In this day and age, technology and digital learning have gained the upper hand in people’s personal and professional lives, as well. One of the most proficient uses of technology is eLearning. Organizations, too, are now using the same platforms to train their employees, the term for which is known as corporate training.
What is Corporate Training?
Corporate training is the process of training employees through a system of activities that educate employees by using various forms of learning programs. It acts as a catalyst to success for employees, which, in turn, means the success of your business/organization as a whole. Employees consider training as such an integral part of their work lives that, according to a survey by LinkedIn, 94% of employees would stay at a company if it invested in their learning needs.
Learning Management System or LMS is a famous route for most organizations regarding online corporate training. It simplifies the process of training and evaluation of employees and helps in keeping track of their progress. The LMS industry is growing rapidly, and the market size is expected to go from USD 8.76 Billion in 2019 to USD 38.10 Billion by 2027.
Importance of Corporate Training
Employing training and development is essential for companies to strengthen their employee performance. It improves employees’ job skills and knowledge, which helps them improve performance in the workplace.
The importance of corporate training can be assessed from the following:
1) Industry and Technology Updates
Corporate training can help the employees stay up-to-date with changes in industry rules, standards, etc. It can also encourage employees to think more freely and incorporate ingenuity in their work. Since the world is moving towards digitalization, innovation and staying up-to-date with trends have become critical.
2) Training for Job Enlargement
Companies can also use training to increase the scope of their employees’ work responsibilities. Corporate training can help employees improve the skills for their current job roles and future roles as well, and online learning has proven to be an excellent method for acquiring new skills.
3) Developing Soft Skills
Corporate training can also help improve employees’ soft skills, which are essential in adapting to changes in the workplace. Examples of soft skills include emotional intelligence, communication, adaptability, and leadership, to name a few. After analyzing millions of U.S job postings, a 2015 research has shown that one in three skills requested in job postings is a soft skill.
Training of Employees to boost productivity
Corporate training can have a significant impact on the productivity of employees. According to the Bureau of Labour Statistics, productivity can measure the efficiency of a worker or group of workers. It can be measured in terms of output for an employee.
An increase in productivity can be a product of well-organized and effective training programs, resulting in an improvement in task management, instilling confidence, targeting required skills, and clarifying the expectations of the employees.
Productivity is a critical goal in today’s organizations, and quality training helps in getting the highest levels of productivity on a daily basis.
Benefits of Training Employees?
Organizations can find themselves with major advantages if they regularly train their employees, mainly through eLearning. Some of the benefits are as shown below:
1) Improved Cost-efficiency
There is no doubt in the fact that hiring new employees is always expensive for an organization. Compared to new hires, spending on a proven team has shown that the ROI of corporate training is always a benefit. Training can drastically reduce the costs for a company as there is no need for an allotment of a salary package, fringe benefits, medical expenses, etc., for a new employee.
2) Increased Morale and Motivation
Over decades, one of the concerns for employees has always been low motivation to work. Spending in corporate training helps create a supportive environment, and it shows employees that they are valued. This will allow the employees to work harder for the organization, as not all employees are motivated by money alone.
3) Increased Employee Retention
Companies that are rated highly in investment in training have seen 53% lower employee attrition. The provision of corporate training has a direct connection to employee retention. It helps employees feel their job is vital for the company’s success, and the company is willing to invest money and time to have the job done right.
4) Better Decision Making and Leadership
Training that improves decision-making and instills leadership qualities in an employee can prove beneficial for a company. Better decision-making can help improve the efficiency of a company which, in turn, can lead to more revenue and profits.
A great leader in a team can help them innovate, leading to many beneficial ideas coming into the business.
5) Eliminates Weaknesses
Training can expose gaps and weaknesses in employees and helps bring them to the surface to eliminate them. For example, employee A might be an excellent analytical person but lacking in communication, and employee B might be a good communicator but lacking in analytics, so these two employees could learn from each other’s strengths and build on them to improve their performance.
To Wind Up
It can be concluded that corporate training has loads of benefits for an organization as well as employees, and learning through online means or an LMS can prove to be cost-effective and easy to design.
The online training industry is growing fast, and getting in on this trend can help put companies much ahead of their competitors.
Get in touch with us to set up your employee training courses to cut an edge in this ever-growing industry with our learning management services.