While it may be tempting to completely cut training costs during bad times, it is not always a wise decision. Rather, it’s about switching to affordable training solutions or simply keeping training costs low. This is because training is a vital investment in the long-term success of a business, and cutting training costs can have significant negative consequences on the people and the business.

However, to not cut training costs is not the same as continuing with your eLearning ventures at high operating costs. During tough times, it’s recommended to keep training costs down by scaling back on the magnitude of your training or switching to affordable training solutions. You can continue training the same number of learners for the same duration, but you can keep training costs down by building simpler versions of the training with a slightly muted approach to the designing and shorter development cycles, we simply call this switching to affordable training solutions. To keep one thing clear, switching to affordable training solutions while keeping training costs down does not mean the training loses any of its utility. The training is still relevant and is just as important, however, it may appear a little simple and that is its only drawback.

In the midst of a worldwide recession, it is more important than ever for training to continue so your employees continue to feel valued, and to ensure that you are scaling up the team while preparing them to multitask and take on new roles. It is therefore important to invest in cost-effective or affordable training solutions.

Here is another blog on, ‘Challenges Faced by L&D as an Economic Slowdown Looms.’

1. Focus on simplicity
   The more complex an eLearning module, the more expensive it will be to develop. By keeping the content and instructional design simple, you can significantly reduce the cost of eLearning development.
2. Repurpose existing content
   Reusing existing content can be a great way to save on development costs. By repurposing content, you can adapt it to new learning objectives and create engaging eLearning modules quickly and cost-effectively.
3. Utilize templates
   Using pre-designed templates can help reduce the time and cost of eLearning development. Many eLearning authoring tools offer templates that can be easily customized to meet specific training needs.
4. Outsource selectively
   Outsourcing certain aspects of eLearning development such as rapid authoring or video production can help reduce costs. The overhead costs of licensing software and hiring experts to build a simple course can be avoided by outsourcing development to seasoned experts who do this for a living.
5. Use a phased approach
   eLearning vendors usually break eLearning development into smaller phases to manage costs and minimize risk. This approach allows for testing and evaluation at each phase, ensuring that the final product meets your needs, while keeping development time and costs down.
6. Prioritize collaboration
   Collaboration between the eLearning vendor and your team can help identify cost-saving opportunities and ensure that the final product meets your needs. Open communication and frequent feedback can help ensure that the project stays on track and within budget.

1. Reduced productivity
   Without proper training, employees may not have the skills and knowledge needed to perform their jobs effectively. This can lead to reduced productivity, lower quality work, lower motivation levels, and longer turnaround times.
2. Increased turnover
   Employees who do not receive adequate training may become frustrated and dissatisfied with their jobs, which can lead to increased turnover. This can be costly for businesses as it can lead to recruitment, onboarding, and training expenses for new employees.
3. Decreased competitiveness
   During a recession, businesses need to remain competitive to survive. Without proper training, employees may not have the skills and knowledge needed to keep up with changing market conditions and new technologies, which can result in decreased competitiveness.
4. Safety concerns
   In some industries, inadequate training can result in safety concerns. This can lead to workplace accidents, injuries, and even fatalities, which can be devastating for businesses and their employees.
5. Missed opportunities
   Without proper training, employees may not be able to identify and capitalize on new opportunities, such as new markets or innovative technologies. This can limit business growth and revenue potential.

Concluding

Completely cutting training costs during a recession may seem like a quick fix to save money, but it can have significant negative consequences. Instead, businesses should prioritize training and find ways to opt for affordable training solutions without sacrificing quality, such as using low-cost eLearning solutions or repurposing existing training materials.

By implementing these tips, you can develop a low-cost training program that meets your goals and provides value to your participants. We have special options for affordable training solutions and you can contact us at contact@enyotalearning.com or click on this callback form and we’ll get back to you! You can also test our affordable training platform Abara LMS for 30 days free!