In business, success hinges on the delicate balance between income and expenses, and when it comes to expenses, there are few more debated than that of employee training.
In the current financial climate, it’s more important than ever to make employee training as cost-effective as possible whilst still regaining the same effectiveness.
However, traditional training methods can come with hefty costs, including travel expenses, facility rentals, and printing materials.
That is where online training steps in. It's a cost-effective solution that not only reduces training expenses but also upskills your workforce.
Since the Covid-19 pandemic, the eLearning industry has seen exponential growth, with demand increasing by up to 400%. These factors have changed how we learn due to the ongoing change in technology. According to a recent study, an eLearning solution can save businesses up to 66% on training costs.
As one of the original online providers of cybersecurity courses for organisations, we’re uniquely qualified to explain why online training is the most cost-effective way to train your staff and why you should choose it over traditional training approaches.
Let’s get started.
In traditional training settings, employees often need to take significant time away from their regular work, including travel time, attending classes, and waiting for scheduled sessions to start.
This time away can result in productivity losses and additional expenses that businesses may not have accounted for. Online training, however, reduces these time-consuming factors.
Employees can access training materials from their desks, allowing them to learn at their own pace and during hours that suit them and the company.
This flexibility minimises downtime, maximises productivity, and ensures that important tasks are not delayed due to training requirements!
According to a Brandon-Hall Study, eLearning typically requires 40% to 60% less employee time than learning the same material in a traditional classroom setting.
With online training, businesses can capitalise on the hours that would have otherwise been spent on travel and idle waiting, making it a cost-effective solution for organisations of all sizes.
Travel expenses can quickly add up. Sending employees to off-site training locations often involves:
These costs can take a big chunk out of a company's budget.
A study found that 85% of every pound spent on classroom training is spent delivering it, for example, on instructor time and travel.
Online training eliminates the need for these expenses. Employees can access training materials from their desk, homes or even during their journey into work!
The location of training becomes irrelevant. This not only saves on travel costs but, also, provides a more convenient and comfortable learning environment for employees.
With online training, travel costs are removed, making it a smart financial choice for organisations.
Scalability is a key advantage of online training, for large, growing, and/or remote businesses.
Online platforms, however, can cater to a larger number of learners without the costs associated with gathering employees in a single location.
This online scalability guarantees consistent training across multiple locations, whether multiple offices or remote workers, without the need for several training sessions in different places - Pretty great, huh?
This cost-effective approach ensures that training can effectively scale with the organisation's growth and changing needs.
In-person training often requires hiring a venue space. The expenses don't stop here, it can include set-up costs, the cost of equipment, the venue might even charge for using their employees.
These logistics can be time-consuming and costly.
If, for example, the booking of a room is £300 for the day and you need 5 training sessions, that’s £1,500 spent on the venue.
That’s before any training has even started.
Online training eliminates the need for physical facilities altogether. Employees can access training materials from their own desks or devices.
This streamlined approach not only saves money but also removes the hassle of coordinating venue logistics.
By choosing online training, businesses can allocate their funds to more essential areas of employee development, making it a sensible financial decision.
Think about it – when you enter a traditional training session, what is often handed out first? A notebook and pen, right?
Imagine providing this for multiple employees in numerous training sessions – those seemingly small costs start to add up.
And let's not forget about all the other printed materials that often end up misplaced, forgotten, or simply, tossed aside once the session ends –a waste of money and resources.
Now, contrast that with online training. Online learning materials are neatly organised on online platforms accessible to all employees whenever they need them.
As well as this, any tweaks or updates to the content can be made in just a few clicks; no costly reprints needed.
This means employees always have easy access to the most up-to-date learning materials.
It's a cost-effective choice that makes sense for businesses of all sizes.
Immediate online training for new employees is cost-effective due to its proactive approach to cybersecurity. Waiting for scheduled in-person sessions can leave new hires vulnerable, seen as potential weak links in security.
By providing instant online access to cybersecurity training, businesses can reduce their threat level.
Employees are immediately educated about security essentials, potential threats, protective measures, and reporting procedures.
This can enhance a company's cybersecurity posture and minimise the potential costly consequences of successful attacks.
It is a wise investment in protecting your company from increasingly clever cyber threats, ultimately saving time associated with breaches and downtime.
Online training offers the flexibility to adapt quickly. A training session can be created and delivered instantly online when a new threat emerges.
This ensures that employees stay up-to-date with the latest cybersecurity practices and aware of emerging threats.
By embracing continuous learning through online training, businesses can maintain a strong defence against increasing cyberattacks and reduce the potentially costly consequences of a successful attack.
As employers adopt online learning to develop their workforce, they are estimated to bring in 26% more revenue.
Online training is the new proactive and cost-effective approach to cybersecurity!
Online training provides a flexible approach tailored to your business's specific requirements.
You have the freedom to customise the training content to meet the specific cyber needs of your employees or the internal policies.
Online platforms offer the opportunity to establish social forums, enabling employees to share their experiences, including raising awareness about recent phishing emails they've received.
This creates a strong cybersecurity culture within your organisation.
This adaptability ensures that your training aligns precisely with your business objectives, making it a valuable and cost-effective resource.
It empowers your employees to learn and grow in a manner that best benefits your organisation's success.
Need more reasons to choose online training?
If you’ve gotten this far, we assume you’re coming around to online learning as the most effective way to train your employees.
We agree. That’s why our training is 100% eLearning and hosted on our innovative in-house LMS. With over 15 years of experience, we’re here to help make your training beautifully simple. Discover our wide range of courses and get started today.