warrant a tweak in training alongside the incorporation of an assessment gauging employee understanding of new procedures.

Replace In-House Workshops

If workshops are found to be an effective training outlet, then consider switching from in-house workshops to a public workshop. For example, GHJ Accounting Firm sends its CPAs to a workshop held by another CPA firm.

Conclusion

There are a number of tools and methods out there to streamline your training solution and save money. Of course, sometimes the greatest efficiencies are most easily identified by a training consultant or Instructional Designer that will perform a needs analysis and review your content.