According to the Association for Talent Development’s 2016 State of Industry Report, the average cost of training an employee is $1252.00. While this may not seem like an enormous expense it can quickly escalate out of control.
Training isn’t something that can be ignored. Effective in-house employee training has a positive effect on many things including employee and customer retention, sales and even profitability!
One way to reduce training costs is through an enterprise video platform. Modern video technology provides training professionals the tools and functionality to create rich interactive video presentations and deliver them as part of a complete video e-learning platform. Here’s how video helps reduce training costs:
Travel
The average cost of a domestic business trip in the United States is $990, with the average for an international trip coming in at a sizeable $2,525. For organizations flying in dozens or even hundreds of employees for training, this can be a significant expense! But wait, is all that travel really necessary? With an enterprise video platform, employees can tune-in and access training where ever they are, eliminating the need for any travel costs.
Speaker costs
Many organizations hire a corporate trainer to deliver content, provide feedback, and correct performance in learning. However hiring a specific person to provide this can quickly become costly. A video platform can easily reduce a the costs associated with hiring a trainer. For example, with video, an instructor needs to deliver a presentation or training session only once and it can then be used repeatedly for multiple attendees.
Venue costs
If you are already in the habit of bringing employees to one central location for training, you are probably already aware of the costs associated with a venue. Some organizations try to squeeze employees into an on-site location, but this can still be problematic for other employees who rely on internal meeting rooms for their own meetings. Instead many organizations rely on nearby conference centers and hotels. This is not only costly, but unnecessary. A video platform reduces the need for any venue because any training sessions can be recorded and viewed anywhere there is an internet connection. A modern enterprise video platform can also support audiences of unlimited size.
Printing costs
Despite our evolution to a paperless society, there are still many organizations that rely on printed materials for educational and training purposes. While printing the odd page may not seem like a huge cost, it can quickly escalate when hundreds of documents are printed for thousands of employees. An enterprise video platform eliminates the need for any printing because it provides a secure and accessible location for employees to access relevant training materials from a central location.
As the workplace becomes increasingly more competitive, organizations will need to elevate their training game. By investing in video businesses can provide a comprehensive training program at a fraction of the cost of traditional in person learning programs.