How To Improve Profit Margin Through Online Training
An increasing number of companies are now transitioning to online training courses, and it’s easy to see why. Corporate eLearning has the power to improve knowledge retention, build job-related skill sets, and deliver a personalized online training experience to EVERY employee. However, one of the most significant advantages of moving your training online is a boost in profits. Whether you have a workforce of 5 or 5,000, here are the top 5 ways to improve your company’s profit margin through online training.
1. Eliminates On-Site Instruction Costs.
As any business accountant will attest, one of the most effective ways to improve your profit margin is by decreasing your expenses. For many organizations, traditional training costs a pretty penny and takes a big bite out of their budget. Online training courses give you the opportunity to eliminate costs associated with traditional training, such as instructor travel expenses, printed material fees, and site rental costs as all of your corporate eLearning takes place online. Thus, the only expenses you have to worry about are online training development and implementation. Online training is also easy to scale and update based on the evolving needs of your organization.
2. Provides Personalized Online Training.
EVERY member of your staff will have access to online training that meets their specific needs. From new hires in your sales department to upper management, your online training program can offer them the skills and information they require. The same goes for learning behaviors. All corporate learners get the same benefit from their online training experiences, whether they prefer visual or audio elements, thanks to the fact that you can offer customized online training activities and online assessments. As a result, employees have more confidence in the workplace and possess all the tools and knowledge they need to carry out their job responsibilities. Instead of taking time to ask the supervisor what they should be doing or stumbling through a complex work process, they can devote that time to increasing your profits.
In order to create truly personalized online training courses, your organization must learn as much as possible about the preferences and backgrounds of your employees. What do they expect to get out of the online training program? What are their goals and objectives? What performance gaps do they need to fill? These are all questions that can be answered by surveying, interviewing, and observing your staff on the job.
3. Offers Immediate Access To Online Training Resources.
If your organization still utilizes a traditional training program all of your employees must wait to develop their skills until the next on-site training session. However, online training gives them access to valuable information in the workplace, which allows them to improve their skills and task proficiency at a moment’s notice. They have the chance to explore ideas and concepts from anywhere in the world, as long as they are able to login to the web-based platform. If you create an HTML5 online training course they can even download the online content and access it offline.
No more worrying about fitting training into their schedules or having to wait until the next training session to correct performance behaviors. They can fill the gap when it’s most convenient for them. A perfect example of how this improves your profit margin is a customer service rep who is dealing with a dissatisfied customer. The employee can immediately view tutorials and access manuals to learn how to resolve the conflict, complete the return process, and offer them a replacement product that meets their needs. That customer is now a loyal customer who got the service they expected and your organization didn’t miss out on a sale.
4. Reduces Training Time.
Online training drastically reduces training time, especially when compared with on-site instruction. This is primarily due to the fact that the largest Learning and Development expense is the seat time employees spend in the traditional training session. You must pay them to be there, even though they are not performing their job duties nor actively improving your bottom line. Look at it this way: If your company’s traditional training course took 4 hours to complete and your online training course can be finished in an hour, that is 3 hours that your employees can now dedicate to making sales, helping customers, and enhancing your brand image.
5. Increases Employee Satisfaction And Productivity.
This is one of the most significant benefits of online training courses, as it lowers your employee turnover. Employees who get the online training they need to do their job effectively are more likely to be happy and satisfied. This translates to an increase in staff retention rates and a decrease in your new hire training expenses. In other words, you can hang on to valuable employees who already possess the skills and information you need, instead of having to retrain a new employee to fill the role. Individuals who have been with your company for some time have a great deal of experience under their belt and know how to deal with work-related challenges. You’ve already invested a significant amount into their professional development. This makes them a valuable asset. Thus, you want to provide them with the tools and skills they need to feel fulfilled and confident, so that they want to remain a productive member of your business team.
Online Training drastically reduces training costs, boosts productivity, and increases employee satisfaction. Regardless of your company’s goals and objectives, online training is the ideal solution. This is especially true if you are working on a tight budget and need maximum results for minimal investment.
Wondering how your organization can improve profit margins with enhanced online training? Try Docebo free right now for two weeks to learn how you too can apply these 5 tips for a cost-effective eLearning program today.