With the importance of learning and development within a business, it is important to ensure you invest in the best programs for your employees. Many employees think that the training they receive is not relevant to the roles that they are in. L&D can be extremely expensive, so employees need to be gaining the most that they can from the programs.
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Ineffective training can cost nearly $1,400 per employee, with only 10% of the costs resulting in tangible success for the companies. Some companies turn to online or alternative models to try to save on costs, but these are not always cheaper. In fact, course authoring tools and third-party consultants can still cost upwards of $1,000 per employee.
While L&D courses can be expensive, there is no doubt that the right courses can be extremely beneficial. Studies show that every $1 spent on effective L&D can increase revenue by nearly $5. To get the best bang for your buck, it is important to research courses to find the best for your company and to track the overall success of employees.
Implementing corporate learning platforms can be a great option, especially for larger companies. These programs can help to save nearly $500,000 while supplying relevant and engaging course materials for employees. When employees are getting the most out of L&D, their overall success can improve, which increases the entire business’ ROI. Courses can range from topics from soft skills to reskilling and even product training. As employees engage with these courses, you can expect greater confidence in their roles along with increased sales due to the improved training.
L&D is arguably one of the most important aspects of a business. To learn more about how to find and implement the best courses for your team, take a look at the infographic below:
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