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.’