1. Reduce the required training
According to Triniti, a leading MDM software provider, the simplest way to reduce training costs is to reduce the required training
. In other words, by choosing technologies, applications, software, and processes that are simple and intuitive, you don’t have to spend as much time walking employees through the process in a step-by-step manner. This saves time, which subsequently saves money.
This concept is so easy that it often gets overlooked. Many businesses have been so conditioned to the perceived normalcy of heavy training initiatives that the idea of choosing solutions that have a shallower learning curve doesn’t even register. This concept of reducing training requirements could be a huge turning point for your organisation. 2. Try e-learning
Like everything else, virtual online capabilities allow businesses to reduce costs. If you’re still investing in hands-on training that takes place in a physical classroom setting, then you may be able to significantly reduce your expenditures by moving to eLearning (or at least a blended curriculum).
For example, Ernst and Young reduced its training costs by 35 percent
– and cut training time in half – by switching to a blended approach. The same report shows that IBM was able to cut its costs by $200 million by moving online. Dow Chemical reduced its training costs
from $95 per learner to $11 per learner by switching to online training. 3. Employ a mentoring programme
You can accomplish two different tasks at the same time by employing a mentoring programme. By assigning an employee in your organisation to mentor a co-worker on a certain topic or issue, you can give the teacher a sense of leadership and confidence, while giving the learner a realistic look at what’s happening within the organisation.
A mentoring programme doesn’t cost you anything, but serves the purpose of empowering employees and instilling a stronger corporate culture that values interpersonal relationships at different levels of the organisation.4. Ditch seminars in favour of webinars
Training seminars can be effective, but oh how expensive they can become. Between paying for the speaker, transporting employees to the event, serving food, providing accommodations, and everything else that goes into a successful seminar, it’s easy to overspend on a seminar.
What’s the alternate, you may ask? A webinar, of course! Webinars may not have the same emotional impact of being in a room with hundreds of other attendees and a speaker, but the long-term takeaways are comparable. You can cut costs by a huge amount and get the same results. Sounds like a good deal, doesn’t it?5. Use in-house resources
The final suggestion is to use in-house resources. Do you have extremely knowledgeable executives or managers? Instead of outsourcing training to other individuals outside of your organisation, incentivise your own employees to host training events. Furthermore, use your own facilities. You can save thousands on a single training initiative by following these rules.Don’t overspend on employee training
Is employee training necessary to remain competitive in crowded industries? Absolutely. Do you need to spend tens of thousands of dollars a year on employee training? Absolutely not. Regardless of how much training your employees require, there are ways to cost-effectively approach the situation.
Make sure you’re making smart and calculated decisions that empower your employees without draining your budget.