People often wonder what the is difference between a company that’s doing fine and one performing exceptionally well is. Many tend to lean towards visionary leadership or the best technology. However, people often fail to realise that the reason could be dedicated employees who know what they’re doing. And the only way employees can be confident in their roles is when they have the right training.
Many companies fail to understand the importance of properly training their employees. They feel that the training tools required would be too expensive. However, this is entirely untrue. You can avoid the additional expenses of classroom training by switching to eLearning. Besides offering flexibility, online trainings significantly reduce costs. Here are some ways in which learning management systems can save your company money:
1. Reduced Travel Expenses
A company can be set back by roughly $1,000 per trip for a single employee travelling domestically for training seminars. This is a great deal of money for a small business or one that’s just getting started. Besides, the costs can double if you have offices overseas as well.
The travel costs can add up in no time when you call in a professional to train your employees, or even when you have to pay your employees for travel expenses to receive training. But what if there was a way to cut these additional expenses?
eLearning systems can prove incredibly beneficial for companies that are on a tighter budget. These platforms make the geographical location of your employees irrelevant, as they can easily access it from any part of the world. This means you no longer have to worry about travel, hotel, or meal expenses. Employees can receive the necessary training from their house or office and only have to coordinate the time zones.
2. Minimise Productivity Loss
Calculate the total number of employees, multiply it by their average hourly salary, and then multiply that amount by the duration of the training sessions and the time it takes to travel to and from those sessions. You will get the productivity costs of in-person training. However, by opting for online training, you minimise this loss, as employees can easily access these learning materials without travelling. As we all know, time is money, and companies save a great deal of it by training employees online.
3. Zero Costs for Venue
When you think about space, you might wonder whether your office is big enough to host training sessions. Smaller companies often need to book venues for conducting workshops and training sessions. These costs add up when you have to organise them regularly.
However, eLearning provides companies with the perfect opportunity to reduce costs associated with event management and other arrangements like coffee and lunch for the staff.
An additional benefit of this is that employees no longer have to spend their entire day at the training venue. Besides, access to learning materials becomes a lot more convenient as they can do it from their mobile devices, workstations, or personal computers. This method of cost-cutting is rarely ever possible in other aspects of a business.
4. Reduced Instructor Costs
Many companies still prefer traditional in-person training sessions, where they have to either designate an employee or hire an outside professional. Most of these instructors often charge on an hourly basis, and you also have to pay their travel expenses.
However, online training eliminates all these expenses as you don’t need to hire a full-time or part-time instructor. You can either opt for a single generic or custom-designed session. You don’t need an instructor to train your staff, as the online learning material will be sufficient. You could even find the necessary training material for free online.
5. Lowered Material Costs
The costs for books are incredibly high, especially when you have to buy them in bulk. However, when you move to eLearning, you no longer have to pay exorbitant amounts of money for materials like books or even print outs that are commonly necessary for training sessions. Besides, employees can easily access all the relevant information that they require during the job. Online training is probably the most accessible and cost-efficient form of training. It saves paper and resources, which makes it an environmentally-friendly option as well.
For effective cost reductions & efficiencies that will improve your bottom line, contact the experts at Benchmark Cost Solutions at this number- 1300 170 585. If you prefer, you can also request a callback or write to us at this email address, and we will revert quickly.
For effective cost reduction opportunities & efficiencies that will improve your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777