 |
Written by Liz McDermott |
Workplace training aims to create a dynamic environment for workers. It encourages a learning culture in the organization, where employees can develop and grow. This creates a symbiotic relationship between employees and the company, ensuring that staff is engaged with work and the company's long-term success.
Many organizations understand that investing in employee education increases revenues and performance. Corporate learning and development budgets may have shrunk due to the current economic downturn, but they have yet to be cut entirely.
If your organization is facing budget cuts, this article discusses the importance of communicating the value of training programs during an economic slowdown for long-term prosperity and resilience, including training priorities to consider.
How much are companies spending on corporate training programs?
Statista reported training expenditure per learner for U.S. companies for 2022. Their findings say that small companies (100 and 999 employees) spent almost $1,400, a slight decrease compared to the previous year. Midsize companies (1,000 and 9,999 employees) spent $826, a drop from last year. In contrast, large companies (10,000+ employees) spent about $1,700, a significant increase compared to the previous year, equivalent to more than double the expenditure of 2021.
What type of learning are businesses prioritizing for their training program?
As the digitization of training programs continues after the pandemic, companies of all sizes benefit from increased market competition and cheaper technology. For example, blended learning programs now leverage Zoom integration to provide virtual instructor-led training, and training providers like Vubiz include such integrations in their offerings.
Yet, the training types sought by learning and development programs remain the same, and new technologies, such as AR and VR, are far away from needs.
Interactive eLearning
Interactive online training is the best way to deliver content quickly, consistently, and effectively. It saves time and helps employees retain information better than traditional methods such as reading or lectures.
Microlearning
This method of delivering bite-sized chunks of information to employees allows for quick and easy absorption of knowledge and makes it easier to remember. It is also cost-effective, requiring less time and resources than traditional methods, making it a top need for corporate training departments.
Mobile Learning
Enabling employees to access training materials from any device when they need it the most and train at their own pace is a must for today's BYOD world. With cheaper technology, training providers can offer off-the-shelf training that plays on any device without additional plug-ins or fees.
Gamification
Using game mechanics to engage employees in their learning process includes points, leaderboards, and rewards for completing tasks or goals. It encourages learners to stay engaged with the content, making it more enjoyable and interactive. Consider this type of training if Gen-Z and Millenials make up most of your workforce.
What training topics are businesses prioritizing?
Training teams allocate the budget to topics that make the workforce resilient to change. Budget cuts may be company-wide, forcing businesses to ask more from employees. A corporate training program that includes topics besides required compliance ensures employee development and retention.
Closing the fundamental skills gap is a priority for optimizing business processes. Below are the core topics corporate training programs should include outside of compliance training.
Diversity Training
Training on inclusivity and accepting other people's differences is a top priority for corporate training departments. Cultivating a diverse and inclusive environment in a polarizing society is critical for growth.
The capacity to handle a wide range of individuals from diverse backgrounds is an essential skill for employees.
Creating a positive and productive work atmosphere requires embracing and safeguarding employee diversity. Corporate training achieves this by providing culturally sensitive training. Bringing people from different backgrounds together can be challenging to overcome. DEI training is essential to bridge cultural gaps and reduce conflict.
Learn more about diversity in the workplace training.
Communication Skill Development
Effectiveness in business can be attained by having good communication. Training employees in the art of communication and comprehending orders is necessary. Such training programs ensure employees know how to communicate verbally and in writing.
Soft-skills training programs must include active listening training to ensure success. This training topic shows employees how to take in and interpret the information they hear attentively. Ultimately, they will be better equipped to be effective communicators if they have superior listening skills.
Learn more about Effective Communication training.
Time Management
Organizing one's time is a difficult task. Time management is an essential skill to be successful in any field. It involves setting goals, managing time, and creating a plan to achieve those goals. By planning what needs to be done each day, one can stay on track and accomplish tasks efficiently.
Often, people mismanage their time due to stress, lack of organizational skills, or performance anxiety. Productivity training makes the workplace as productive as possible, and the impact of training on this topic is easy to measure.
Learn more about Time Management for Employee training.
Project Management
The skill of overseeing and coordinating the various aspects of a project to ensure it is completed on time and within budget is critical during an economic downturn. Effective implementation and execution of tasks required to bring the project to fruition can save thousands of dollars.
Although it is commonly thought that project management is only meant for those in such roles, management training for employees has proven to bring positive results. Projects are successful when the different departments collaborate and understand project management principles. Knowledge of this skill promotes unity, resulting in shorter project timelines.
Learn more about Project Management training.
Leadership Training
Training in the area of leadership is an integral part of a company's success. Employees who develop leadership skills and knowledge become influential leaders in their roles. This type of corporate training creates a high-performance and collaborative culture.
It is often thought that leading is only for a select few. However, it is something that can be taught. Leadership training is vital for employees to increase their motivation, build their self-assurance, and show that anyone has the potential to drive change. Skillful leaders help companies navigate excellent and bad times.
Learn more about Effective Leadership training.
What is the value of a corporate training program during an economic slowdown?
A workplace that invests in employees' career development and provides recognition creates a setting that encourages personal and professional growth, which can be seen as increased revenue for the company. Although the investment in the training program is recouped, the intangible rewards are priceless.
Furthermore, these programs help pinpoint personnel's deficiencies, and then focusing on them helps create an effective team.
Employee Satisfaction Increases Performance
Business training helps employees adapt to market and organizational changes by improving emotional intelligence and developing foundational skills that lead to professional development opportunities. Your human resources department helps meet business goals when a company's growth strategy includes corporate training funding as part of a business's employee experience strategy.
Furthermore, the growth opportunities increase the team's satisfaction at work, which is reflected in the company's performance.
Job Satisfaction Increases Employee Retention
Investing in the development of your employees is a beneficial move for the business. This creates more chances for them to grow within the organization, reducing the need to look for other opportunities. Moreover, it also saves a lot of money and time since retaining an experienced staff is easier than onboarding, training, and getting a recruit familiar with the company.
In summary, investing in corporate training pays off.
Corporate training is no longer simply an attempt to make a company appear 'progressive.' It is now a significant factor in achieving success, with benefits that include long-term prosperity, increased efficiency, improved employee retention, less supervision, and fewer mishaps. It is rather about learning and developing collectively to create a better corporate environment for growth.
For more information, please contact us to inquire about our eLearning courses.