Is Your Corporate Training in Step with Market Changes? The True Costs of Outdated Training

by: Margaret Wood July 18, 2022, 5:01PM

Photo by Andrea Piacquadio on Pexels.com

A quick analysis of any organization’s corporate training program would likely reveal those allocated costs to be a negligible portion of the overall budget. As companies continue to come back online, many acknowledge that training is vital to employees and the company’s success. Yet, some companies resist, with profits taking precedence above all else.

But have you ever considered the actual costs of outdated training and how it may impact your organization, leadership, and staff? To understand the value training adds to a company, one only needs to look at the effects of the training.

Why train?

Recent studies demonstrate that continuous training leads to better communication and happier employees, as well as better outcomes such as improved product quality, more projects being completed on time and in the most efficient manner and healthier company culture. So, whether it’s training new hires or providing continuous training, keeping your organization in step with the market’s demands is vital; it could mean the difference in the quality of employees you attract, your turnover, and retention rates.

Whether your company is 150 or 5000 employees strong, as leadership, your main goals are to ensure your staff is trained appropriately to perform their job role and keep them motivated, heading off burnout. Short-cutting training, i.e. safety training, could lead to catastrophic circumstances. Additionally, by not training your employees on mandates, new policies, practices, and requirements as they arise, you may be exposing the company to legal issues, which, in turn, can be extremely costly.

As leadership, your job has become more challenging with the incorporation of hybrid workforces; and the training of these two distinctly different staff types has become exponentially demanding. In-house staffing could quickly disengage if they are not provided practical training, causing frustration and lack of motivation. Outdated training materials may not address the necessary training needed to maintain remote staffing.

Outdated or ineffective training can impact your entire organization in several ways:

  • Additional time, expenses and materials wasted in re-work
  • Customers, suppliers, and stakeholders are negatively affected
  • Decreased performance results in lower profit
  • Increase in error rates
  • Increase in performance failures
  • Increases turnover
  • Quality issues
  • Weaker performance

Benefits of Ongoing Training

Staying in step with the market shifts in terms of knowledge in your industry is no longer a luxury. A lack of training may cause an organization once considered a leader in its industry to drop its rankings. Your entire organization misses out on crucial innovations by neglecting to educate your employees on advancements, policies and industry trends.

  • Companies that provide continuous training to upskill and reskill their staff remain more flexible and competitive; this allows them to pivot and quickly respond to unexpected changes.
  • Employees place much value on having the skills required to perform their duties; if the tools to learn and succeed are unavailable, workplace morale suffers, performance suffers, and attrition occurs. Mistakes are made, and the company doesn’t perform well, often leading to an exodus.
  • One of the most persuasive reasons to join a new organization for Millennials, Gen X’ers (and beyond) is the opportunity for learning and development, including self-development.
  • Well-trained employees with the skills necessary to perform their jobs positively impact the organization and deliver higher quality work.
  • Employee confidence is boosted when they feel they are working effectively, leading to greater job satisfaction, healthier work culture and improved employee retention.
  • A higher work quality leads to improved supplier relationships, greater customer satisfaction, and happier stakeholders.
  • Training reduces risk.

Why some training doesn’t achieve its goals

The biggest reason that some corporate training doesn’t achieve its goal is that no strategic focus is involved. Christo Popov, CEO and founder of FastTrackdiscovered after training over 5000 executives that companies don’t train according to the business’s stage of development. The wrong people are sent to training, are over-trained, and implementation is poorly executed.

Additionally, some training programs lack interest and usefulness. The training becomes valid if the training enhances your life and motivates you to become a more dedicated employee. Also, training should be essential and directed toward what the job requires in the short term, i.e., the next six months.

How a Learning Management System (LMS) Works

Management Learning Systems provide multiple types of training, including Course Content libraries, custom course development, Virtual Reality Training, and much more! Most LMS are cloud-based training platforms that allow you to organize, manage and assign all your in-person and online training in one place quickly and easily.

Some of the extraordinary benefits of this type of platform include:

  • A well-designed curriculum strategy that maximizes results and improves individual knowledge
  • Accessibility – training platform is accessible from anywhere with a Wi-Fi signal, bringing remote workers into the fold.
  • Custom-branded online course designed and built by a skilled team.
  • E-Learning specialists will help you create quality training materials.
  • Empowers your workforce through a centralized learning platform where you can assign and track
  •  High-quality eLearning courses that drive business.
  •  Informative and immersive courses that promote the uniqueness of your corporate culture.
  •  Minimizing training risks with virtual reality training.
  •  Practice real-world problem solving through our VR feature.
  •  You will consistently deliver relevant, impactful information to your workforce.
  •  Scalability – You can grow your platform to keep pace with the market demands.

   Most well-designed platforms integrate nicely with:

  • Content Compatibility
  • Customization + Branding
  • E-commerce
  • LinkedIn Learning Integration
  • Localization-ready
  • Mobile Learning
  • Open Sesame Integration
  • Single-Sign-On (SSO)
  • Social Sharing
  • xAPI Compatible

Request a trial period for any LMS you may be considering and choose one that best suits your needs. Learn how training your teams can be simplified and consistent.

(c) Margaret Wood 2022

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