4 Budgeting Factors For Creating An On Demand Training Program In Your Organization
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Creating An On Demand Training Program In Your Organization

Whilst on demand training programs are far more affordable than traditional LMSs, there are still factors businesses need to consider when creating or choosing their software.

eBook Release: On Demand Training: How To Create An Agile Learning Environment Using A NextGen LMS
eBook Release
On Demand Training: How To Create An Agile Learning Environment Using A NextGen LMS
Discover why On Demand Training exists, what your On Demand Training program should include, and how a NextGen LMS can support you in the process.

Since there are no large fixed upfront costs, it can be difficult to accurately set a budget so it’s important to consider how the organization normally estimates costs, and the value of the benefits that follow from a training program. Investment into the wrong areas can lead to low engagement, poor productivity, and high turnover costs, but when you focus on improving day-to-day performance and the productivity of your employees, you’ll find your on demand training program to be extremely rewarding and lucrative for your business. Let's take a look at the points below:

Consider Business Goals

It’s impossible to accurately set a budget if you haven’t determined your training goals and objectives. Start by looking at how your business goals will impact the budget, as bigger goals equal bigger costs. Then look at the day-to-day challenges your employees face and how digital resources can help overcome these.

Consider the features you require at the beginning stages to ensure your software will align with your training goals. Decide what ‘must-have’ features are necessary and then look at ‘would-like’ features or additional costs that would further improve your training program.

On demand training programs support better ‘doing’. Instant access to know-how and expertise equals less time spent waiting around for classroom training or reading through generic courses. Resources allow you to focus solely on meeting your business goals and addressing the needs of your employees. Targeting the actual issues within the company avoids money being ‘wasted’, as you eliminate waiting times between the delivery of courses and are able to ‘train’ your staff as and when they need it.

By focusing on supporting your employees’ everyday performance, you’ll find your on demand training program will support the organization as well as the staff, and ensure your budget is spent in the most productive way.

Acknowledge Savings

Learning technology has evolved to be where your employees are so it’s important to understand the costs. This will save the organization, by eliminating the need for specific hardware or travel.

By offering your training on demand, you give your employees instant access to information that is consistent across the organization and easy to keep up-to-date and relevant to address performance gaps.

The costs of having your resources in one place are minimal compared to having to buy specialist equipment or get everyone into the same place for classroom training, so it’s important to consider this when choosing your budget and understanding how much the business will be saving long-term.

Factor In Timeframes And Workload

With any new software, you need ‘experts’ within the organization that is there to support your employees with using the system and keeping on the right track.

When budgeting, it’s important to factor in this additional workload during the implementation stages. Consider the timeframes with regards to how long the launch will take, and how much support will be needed depending on how complex the software is.

As extra support may be needed in the early stages, it’s important that your budget account for this. Your L&D teams will be spending more time supporting stuff at the early stages, however, this is a benefit in the long-term, as the more training your employees receive with using the training program, the more likely they are to feel confident and comfortable with using it moving forward.

Understand Long-Term Impact

It’s important to consider the long-term benefits of your on demand training program and how these will align with your ongoing training strategy.

As on demand training can be accessed anytime, anywhere, your employees can access your training before they’ve even had their first day. Your training is readily available from the very beginning to the end of their time with the company, so it’s important to take this long-term timeframe into account when choosing your budget.

It’s also worth considering turnover costs. On demand learning allows you to really invest in your employees and up-skill them. Figures [1] show that employees who feel they can’t develop within the company are 12 times more likely to consider leaving than employees who feel they can achieve their career goals. So it’s important to budget for the right on demand training program that invests in your employees’ careers and gives them the tools they need to succeed within your company.

Consider our tips above and have clear expectations of your long-term goals to ensure your training program benefits both the organization and its employees.

References:

  1. The Value of Training
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Your employees don’t have time to waste on an LMS they don’t use, and neither do you. That’s why Looop LMS delivers guaranteed performance at the speed, scale, and quality your business needs.
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