How important is training investment to business and industry?
A recent international study conducted by Bo Hansson of Malardalen University suggests that, “the single most important factor associated with profitability is how much is invested in training . . .”
Moreover, a recent U.S. Department of Education study found that by increasing an individual’s training by 10%, productivity is increased by 10%. Compare that to only a 6% productivity increase when adding 10% to workers’ hours and only a 3.2% increase when increasing employee stock ownership by 10%.
Properly designed technology training (certain E-Learning and CD-ROM offerings), combined with a valid Skills Assessment Test will add even more value to these DOE numbers. And, your greatest returns will come from technology training that is built around full motion video and optional full audio — because that is the only courseware designed to effectively train the two-fifths of your workforce who are non-reading fluent.
With video-based E-Learning and/or networked CD-ROM instruction, the “people costs” of traditional training can be reduced. That is because, combined with a valid Skills Assessment Test, no longer will everyone be taking the same training. Instead, assigned training will be designed to fill in employee knowledge gaps, which will reduce the biggest single training expenditure you’ve always had — the “people costs.”
Tailoring the training through Skills Assessments will bring you the greatest ROI. The overall savings will be a reduction of 25-60% over traditional classroom instruction. You’ll also see the increased benefits accompanying 50-60% greater retention than can be achieved with traditional classroom instruction. And these new training initiatives will allow more employees to be trained in a shorter period of time.
Economically, nothing else makes better sense. You will accomplish your training goals and, at the same time, increase profitability for your company.
More on Thursday – – – – –
“THE WORLD RELIES ON THE HANDS OF ITS MEN AND WOMEN”