Updated: Mar 1, 2021
The most successful business today understand that corporate training is an essential element in ensuring that employees have the knowledge and skills required to success in an increasingly competitive and complex business environment. In fact, companies that implement corporate training programs can expect to see increased revenue on a per employee basis, along with an overall improvement to the company’s bottom line.
However, the challenge for many organizations is in managing the costs associated with effective employee training and development. This is especially true for companies that choose to implement in-person, classroom-based training, as this approach includes significant costs such as travel, venue and on-site instructor fees, catering, and the printing and distribution of training materials.
Fortunately, the continued evolution of cloud-based technologies has made online learning, or “eLearning” a more readily available option to any company thinking about the implantation of a corporate training and employee development program.
The Cost Savings Benefits of eLearning-Based Corporate Training
eLearning refers to the use of electronic technologies (the Internet, primarily) to build, deliver, manage, and track online corporate training programs. An eLearning-based approach to corporate training can make a great deal of financial sense by eliminating the following expenses:
One of the most significant expenses associated with classroom-based training is in the need to endure the expense of bringing all of your employees to a single location for training. Airfare, lodging, and other travel-related expenses can cut deeply into your company’s return-on-investment (ROI) as you assess the value of a corporate training program.
Classroom-based training also calls for the need to bring professional instructors to a designated venue for training. Qualified trainers are typically expensive personnel who must be compensated, not inly for classroom-time, but also for travel time and accommodations.
Printed Training Materials
The printing and distribution of training materials can be another significant expense associated with classroom-based training. In addition, revising these materials over time and ensuring that all learners are working from up-to-date materials can be a costly effort.
Finally, an expense that is often overlooked is the cost your company incurs in lost productivity every time you pull employees away from their job duties in order to attend training sessions. For large organizations and for any company that offers ongoing corporate training programs, these lost productivity costs can be quite significant.
Learning Management Systems for eLearning-Based Corporate Training
The increasing popularity of eLearning-based corporate training is driven largely by the elimination of the expenses outlined above. The core technology that drives and supports all types of eLearning programs, including corporate training and employee development, is a Learning Management System, or “LMS”. An LMS is the application that is used to build, deliver, manage, and track corporate training programs. While some companies choose to “stand up” an LMS on their own servers, they tend to be large organizations that have the resources (both financial and labor) for this project.
Companies today are more likely to work with a third-party cloud vendor in order to access LMS features and capacity over the Internet. This approach eliminates the need for a large, up-front capital investment and shifts the responsibility for the ongoing management and maintenance of the system to the cloud vendor.
In addition, cloud-based LMS vendors that offer their service on a subscription basis can typically have your company up-and-running immediately and offer flexible spending plans that allow you to access the specific features and capacity your company needs, without overpaying for excess capabilities.
LMS Portals: Reducing Corporate Training Costs through eLearning-Based Programs
LMS Portals provides our clients and partners with a cloud-based, multi-tenant learning management system that allows you to launch and manage multiple, private eLearning environments (portals) on-demand. Each portal you launch can be uniquely branded for that training audience and includes robust tools for course development, user onboarding, learner collaboration, analytics, and more.