While the global pandemic has done debatably irreparable damage to society, it also forced companies to adapt and revise business practices. Within this revision, many companies homed in on return on investment (ROI) due to the risky commercial landscape. Specifically, the priority shifted away from acquisition of new assets to reinvestment in employees, potentially the most valuable asset to a company. Through learning and development programs (L&D), companies should ideally expect greater sales related to training as well as higher employee engagement and confidence.
But what stands in the way of these results? Primarily, improper or inadequate training. The default option when it comes to employee training are in-person seminars. However, time has proven that these seminars are not only costly, but time-intensive for learners and preparers alike. On average, around $40,000 is spent to compensate the training preparers, including accommodation costs such as hotels and transportation. Additionally, hundreds, if not thousands, of man hours are spent to create training content. To consume it, another 70 hours are spent, resulting in around $1,000 to compensate each worker to learn.
Fortunately, some alternatives have begun to shine, especially online alternatives. Through online seminars, not only are most accommodation costs decreased or eliminated, but the cost to compensate training preparers is significantly lessened. Major sites such as LinkedIn and Articulate provide services, for around $180 and $120 for each learner, respectively. While this is a substantially cheaper alternative, how effective is this content? Around a quarter of employees regard the training as irrelevant, obsolete, and extremely forgettable.
Fortunately, the shift in popularity to online alternatives has sparked new competitors aiming to tackle these problems. Arist, for instance, has more time- and cost-efficient training, while also sticking with employees notably more. Ultimately, the new future of business will be powered by the new future of training. With newer alternatives emerging, it’s likely business will see better success than ever before.